Former basketball sensation Magic Johnson has entered Forbes’ billionaire list, becoming the fourth athlete to achieve this prestigious status. Estimated to be worth around $1.2 billion, Johnson’s wealth comes from a diverse range of investments, including ownership stakes in sports teams and shares in various companies.
Although he had a legendary NBA career, retiring in 1996, Johnson’s financial empire grew primarily outside the realm of sports. Forbes notes that his major wealth lies in a life insurance company where he holds substantial stakes. While his NBA career earned him $40 million, it’s his business acumen that propelled him into the billionaire league.
Johnson’s investments span across sectors, from renowned brands like Starbucks and Burger King to fitness centers like 24 Hour Fitness. He also has ownership stakes in three Los Angeles-based sports teams, including MLB’s Los Angeles Dodgers. However, his decision to pass up shares in Nike during the 1970s delayed his billionaire status. Reflecting on this choice, Johnson expressed his family’s lack of financial background as a hindrance, stating, “When you don’t come from money, you don’t know. I didn’t even know what stocks [were] at that time.”
His journey from the basketball court to the billionaire boardroom stands as a testament to his business prowess, marking him as an inspiration beyond the sports arena.