Michael Jordan became a household name when he began his basketball career with the Chicago Bulls. In fact, he won the Most Valuable Player award five times and was able to lead the Chicago Bulls to garner six NBA championships.
The Brooklyn-born legend was drafted by the Chicago Bulls after he left his third year in college. Michael Jordan has also received the NBA Rookie of the Year Award and three All-Star Most Valuable Player Awards for his contributions to the basketball team.
But the Olympian is not constricted to just an athlete status, Michael Jordan is also a businessman. He recently made the Forbes list of billionaires (513th richest person in the US), being the one of the highest paid athletes across the globe.
Most of his business endeavors was actually what helped him get to his current billionaire status. Back in 2010, Michael Jordan acquired the Charlotte Hornets for a whopping $275 million.
Not only that, but the value of the Charlotte Hornets jumped from $410 million to a current value of $750 million after Steve Balmer bought the Los Angeles Clippers for $2 billion.
Michael Jordan earns $100 million per year from Nike royalties alone. Hype Beast reports that Michael's famous Jordan brand with the sportswear giant in 2013 alone was able to garner $2.25 billion in gross sales.
Like any other human being, Michael Jordan also spends so much money on lavish and luxurious things. Like Elvis Presley and John Travolta, Michael Jordan has his own private jet - which is also branded with his famous Air Jordan logo.
Michael Jordan's net worth is currently at $1 billion. But with his growing business ventures, his net worth will surely see a great increase some time soon.
Business Insider created a short video to highlight how Michael Jordan both makes and spends his wealth. Watch the video below.