LOS ANGELES, CALIFORNIA: Earvin 'Magic' Johnson Jr is more than just one of the greatest basketball stars in history; he's also a highly successful businessman.
The LA Lakers legend is considered one of the wealthiest athletes globally, boasting an impressive net worth of over a billion dollars.
Magic Johnson's billionaire status
Recently, Forbes reported that Earvin 'Magic' Johnson has achieved billionaire status, becoming only the fourth professional athlete to reach this significant milestone.
This remarkable feat follows his lucrative post-basketball career as an investor in professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider.
Magic Johnson owns a minority stake in the NFL's Washington Commanders and has investments in several Los Angeles professional sports franchises, including the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and the MLS’ LAFC.
Forbes now estimates Magic Johnson's net worth at $1.2 billion, a result of his stakes in these teams and major investments in various industries, such as his substantial 60% ownership of Iowa-based life insurance company EquiTrust, which he acquired in 2015.
EquiTrust's assets have seen significant growth since Magic's purchase, now totaling $26 billion with annual revenues of around $2.6 billion.
Magic Johnson's 2022 net worth
According to Celebrity Net Worth and other sources, Magic Johnson's net worth in 2022 was estimated at $620 million, reflecting his diversified business ventures and smart investments.
Magic's entrepreneurial ventures
Over the past three decades, Magic Johnson has embarked on various entrepreneurial endeavors, including launching a chain of movie theaters in partnership with Loews.
These theaters, located predominantly in Black neighborhoods across major cities, reflect his commitment to the community. He also entered a 50/50 venture with Starbucks to establish cafes in Black neighborhoods.
The 12-time NBA All-Star further expanded his business portfolio with a minority stake in a PepsiCo bottling plant outside Washington, DC, a $60 million deal he struck with investor Earl Graves in 1990.
With a net worth that continues to grow, Magic's impact extends far beyond the basketball court, leaving an indelible mark on the business world and philanthropy.
Magic's basketball journey
Born on August 14, 1959, in Lansing, Michigan, Magic Johnson displayed his passion for basketball from an early age, showcasing exceptional talent while playing for Everett High School.
Despite being sought after by prestigious universities, Johnson chose to attend Michigan State University, where he led the team to an epic victory in the 1979 NCAA final, a game that featured the historic showdown between Magic and Larry Bird of Indiana State University.
Magic's outstanding performance earned him the title of Most Outstanding Player of the Final Four.
Upon his entry into the NBA, Johnson wasted no time proving that he was destined for greatness. The Los Angeles Lakers selected him as the first overall pick in the 1979 draft, marking the beginning of a legendary career.
Magic was instrumental in helping the Lakers clinch multiple NBA championships, earning him titles such as NBA Finals MVP and NBA Most Valuable Player. He also made 12 All-Star Game appearances.
HIV diagnosis
In 1991, Magic Johnson faced a life-changing moment when he was diagnosed with HIV, temporarily halting his illustrious sports career, according to Marca.com.
After a brief retirement, he took on the role of coach for the Lakers but later returned as a player for a short time. Despite his efforts, he eventually retired from professional basketball for good after a playoff loss to the Houston Rockets.
Off the court, Magic Johnson established the Magic Johnson Foundation, which focuses on HIV awareness and supports various charitable causes.
Through Magic Johnson Enterprises, he ventured into diverse business endeavors. He has owned Magic Johnson Theatres, was involved in the sale of his Starbucks chain, divested his stake in the Lakers, and in 2012, joined a group of partners to purchase the Los Angeles Dodgers for a staggering $2 billion.
Recent reports suggest he is also interested in buying the Denver Broncos.
