Los Angeles Lakers icon Magic Johnson has ascended to the ranks of billionaires this year, primarily accumulating his wealth after his illustrious playing career ended.

The playmaking maestro captivated the NBA throughout the 1980s, leading the Lakers during the Showtime era, characterized by its fast-paced, high-scoring, and entertaining style of basketball.

The 64-year-old's net worth now stands at a staggering $1.2 billion, as renowned business and financial outlet Forbes reported.

The five-time NBA champion has become the fourth professional athlete to attain billionaire status, joining basketball legends Michael Jordan and LeBron James and golf star Tiger Woods.

Forbes has identified a record number of billionaires worldwide this year, totaling 2,781 individuals, with their combined net worth reaching an unprecedented $14.2 trillion.

Magic Johnson made savvy investments after his playing days

Johnson achieved this milestone through a thriving post-basketball career, leveraging his investments in professional sports teams, movie theaters, Starbucks franchises, and a life insurance provider.

He holds minor interests in various sports franchises, including the Washington Commanders, the Los Angeles Dodgers, the Los Angeles Sparks, and Los Angeles FC.

The bulk of his net worth stems from his 60 percent ownership stake in EquiTrust, a life insurance company based in Iowa, which he acquired in 2015.

Since acquiring the stake, the company's assets have surged from $16 billion to $26 billion, boasting around $2.6 billion in annual revenues.