Magic Johnson, a retired American basketball player and investor, has been officially named a billionaire by Forbes. With an estimated net worth of $1.2 billion, Johnson is one of only four athletes to have achieved this status, following Michael Jordan, LeBron James, and Tiger Woods. He made his fortune through savvy investments in life insurance company EquiTrust, with the majority of his net worth coming from an investment in the company.
Johnson signed a 25-year, $25,000,000 contract with the Los Angeles Lakers, including $25,000,000 guaranteed, and an average annual salary of $1,000,000. He is now the fourth athlete to be named billionaire, following Michael Jordan, LeBron James, and Tiger Woods. Johnson earns $22 million annually and is ranked fifth on Forbes’ list of the highest-paid athletes. He is also a significant shareholder in both the WNBA Los Angeles Sparks and the MLB Los Angeles Dodgers.
In June 1981, Lakers owner Jerry Buss announced that Magic Johnson had signed a 25-year, $25 million contract with the Lakers. In October 2023, Forbes named him a billionaire. Johnson earned only around $40 million total as a Los Angeles Lakers player, mainly in the 1980s.
In 2024, Johnson’s net worth is $1.2 billion, making him the fourth athlete to earn billionaire status on the Forbes list, following Michael Jordan, LeBron James, and Tiger Woods. Johnson is best known for being the best point guard ever and is the only player in NBA history to average at least 20 points per game and 12 assists per game in two seasons.
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