Forbes revealed its annual billionaires ranking Monday, and Jordan was one of 290 newcomers to make the list. Jordan, who is the majority owner of the Charlotte Hornets, has a net worth of $1 billion, according to Forbes.
Most of Jordan's worth derives from royalties he receives from his Nike Air Jordan brand of shoes and clothing. Forbes estimates Jordan makes more than $90 million a year from the apparel line.
Jordan retired from the NBA in 2003 after a Hall of Fame career with the Chicago Bulls and Washington Wizards, but his earning power has actually grown since his playing days. Last year, Forbes reported Jordan was the highest-paid retired athlete in the world. He even made more money than all current professional athletes except boxer Floyd Mayweather Jr.
Aside from his Nike contract, Jordan's increased ownership stake in the Hornets also helped him crack the billionaires list. His share in the franchise jumped from 80% to 89% in 2013. Forbes says the Hornets are worth more than $700 million.
Jordan ranks 1,741st on Forbes' billionaire list, but he is only the second former professional athlete to make the list. Romanian real estate investor Ion Tiriac, a former tennis player, is also a billionaire.
Still, Jordan has a long way to go before joining some of his fellow NBA owners on the list. Clippers owner Steve Ballmer is the richest NBA team owner, with an estimated net worth of $21.5 billion.
Other notable professional team owners on the list include Kings and Galaxy owner Phil Anschutz ($11.8 billion) and St. Louis Rams owner Stan Kroenke ($6.3 billion).