Magic Johnson is widely regarded as arguably the greatest point guard in the history of the NBA. In his exemplary 13-season-long NBA career, Johnson won five NBA championships, 3 Finals MVP, and 3 regular season MVP titles, alongside several other accolades and recognitions. Johnson’s career was widely known for his epic rivalry with the Boston Celtics legend Larry Bird, against whom he had an 11-8 record.
Advertisement
Never in his wildest dreams did Magic Johnson imagine himself in the position he finds himself in today. Aside from having a great and legendary NBA career, Johnson silently worked behind the scenes during his hay day to build a successful business portfolio that would be worth billions. Evidently, this unprecedented rise eventually made Johnson a billionaire, the fourth American athlete to achieve this status after Michael Jordan, LeBron James, and Tiger Woods.
In a recent appearance on The Jimmy Kimmel Show, Johnson expressed his wonder about how he never expected himself to be in his current position in life. Johnson has often been seen vacationing with fellow NBA great, Michael Jordan and his family and would also pay the bills for the former league legend’s dinner. Expressing his astonishment at being a successful businessman, Johnson expressed:
“You know it’s funny because both of us, we never thought we would be in this position. To be out there, have yachts, to be able to go to dinner with our wives, be in Europe. It’s just mindblowing to both of us.”
Jimmy Kimmel followed up with an instant gag, asking if Magic Johnson ever calls up his league rival Larry Bird to remind him of his billionaire status. However, to everyone’s surprise, it seemed like Bird was one of the first people to understand Magic’s business frenzy. Bird had predicted that Magic Johnson would soon be a billionaire while he remained Larry Bird.
Magic Johnson’s business portfolio today includes several investments in sports teams and coffee mega-giants such as Starbucks. Johnson’s wisest investment choices paid off in the end, helping him gain the billionaire status he enjoys quite thoroughly today.
Magic Johnson’s smart decisions paved the path to his billionaire status
At the age of 64, Magic Johnson was announced as the latest former athlete to mark the billionaire status. With a net worth of $1.2 billion, Johnson entered an exclusive club of four other billionaire athletes, including Michael Jordan, LeBron James, and Tiger Woods, to be featured by Forbes.
Most of Johnson’s wealth stems from his majority ownership of EquiTrust Insurance company. This holding is his biggest achievement in his portfolio, catapulting the value of its assets from $16 billion to $26 billion since Johnson assumed control a decade ago.
Johnson has also made significant investments in sports, which include the NFL ream Washington Commanders, the WNBA team Los Angeles Sparks, and the MLB team Los Angeles Dodgers. From 1994 to 2010, Johnson also owned a stake in his former team Los Angeles Lakers. All of these holdings have also contributed to Magic’s billionaire status as well.
Interestingly, Johnson’s storied NBA career contributed only a fraction of his current net worth. Playing 13 seasons in the league, Johnson earned $40,000,000 from his Lakers contracts, which would be about $110,000,000 in current times if adjusted for inflation.
Nevertheless, Johnson’s savvy business moves have helped him all the way to reach the position he never imagined in today’s date.
