Michael Jordan is widely believed to be the greatest basketball player of all time. He is now also known as the highest-paid athlete of all time.
Jordan stopped playing professional basketball 13 years ago but the money has not stopped pouring in. Nike alone gave the former Chicago Bulls player-turned-Charlotte Hornets owner more than $100 million in 2016 for the success of the Jordan brand owned by the company, Forbes reported.
The most successful athlete receives royalties for every item sold, which includes shoes, clothing and accessories. The brand also has a solid lock on the basketball sneaker market with more than 50 percent share. For the fiscal year 2015, which ended last May, the company gained $2.8 billion in revenue for the Jordan brand. As of now, MJ's total earnings is pegged at $1.7 billion.
Golfer Tiger Woods, the former highest-paid athlete, now sits second on the list with $1.67 billion. The professional golfer was on the top of the list for 11 consecutive years during the peak of his career. Arnold Palmer, another professional golfer, sits third with $1.35 billion personal wealth and Jack Nicklaus, another golfer, is at fourth with $1.15 billion earnings. Rounding up the top five highest-paid athletes is former F1 race driver Michael Schumacher with $1 billion total earnings, News.com.au reported.
Kobe Bryant, another NBA superstar, comes in sixth with $770 million, while boxer Floyd Mayweather is at seventh place with $765 million in earnings. The eighth place goes to golfer Phil Michelson with $760 million, British footballer David Beckham is at number 9 with $730 million, and the No. 10 spot goes to former NBA center player, Shaquille O'Neal, with $700 million.
Notably, it was Palmer who revolutionized athlete-endorsed products back in the '60s and '70s. The legendary golfer was still earning more than $40 million for years through endorsements and licensing agreements until he passed away last September at age 87. His actions paved the way for the likes of Jordan, Woods, Nicklaus and several more.