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Magic Johnson Net Worth, Salary and Career Earnings
Discover more about Magic Johnson's Net Worth, Salary, Career Earnings, Endorsements, and Investments on Pinkvilla.
Earvin "Magic" Johnson Jr. is widely recognized as a retired American basketball legend and astute entrepreneur with a great business portfolio. Born on August 14, 1959, in Lansing, Michigan, as Earvin Johnson Jr., he earned the moniker "Magic" due to his exceptional playmaking on the basketball court.
Magic Johnson's journey to basketball stardom began in high school, where he achieved numerous championships, and continued through college, bringing forward a phenomenal performance at Michigan State University.
In 1979, he was selected as the first overall pick in the NBA Draft by the Los Angeles Lakers, effectively launching his extraordinary career in professional basketball. His 13-season tenure with the Lakers was marked by unparalleled achievements, including multiple NBA championships, MVP titles, and All-Star Game appearances, cementing his status as one of the greatest players in the sport's history.
What is Magic Johnson’s Net Worth?
Magic Johnson, the former NBA star and investor, has joined the ranks of billionaires, making him the fourth athlete to achieve this status, as reported by Forbes.
At 64 years old, Johnson's net worth is estimated at approximately $1.2 billion as per Forbes, with a significant portion attributed to his majority ownership of EquiTrust insurance company. This investment stands as one of his most significant business accomplishments, as the company's assets have soared from $16 billion to $26 billion under his leadership over the past decade.
In addition to EquiTrust, Johnson's ownership of sports franchises, including the NFL's Washington Commanders, the WNBA's Los Angeles Sparks, and the MLB's Los Angeles Dodgers, has also contributed to his billionaire status. Between 1994 and 2010, he held a stake in the Los Angeles Lakers, his former team.
Despite his esteemed NBA career, during which he spent 13 seasons with the Lakers, only a fraction of Johnson's wealth can be attributed to his time on the court. Earning around $40 million (equivalent to approximately $110 million when adjusted for inflation) prior to his unexpected retirement in 1991 following an HIV diagnosis.
Notably, Johnson has realized financial gains from previous ventures, including the sale of a movie theater chain to Loews in 2004 and divesting about 100 Starbucks locations back to the company in 2010. Forbes mentioned that Johnson's current investments encompass a wide spectrum, from NFTs to CBD, and he holds positions on the boards of Fanatics and Cameo.
With this milestone, Magic Johnson joins the exclusive group of athletes to achieve billionaire status, alongside Tiger Woods, Michael Jordan, and LeBron James, as reported by Forbes.
Also Read: NBA to Feature Nationally Televised Games 7 Nights a Week in 2025/26 Season Post NFL Conclusion
Magic Johnson’s Salary and Career Earnings
Magic Johnson's illustrious basketball career yielded not only accolades on the court but also substantial earnings off it. Having been selected by the Los Angeles Lakers as the first overall pick in the 1979 NBA Draft, Johnson went on to play 13 seasons as a point guard for the team.
During his long years of basketball career, Magic Johnson earned over $18 million in salary as reported by Celebritynetworth. Whereas his career earnings remain at around $40 million.
However, throughout his tenure, he participated in 12 All-Star Games, clinched five NBA championships, and earned the NBA Most Valuable Player (MVP) title three times. Notably, Johnson's inaugural season saw him secure both the NBA Championship and the NBA Finals Most Valuable Player Award.
Moreover, his enduring rivalry with Larry Bird embedded a compelling narrative into basketball history, igniting widespread interest in the sport during the 1980s. His tenure with the Lakers saw him amass considerable career earnings, laying the groundwork for his future endeavors.
Following his retirement from professional basketball in 1991 due to an HIV diagnosis, Magic Johnson continued to excel in his entrepreneurial journey.
Magic Johnson’s Endorsements and Investments
Magic Johnson's entrepreneurial prowess extends well beyond the basketball court, as reflected in his extensive list of endorsements and investments. With a focus on enhancing communities and fostering economic growth, Johnson's strategic ventures have eyes on multiple industries.
In 1987, Magic Johnson utilized his NBA earnings to establish Magic Johnson Enterprises, an investment company dedicated to providing high-quality products and services primarily in ethnically diverse and underserved urban communities.
Touting an array of strategic alliances, impactful investments, consulting services, and endorsements, this enterprise embodies Johnson's commitment to empowering underrepresented sectors of society.
By 2020, the Magic Johnson Enterprises website reported holdings estimated at a staggering $1 billion, spanning multiple industries, as noted by Fox Business.
Regarding his business decisions in the footwear industry, Johnson's choice to partner with Converse, rather than embracing stocks offered by a nascent Nike in 1979, has been a point of reflection. This decision, in hindsight, may have incurred significant financial consequences, given Nike's current valuation.
Although Converse compensated Johnson with an estimated $2 million annually, he eventually parted ways with the brand in 1992. His dissatisfaction with Converse's branding and marketing strategies, particularly their purported nostalgic adherence to past trends.
