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Magic Johnson
PROFILE
Magic Johnson
Athlete, Entrepreneur
$1.2B
Real Time Net Worth
as of 5/28/24
Reflects change since 5 pm ET of prior trading day.
Photo by AXELLE/BAUER-GRIFFIN/FILMMAGIC/GETTY IMAGES
About Magic Johnson
Earvin "Magic" Johnson is one of the greatest NBA players of all time. Forbes named him a billionaire in October 2023.
Johnson earned only around $40 million total as a Los Angeles Lakers player, mainly in the 1980s, and even at his peak only brought in between $2 million and $4 million per year in endorsements.
Instead he built his wealth through joint venture partnerships in everything from movie theaters, Starbucks franchises, real estate and healthcare.
The majority of his fortune comes from a 60% ownership stake in life insurance company Equitrust, which has grown from $16 billion in assets under management to $26 billion since he took over in 2015.
He also owns small ownership stakes in the NFL's Washington Commanders, MLB's Los Angeles Dodgers, WNBA's Los Angeles Sparks and MLS' LAFC.
Johnson is just the fourth athlete billionaire Forbes has ever identified. The others are Michael Jordan, Tiger Woods and LeBron James.
Before the 1979 NBA Draft, Nike offered Johnson stock in the company and royalties on shoe sales. He declined in favor of $100,000 per year cash from Converse.
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The Basketball Hall of Famer is worth $1.2 billion thanks to investments in several professional sports teams and a life insurance company that has reached new heights under his ownership.