Magic Johnson

Net worth over time

Biography

• Earvin "Magic" Johnson is one of the greatest NBA players of all time. Forbes named him a billionaire in October 2023.
• Johnson earned only around $40 million total as a Los Angeles Lakers player, mainly in the 1980s, and even at his peak only brought in between $2 million and $4 million per year in endorsements.
• Instead he built his wealth through joint venture partnerships in everything from movie theaters, Starbucks franchises, real estate and healthcare.
• The majority of his fortune comes from a 60% ownership stake in life insurance company Equitrust, which has grown from $16 billion in assets under management to $33 billion since he took over in 2015.
• He also owns small ownership stakes in the NFL's Washington Commanders, MLB's Los Angeles Dodgers, WNBA's Los Angeles Sparks and MLS' LAFC.
• Johnson is just the fourth athlete billionaire Forbes has ever identified. The others are Michael Jordan, Tiger Woods and LeBron James.
• Before the 1979 NBA Draft, Nike offered Johnson stock in the company and royalties on shoe sales. He declined in favor of $100,000 per year cash from Converse.