Michael Jordan is America's newest billionaire

NBA legend Michael Jordan is now reported to be worth more than $1 billion after increasing his equity in the Charlotte Hornets. Jordan is now the second wealthiest African-American.

Chuck Burton/AP/File
Charlotte Hornets owner Michael Jordan talks about the progress his NBA basketball team is making during an interview in Charlotte, N.C., this past November. Mr. Jordan, who increased his financial stake in the team, is America's newest billionaire.

America has a new billionaire. Known for his gravity-defying dunks and popular brand of shoe, NBA legend Michael Jordan has entered the ranks of the über rich. 

Forbes reports that Mr. Jordan, who makes an estimated $90 million a year, has increased his stakes in the Charlotte Hornets, once the Bobcats, from 80 percent to 89.5 percent. Jordan's equity in the NBA team is now worth a reported $416 million. Jordan is already worth an estimated $750 million. Add those two figures together, and voilà, Jordan is the nation's newest billionaire.

Jordan became a majority owner of the Hornets in 2010, after being a part of the team's ownership group for four years. In addition to owning the Hornets, the basketball Hall of Famer is also the spokesman for Hanes, Gatorade, Upper Deck, and creator of the Jordan Brand, known for its popular shoes. 

Jordan played 13 seasons with the Chicago Bulls, winning six NBA championships (named the series MVP in each) and leading the league in scoring 10 times. Over his career, Jordan averaged 30.1 points per game, scored a total 32,292 points, ranking him third all-time, and was named the league MVP five times. 

According to Forbes "The Black Billionaires 2014" list, Jordan would be the second wealthiest African-American, behind Oprah Winfrey.

In addition to his business ventures, Jordan serves as the "chief wish ambassador" for the Make-A-Wish Foundation and hosts the annual Michael Jordan Celebrity Invitational golf tournament, which raises $7 million for charity.

Jordan still has a long way to go to become America's richest man. As of Thursday, according to the Bloomberg Billionaires Index, Bill Gates is worth $82.2 billion.

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