Nearly two months after joining the coveted list of the world’s elite billionaires, NBA legend and African-American billionaire Michael Jordan has fallen out of the top 1,000 richest people, despite maintaining a staggering fortune of $3 billion according to Forbes’ data.
The unexpected exit from this exclusive club raises questions about the dynamics of wealth accumulation and the shifting landscape of global prosperity as the world’s richest people continue to rake in billions of dollars amid growing macroeconomic uncertainty, rising geopolitical tensions, and subdued household real income spurred by inflationary pressures.
From courtside to The Forbes 400: Michael Jordan’s billion-dollar ascent
On Oct. 5, Billionaires.Africa reports unveiled an extraordinary financial milestone achieved by Jordan, surpassing even notable American tycoons such as Oprah Winfrey and Shawn “Jay-Z” Carter.
Jordan, who revolutionized the financial landscape by becoming the first athlete to amass a billion-dollar fortune in June 2014, accomplished the rare feat of joining the exclusive club of the world’s 1,000 wealthiest individuals. This milestone comes hot on the heels of his groundbreaking inclusion in “The Forbes 400” — cementing his legacy as the first professional athlete to stake a claim among America’s elite billionaires.
As one of the most iconic athletes in history, Jordan’s impressive financial milestones this year prompt a closer examination of the factors contributing to his exit from the elite ranks of the world’s wealthiest individuals. His recent exit comes on the heels of the shifting landscape of global prosperity as ultra-high-net-worth individuals continue to rake in billions of dollars from their businesses.
Michael Jordan’s billionaire ranking slides from 982nd to 1,015th in two months
On October 5, the bar for entry into the world’s top 1,000 wealthiest individuals stood at $2.9 billion. However, the financial landscape has swiftly shifted, with the current threshold soaring to $3.05 billion. Despite maintaining a fortune of $3 billion, Jordan has slumped 33 spots in the list of the world’s wealthiest billionaires. Forbes now places him at the 1,015th position — a marked retreat from his standing at 982nd on October 5.
His ascent to the position of the world’s 1,000 richest people nearly two months ago comes on the heels of the sale of his controlling stake in the Charlotte Hornets, a professional basketball team. The transaction, valued at $3 billion, marked the conclusion of Jordan’s decade-long tenure as the principal decision-maker for the franchise—the sale price represented nearly 17 times the value of the franchise when Jordan assumed majority ownership in 2010.
