MJ Becomes a Billionaire

NEW YORK (AP) — Michael Jordan and two other NBA owners have joined Forbes' annual list of the world's billionaires.

Forbes released its list of billionaires on Monday and noted that Jordan's net worth is estimated at $1 billion, thanks to his well-timed investment in the Charlotte Hornets.

Houston Rockets owner Leslie Alexander, with a net worth of $1.6 billion, and the Chicago Bulls owner Jerry Reinsdorf, worth $1.3 billion, also made the list.

The net worth of NBA franchise values increased this past year after the sale of Los Angeles Clippers to Steve Ballmer for $2 billion.

The 52-year-old Jordan, a Hall of Fame player who won six NBA championships with the Bulls, reached billionaire status last June, according to the magazine. This is his first year on Forbes' annual list which typically is released in March.

Bill Gates, the founder of technology company Microsoft Corp., topped the list of the world's top billionaires for the second straight year. In 2013, Mexican billionaire Carlos Slim Helu was on top. He ranked second this time.

Forbes said it calculated each person's net worth based on stock prices and exchange rates on Feb. 13, 2014.

Here's a list of the Top 10:

1. Bill Gates

Net worth: $79.2 billion

Source of wealth: Technology company Microsoft Corp.

Nationality: American

2. Carlos Slim Helu

Net worth: $77.1 billion

Source of wealth: Telecommunications

Nationality: Mexican

3. Warren Buffett

Net worth: $72.7 billion

Source of wealth: Investment holding company Berkshire Hathaway Inc.

Nationality: American

4. Amancio Ortega

Net worth: $64.5 billion

Source of wealth: Retail chain Zara

Nationality: Spanish

5. Larry Ellison

Net worth: $54.3 billion

Source of wealth: Technology company Oracle Corp.

Nationality: American

6. Charles Koch (tie)

Net worth: $42.9 billion

Source of wealth: Conglomerate Koch Industries.

Nationality: American

6. David Koch (tie)

Net worth: $42.9 billion

Source of wealth: Conglomerate Koch Industries.

Nationality: American

8. Christy Walton

Net worth: $41.7 billion

Source of wealth: Retailer Wal-Mart Stores Inc.

Nationality: American

9. Jim Walton

Net worth: $40.6 billion

Source of wealth: Retailer Wal-Mart Stores Inc.

Nationality: American

10. Liliane Bettencourt

Net worth: $40.1 billion

Source of wealth: Cosmetics company L'Oreal

Nationality: French