Magic Johnson seamlessly integrated his sports background with his astute business acumen through strategic team acquisitions. Notable among these ventures, Johnson joined an investment group in 2014 to acquire the Los Angeles Sparks, a prominent WNBA team.
Additionally, his 2012 purchase of the Los Angeles Dodgers, alongside esteemed partners, marked a groundbreaking financial milestone, with the consortium paying approximately $2.15 billion for the team, setting a record for the highest amount spent on a North American sports franchise at the time.
Johnson's pivotal role in these acquisitions, including his significant $50 million contribution to the Los Angeles Dodgers deal, planted his feet deep in the sports industry.
His foray into Major League Soccer’s Los Angeles Football Club further solidifies his resounding presence in the sports industry.
Does Magic Johnson own Burger King?
No, Magic Johnson does not own Burger King, although he has investments in the food chain brand as well as Starbucks.
Magic Johnson’s Philanthropy and Charity Work
Magic Johnson is one of the most well-known sports figures to actively engage in charity work.
In 1991, amidst the revelation of his HIV diagnosis, Johnson established the Magic Johnson Foundation, an entity that remains committed to developing programs and supporting community-based organizations addressing the educational, health, and social needs prevalent in ethnically diverse urban communities.
Over the years, the foundation has made significant strides, raising over $20 million for charitable causes and allocating nearly $4 million towards scholarships, exemplifying Johnson's steadfast commitment to fostering educational and societal growth in communities facing adversity.
During the challenging time of the COVID-19 pandemic, Magic Johnson emerged as a pillar of support for women- and minority-owned businesses grappling with the ramifications of quarantine restrictions. Collaborating with MBE Capital Partners, he spearheaded a groundbreaking initiative to provide $100 million in loans, funded through his EquiTrust Life Insurance Company, aimed at mitigating the economic impact felt by these businesses.
Magic Johnson’s House and Cars
Magic Johnson, along with his wife, is known to have a notable real estate portfolio that includes a luxurious residence in Beverly Hills within the exclusive Beverly Park gated community. Additionally, the couple also possesses a charming Tuscan-style beach house located in Dana Point, Orange County, California, offering a serene coastal retreat.
Though they previously owned a house in Napili, Hawaii, the logistical challenges of getting there prompted them to exchange it for the beach house situated approximately 75 miles south of Beverly Hills.
Notably, Magic Johnson's former residence in Bel-Air holds historical significance within his real estate ventures. This estate, which served as his abode from 1981 to 1990, entered the market in 2022 with an asking price of $14.5 million, ultimately being reduced to $11.5 million in 2023.
The property's sale history paints an intriguing picture of Johnson's real estate prowess, as he originally acquired the home for a modest sum of $600,000 following his first NBA championship win. Subsequently, he astutely sold the residence for a significant profit of $2 million.
In addition to lavish houses, Johnson has a long list of luxury cars.
Among his impressive vehicles is the Rolls-Royce Phantom Drophead Coupe, a custom-made limited edition masterpiece valued at $500,000. This luxurious car features a massive 6.7-liter V12 engine, eight-speed automatic transmission, and reaches 0 to 60 mph in just 5.5 seconds.
Adding to the opulence of his collection is the Bentley Continental V8, a bespoke model with a starting price of $254,000. Johnson's version boasts $200,000 worth of alloy spoke wheels, showcasing his discerning taste and love for high-performance automobiles.
This vehicle, equipped with a 4.0-liter twin-turbo V8 engine and an eight-speed dual-clutch automatic transmission, delivers an impressive 542 horsepower and accelerates from 0 to 60 mph in just 3.7 seconds.
Although Johnson appreciates the practical elegance of vehicles such as the Cadillac Escalade that he occasionally opts for a powerful and spacious ride. The 2023 Escalade, which can reach over $105,000 for more extravagant trims, features a 6.2-liter V8 engine with a 10-speed automatic transmission and offers a remarkable 682 horsepower in the Escalade V, making it the most powerful luxury full-size SUV.
However, recently, Magic Johnson was spotted enjoying vacation along with his wife Cookie. The couple was seen making the most of their summer yacht adventure in the Mediterranean, capturing delightful moments with their close friends.
The couple recently shared updates on their Instagram from their vacation, featuring their companions LaTanya and Samuel L. Jackson, John and Vicki Palmer, and Cedric the Entertainer and Lorna Wells. From exploring the Cathedral of Santa Maria of Palma in Spain to celebrating the Fourth of July with a festive spirit adorned with red, white, and blue décor.
Disclaimer: All amounts mentioned in the article are sourced from public platforms. In some cases, celebrities or their teams give their inputs too, which we incorporate if provided by them. We take all efforts to share possible accurate numbers, however unless otherwise mentioned they are all approximates. We are open to feedback and suggestions on editorial@pinkvilla.com.
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