Magic Johnson is regarded as the greatest point guard of all time, having amassed a Hall of Fame career spanning 13 seasons. He spent his entire NBA career with the Los Angeles Lakers, from 1979 to 1991, with a brief comeback in 1996.
The 6-foot-9 playmaker dazzled NBA fans during the 1980s, spearheading the Lakers' Showtime era known for its fast-paced, high-scoring, and entertaining style of play.
Accompanied by a talented supporting cast that included all-time great Kareem Abdul-Jabbar, Johnson guided the Lakers to five NBA championships during this illustrious period. In his storied playing career, he also claimed three NBA Finals MVPs and three regular-season MVPs.
Since retiring from the hardwood, Johnson has experienced great success financially, earning significantly more in his post-playing career from his various business endeavors and investments.
With his success in playing career and beyond, many ask: What is Magic Johnson's Net Worth in 2023?
Magic Johnson's Net Worth 2023: $1.2 billion
The 64-year-old Johnson is worth $1.2 billion as of 2023, according to business and financial magazine Forbes.
The Hall of Fame point guard became the fourth professional athlete to become a billionaire, joining the exclusive club of fellow basketball greats Michael Jordan and LeBron James, and golf star Tiger Woods.
Johnson reached this landmark through a successful post-basketball career as an investor in professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider.
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Magic Johnson's Wealth
In a 1990 Sports Illustrated interview, the former Michigan State standout expressed his intentions to make a substantial impact in the business world, setting his sights on achieving a net worth ranging between $100 million to $200 million more than three decades ago.
Johnson's massive wealth primarily comes from owning several professional sports teams and significant investments in diverse industries.
The majority share of his net worth is tied to his 60 percent ownership in the Iowa-based life insurance company EquiTrust, a stake he acquired in 2015.
Since the purchase, EquiTrust's assets have surged from $16 billion to $26 billion, with annual revenues of approximately $2.6 billion.
The five-time NBA champion possesses ownership stakes in three professional sports franchises based in Los Angeles, which include the MLB's Los Angeles Dodgers, WNBA's Los Angeles Sparks, and MLS club LAFC.
Johnson's sports ownership portfolio includes a minority stake in the NFL's Washington Commanders after billionaire Josh Harris' record-acquisition of the team for $6.05 billion last May.
Since 1994, the twelve-time NBA All-Star has led the establishment of a chain of movie theaters in collaboration with Loews Cineplex Entertainment, named Magic Johnson Theatres.
These theaters were strategically placed in predominantly Black neighborhoods in major cities across the United States, such as Los Angeles, Atlanta, Houston, and New York City.
Additionally, he initiated a 50-50 partnership with coffee chain Starbucks to launch cafes in Black neighborhoods.
The nine-time All-NBA First Team member holds a minority stake in a PepsiCo bottling plant outside Washington D.C., a venture he entered into with investor Earl Graves in a $60 million deal in 1990.
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