Tales of remarkable athletic talent are sometimes linked with cautionary tales of financial troubles in the world of professional sports. It is no secret that, despite making large riches during their careers, a considerable number of Black athletes have suffered financial issues that have left them penniless by the time they leave. Poor financial decisions, extravagant spending, and dishonest counsel have all contributed to this regrettable trend.
According to CNBC, an estimated 60% of NBA players go bankrupt within five years of retirement, while 78% of former NFL players have financial difficulties two years after retirement. The reasons for these financial difficulties are several. Factors such as unexpected wealth, a lack of financial education, the pressure to provide for family and friends, and receptivity to poor financial advice have all contributed to the situation.
In the midst of financial uncertainty, it is critical to highlight Black athletes who have bucked the odds and achieved long-term financial success. We highlight the importance of financial literacy, sensible investment decision-making, and the potential for long-term wealth creation by highlighting their tales. These sportsmen act as beacons of hope and inspiration, demonstrating that financial security can be obtained outside of sports. Here are ten black sportsmen who have amassed enormous money outside of sports, in no particular order:
1. Magic Johnson (Estimated net worth: $620 million)
The renowned basketball player Earvin “Magic” Johnson has become a prominent figure in business and investment. Magic Johnson Enterprises was founded by Magic Johnson after he retired from the NBA.He made investments in real estate, movie theaters, and restaurants, among other things. His company has collaborated with Starbucks to deliver coffee shops to underprivileged areas. Magic Johnson’s commercial aptitude and clever investments have enabled him to build a substantial fortune.
2. Michael Jordan (Estimated net worth: $2 billion)
Michael Jordan, widely considered as one of the greatest basketball players of all time, took his success off the court. He has amassed a multibillion-dollar fortune through endorsements and his famed Jordan brand, which is a part of Nike. Jordan’s brand now includes apparel, footwear, and accessories, making him one of the wealthiest athletes in history.
3. Serena Williams (Estimated net worth: $260 million)
Serena Williams, the world’s most famous tennis player, has not only mastered the sport but also moved into commerce. She started her own clothing brand named “Serena” and invested in a number of businesses, including the Miami Dolphins sports franchise and the online learning platform MasterClass. Serena’s commercial interests, together with her tennis earnings and endorsements, have considerably contributed to her riches.
4. LeBron James (Estimated net worth: $1 billion)
LeBron James, a basketball legend, has amassed significant riches through shrewd choices outside of athletics. Aside from his NBA salary and sponsorships, LeBron co-founded SpringHill Entertainment, a media production company that has created critically acclaimed material. He has also invested in businesses such as Blaze Pizza and is now a partner and partial owner of the Boston Red Sox. LeBron’s varied investments and business interests have contributed to his financial success.
5. Venus Williams (Estimated net worth: $1 billion)
Venus Williams, the tennis legend, has successfully delved into entrepreneurship and interior design. She started V Starr Interiors and has worked on a variety of projects, including luxury houses and hotel spaces. Venus has also written books, ventured into fashion, and signed sponsorship deals. Her business ventures, in addition to her tennis accomplishments, have added to her fortune.
6. Shaquille O’Neal (Estimated net worth: $450 million)
Shaquille O’Neal, best known for his dominance on the basketball court, has also built a name for himself in the business world. He has made investments in a variety of businesses, including real estate, restaurants, and technological firms. Shaq is also a shrewd businessman, with numerous collaborations and endorsements including a sneaker brand and ownership of the Sacramento Kings basketball team.
7. Floyd Mayweather Jr. (Estimated net worth: $450 million)
Floyd Mayweather Jr., widely regarded as one of the greatest boxers of all time, has accumulated an enormous fortune both inside and beyond the ring. Mayweather’s remarkable boxing talents helped him gain lucrative pay-per-view arrangements for his fights, allowing him to make large sums of money. He has also dabbled in entrepreneurship, with his own promotional company, real estate interests, and a line of goods.
8. Naomi Osaka (Estimated net worth: $51 million)
Naomi Osaka, one of tennis’ brightest stars today, has made major gains off the court as well. Osaka has actively pursued business opportunities in addition to her impressive endorsement arrangements. She has invested in professional women’s soccer teams and is a member of the North Carolina Courage and Angel City FC ownership groups. Osaka’s emphasis on social justice activities has led to collaborations with many brands and improved her financial clout.
9. Dwyane Wade (Estimated net worth: $170 million)
Dwyane Wade, a former NBA player, has successfully shifted into entrepreneurship and investment. He co-founded the fashion company “Wade” and established his own wine label, “Wade Cellars.” Wade has also made wise investments in firms such as Beyond Meat and secured ownership holdings in organizations such as the Utah Jazz basketball team. His economic savvy has helped him amass enormous money outside of his basketball career.
10. David Robinson (Estimated net worth: $200 million)
David Robinson, nicknamed “The Admiral,” had a successful NBA career with the San Antonio Spurs. His financial success, though, extends far beyond the basketball court. During his playing career, Robinson was interested in business and investing. Following his retirement, he launched Admiral Capital Group, a real estate-focused private equity firm. Several successful initiatives have been completed by the firm, including hotel acquisitions and property development. Robinson’s astute investments and entrepreneurial pursuits have contributed to his $200 million net worth.
This is by no means a full list, but rather a selection of black sportsmen who have amassed significant riches outside of athletics. Many more great people have achieved significant financial success through entrepreneurship, investments, and various business enterprises. These athletes’ experiences demonstrate the possibility of financial prosperity beyond their athletic careers and serve as encouragement for others to achieve financial literacy, sound decision-making, and long-term wealth building.