Tiger Woods joined Michael Jordan and LeBron James in a select group of elite athletes with a net worth of at least $1 billion, business magazine Forbes reported on Friday.

The 15-times major winner, who returned to competition at the Masters in April, 14 months after nearly losing his right leg in a car crash, has made over $1.7bn in prize money, endorsements and other ventures, according to Forbes.

Woods is tied with Sam Snead for the most wins on the PGA Tour with 82, but Forbes said his winnings from golf account for less than 10 per cent of his career earnings, with the bulk of his net worth attributed to endorsements with brands like Nike and Rolex.

The 46-year-old has achieved billionaire status despite not being involved in the Saudi-backed LIV Golf Invitational Series.

Earlier this month, LIV Golf CEO Greg Norman told the Washington Post that Woods had turned down an offer that was "mind-blowingly enormous" in the high nine figures.

Six-times NBA champion Jordan was the first athlete to reach the milestone and was joined by four-times NBA champion LeBron James just last week after the magazine estimated the Los Angeles Lakers player's worth at $1bn.