Magic Johnson Officially Joins Forbes’ Billionaires Club
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Magic Johnson has officially joined the billionaires club, as the NBA legend and renowned businessman becomes the fourth athlete in history to amass a network of at least ten figures.
According to Forbes, the 64-year-old now has an estimated net worth of $1.2 billion, the majority of which he made off the court following his decorated playing career.
Johnson has accumulated an impressive portfolio of investments, which he began making over 30 years ago and includes sports ownership across four professional sports leagues, as well as stocks in Starbucks, Burger King, 24 Hour Fitness and the life insurance company EquiTrust.
One of his first major investments was made in 1990, when he partnered with Enterprise founder Earl Graves Sr. to purchased a PepsiCo bottling facility for $60 million. The deal made the plant Pepsi’s largest minority-owned factory in the U.S. and its second Black-owned bottling location in the company’s history.
Winning an NCAA National Title in 1979 while starting at Michigan State University, Johnson was selected first overall by the Los Angeles Lakers, playing 13 seasons with the franchise. During his playing career, which included five NBA titles, three NBA MVP Awards, and 12 All-Star selections, the point guard made an estimated $40 million while in the league. He currently holds ownership stakes in the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, MLS’ LAFC, and the NFL’s Washington Commanders, which he helped purchase earlier this year as part of an ownership group.
Johnson follows Michael Jordan, who was the first athlete in history to be named a billionaire back in 2015. In 2022, LeBron James and Tiger Woods joined the club, in that order, with Magic becoming the latest athlete to join that exclusive group.
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