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Sunday, February 25, 2024
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Magic Johnson Joins Athlete Billionaire Club

  • Johnson is now worth $1.2 billion, according to Forbes’ most recent calculations.
  • He joins Tiger Woods, LeBron James, and Michael Jordan as the only four known athlete billionaires.
NBA great Magic Johnson before the 2022 NBA All-Star Game at Rocket Mortgage FieldHouse.
Kyle Terada-USA TODAY Sports

Earvin “Magic” Johnson has joined the elite ranks of athlete billionaires.

The Los Angeles Lakers legend is worth $1.2 billion, according to Forbes’ most recent calculations, making him the fourth current or former athlete to reach billionaire status. 

He joins Tiger Woods, LeBron James, and Michael Jordan — whose net worth hit $3 billion following his sale of the Charlotte Hornets in June — in the Three Comma Club.

Johnson has minority ownership stakes in the NFL’s Washington Commanders, MLB’s Los Angeles Dodgers, WNBA’s Los Angeles Sparks, and MLS’ LAFC — but the majority of his wealth comes from his controlling stake in Iowa-based life insurance provider EquiTrust, which he owns through Magic Johnson Enterprises.

The 64-year-old has also expressed interest in acquiring a stake in the New York Knicks. He previously turned down an opportunity to join the Golden State Warriors ownership group when Peter Guber and Joe Lacob bought the franchise in 2010.

Forbes notes that Johnson’s on-court career earnings — $40 million, or $110 million when adjusting for inflation — are nowhere near those of his fellow athlete billionaires; James, for example, has made $479 million on the court and is still playing.

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