Los Angeles Lakers legend Magic Johnson has become the fourth current or former professional athlete to become a billionaire. The others to be identified as billionaires are Michael Jordan, LeBron James and Tiger Woods.
Johnson has reached an estimated net worth of $1.2 billion, according to a recent report from Forbes.
Following his NBA career, Johnson has become a successful businessman and owner. Recently, becoming apart of the minority ownership of the Washington Commanders, as well as the Los Angeles Sparks, Los Angeles Dodgers and Los Angeles Football Club. Lastly, a majority stake in a Iowa-based life insurance company.
A majority of Johnson’s financial success came from these ownership stakes, while some obviously also came from his NBA career. He played 13 seasons for the Lakers before his retirement due to being diagnosed with HIV, Johnson earned $40 million, $110 million adjusted for inflation, according to Forbes.
Reportedly, the five-time champion’s net worth is from his life insurance company EquiTrust, which his company purchased a majority stake in 2015. The company holds about $26 billion in assests and brings in an annual revenue of over $2.5 billion, according to Brian Bushard of Forbes.
To add on, Johnson has invested in cable networks, movie theaters, gyms and Starbucks franchises.
By Forbes’ evaluation, Johnson is ahead of both Woods and James, where their net worths are estimated at $1.1 billion and $1 billion, respectively. Woods and James are the only two athletes to become billionaires as active athletes in their respective sports.
The current Lakers star has made a wealthier NBA career than Johnson due to the salary cap being exponentially bigger than when Johnson was playing. Now in his 21st season, the four-time champion has made about $479 million in career earnings, over quadruple the amount Johnson made in his playing time, per Forbes.
However, Jordan is at the top sitting at $3 billion, becoming the first athlete to be ranked by Forbes among the 400 richest people in the United States after selling the Charlotte Hornets at approximately $3 billion.
The Lakers aura has clearly made Johnson into an icon and a beyond successful business man, so it was only a matter of time until he joined James, Jordan and Woods in the billionaire club.
Johnson not worried about Lakers, believing it’ll take two months to find their stride
Despite stepping away from the game after playing 32 games in the 1995-96 season, Johnson is still an avid supporter of his Lakers. Entering the 2023-24 season with championship aspirations, the team is off to a slow start. However, Johnson is not worried about the Lakers and believes it will take time for them to find their stride.
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