By Fan Arch June 13, 2024 08:49
Photo by Stephen Dunn/Getty Images
The legendary former basketball player, Magic Johnson, has made a lasting impression on the NBA through his talents on the court, but he has also gone on to be a huge business and entrepreneurship figure.
By 2024, Magic Johnson's net worth is believed to be a stunning $1.2 billion, putting him absolutely in the elite class of the wealthiest athletes and entrepreneurs in the world.
High School and Basketball Career
Magic Johnson started his road to riches through his outstanding basketball talent, having led his team to win the 1979 NCAA title with Michigan State University.
He was then taken by the Los Angeles Lakers as the No. 1 overall pick in the 1979 NBA Draft to start a career for all ages.
Johnson made an estimated $40 million during his 13-year Hall of Fame career with the Lakers and another $2 million to $4 million per year in endorsements, yet 1991 also happened to be the year his wealth accumulation really began taking off.
Transition to Business and Investment
In the wake of retirement, Magic Johnson leverages his fame and reputation to new heights as a successful businessman.
He founded Magic Johnson Enterprises in 1987 to build a movie theater in an economically underserved urban area.
The business has grown into a multi-billion-dollar empire over the years, dabbling in ventures including real estate, entertainment, finance, and food services.
In addition to his ownership of sports teams, he has interests in fast food chains, real estate property, healthcare, and life insurance.
Particularly, his 60% stake in EquiTrust Life Insurance is the largest asset in his bag, which also adds to his millionaire census.
Real Estate Developments and Charitable Work
As much as Magic Johnson has made money from his business sense, his investments in real estate have also been a huge part of his wealth.
Canyon Johnson Urban Funds, worth over $1 billion, financed urban revitalization projects that helped him add millions to his bank account.
On top of that, Johnson has donated much of his fortune to the Magic Johnson Foundation, a philanthropic venture he supports to improve the lives of others, especially less fortunate communities.
Do You Believe in Magic?
Overall, the 2024 projected net worth of Magic Johnson is proof he is an athlete, entrepreneur, and philanthropist beyond compare.
His transition from the parquet to the penthouse reflects the path many athletes are now taking, using success on the court as a springboard to profitable business and a platform for philanthropy.
In 2024, Magic Johnson's $1.2 billion net worth shines as a powerful reminder of his ability to trailblaze a path few in the sports world and few in business, for that matter, have been willing or able to follow, and his decision to use his wealth to make a difference in the world.
In the years to come, it will be interesting to see how rich Magic Johnson gets and the lasting effect it all has on his business deals and charitable causes.
With a supreme skill in business and smart investments paired with a relentless desire to help others, Magic Johnson has cemented his legacy as a force in the business world and, furthermore, a societal icon.
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