Despite his extraordinary net worth of $3 billion, NBA legend Michael Jordan did not make the list of the 1,000 wealthiest billionaires.
He joined the elite list in October after selling his majority ownership in the Charlotte Hornets, a professional basketball franchise, for $3 billion.
This made him, the richest basketball player of all time. Charlotte Hornets was sold to a group led by Gabe Plotkin and Rick Schnal, ending Jordan’s controlling stake.
Jordan is now rated 1,023 on Forbes’ Real-Time Billionaires list, with a net worth of $3 billion, up from 982 on October 5. The reason for the reduction in ranking is unknown, but it demonstrates the dynamics of wealth and wealth increase.
Jordan, after retiring from the NBA, pursued entrepreneurship and became one of the world’s few black millionaires. His paycheck from Nike, his main financial and marketing backer, accounts for a sizable portion of his fortune.
Indeed, Nike’s partnership with Jordan has not only made him a billionaire but also a cultural icon. According to Forbes, it is the largest athlete endorsement agreement in history, but it is also perhaps the best value because Jordan helped Nike go from a relatively obscure brand to one of the most valued in the world today.