Forbes, the esteemed business magazine, has recently classified Magic Johnson, a former basketball superstar, as a billionaire. This notable distinction grants him an exclusive membership into a select group of athletes with billionaire status. Among these athletes are fellow NBA players Lebron James and Michael Jordan, accompanied by the celebrated golfer Tiger Woods. Forbes has estimated Johnson’s wealth to be approximately $1.2bn or £990m.
Johnson’s extensive portfolio includes investments in a diverse range of companies, with significant ownership stakes in several sports teams. However, the majority of his wealth, according to Forbes, is tied up in his share of a life insurance company. Johnson, at 64 years old, had a distinguished NBA career, retiring in 1996. However, his financial success has predominantly been realised outside of the sporting arena. Throughout his NBA career, Johnson accrued $40m, as stated by Forbes.
Johnson holds ownership shares in three sports teams based in Los Angeles, which includes the Los Angeles Dodgers from the MLB. Beyond the world of sports, Johnson possesses investments in renowned companies such as Starbucks, Burger King, 24 Hour Fitness, as well as the life insurance company EquiTrust.
Johnson expressed some regret over his financial decisions early in his career. According to him, he had the opportunity to become a billionaire at a younger age if he had not rejected the prospect of acquiring shares in Nike during his NBA entrance in the 1970s. In lieu of this, he opted for a deal with Converse, which offered him an annual pay of $100,000.
During an appearance on the All The Smoke podcast earlier this year, Johnson admitted his lack of financial awareness at the time, stating, “My family didn’t come from money, that’s one thing that hurt us sometimes. When you don’t come from money, you don’t know. I didn’t even know what stocks [were] at that time,”. He continued, lamenting his decision to pass up on the stocks, stating, “Can you imagine? 45 years, $5 billion that stock would have been worth today.”
