Forbes declared legendary NBA player Magic Johnson a billionaire, making the basketball star one of just four athletes who have reached this level of success.
Forbes’ October 2023 assessment saw the addition of Johnson’s name to the elite list of professionals who have mastered their craft to the tune of at least one billion dollars. The legendary player’s current net worth is estimated to be $1.2 billion. He officially joins the ranks of Michael Jordan, Lebron James and Tiger Woods as being one of the wealthiest athletes in the world, according to Forbes.
“When Magic Johnson was involved, time and time again people would find a way to talk themselves into a deal.” @MrMattCraig joins @_brittanylewis on “Forbes Talks” to discuss Earvin “Magic” Johnson becoming a billionaire. https://t.co/mQNvz6NmbN pic.twitter.com/LctLmcuB6z
— Forbes (@Forbes) October 30, 2023
Johnson led the Los Angeles Lakers to five championships and has 3 MVP awards under his belt. He was a 12-time All-Star and a nine-time member of the All-NBA First Team. His skills as an athlete opened many doors for Johnson, most of which led him down a path of tremendous wealth.
Johnson is believed to have earned roughly $40 million from his sports career in the NBA, however his earnings off the court launched him to another level of wealth.
Johnson has been known to have several investments in various companies, including shares in a Pepsi bottling plant, Starbucks and Burger King, among others. He also has ownership stakes in several sports teams, including the Women’s NBA squad Los Angeles Sparks, the Los Angeles Dodgers and soccer’s LAFC.
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Those investments added to his overall wealth, but nothing boosted his earnings quite as much as his stake in life insurance company, EquiTrust, which generated the largest portion of his wealth, according to Forbes. (RELATED: Megan Thee Stallion Becomes The First Black Woman To Cover ‘Forbes 30 Under 30’)
EquiTrust reportedly rakes in more than $2.5 billion in revenues per annum, and Johnson holds a 60% stake in the company.