Superstar National Basketball Association player Michael Jordan’s net worth has soared to an estimated $3.5 billion, solidifying his position as the richest basketball player in history. This revelation from the Bloomberg Billionaires Index.

Jordan’s recent surge in wealth is attributed in part to his strategic business moves, such as his sale of a majority stake in the NBA team Charlotte Hornets.

In 2010, Jordan acquired a majority ownership in the basketball team, but a recent $3 billion deal has allowed him to retain a minority stake. While specifics about the stake sold and retained are not disclosed, Bloomberg’s estimation assumes a sale of around 65 percent and a retention of less than 5 percent.

However, it’s not just team ownership that has propelled Jordan’s wealth. His long-term deal with Nike’s Jordan Brand has been a key factor in his financial boost.

In 1984, Jordan signed a groundbreaking $2.5 million five-year contract with Nike, marking the beginning of a partnership that revolutionized the sneaker industry. The launch of the iconic Air Jordans changed the sneaker industry forever. Last year alone, Jordan Brand generated a staggering $5.1 billion in revenue, constituting nearly 11 percent of Nike’s total sales. While the exact figures of Jordan’s earnings from these sales remain undisclosed, it’s estimated that he receives a 5 percent royalty, The New York Post reported.

Beyond team ownership and endorsements, during Jordan’s pro basketball career, he had high earnings. Earning a salary of over $90 million throughout his time with the Chicago Bulls and the Washington Wizards, The Robb Report reported.

Jordan won six NBA titles during his 15-year career, according to Bloomberg.

Jordan also secured lucrative endorsement deals. In his prime, Jordan was pulling in between $15 million to $20 million annually from endorsements, including a 10-year, $13.5 million deal with Gatorade, The New York Times reported.

Michael Jordan looks on during a game between the Indiana Pacers and the Charlotte Hornets on Nov. 5, 2019, at Spectrum Center in Charlotte, N.C. (YouTube screenshot, https://www.youtube.com/watch?v=4x1BoANAkVY)