There are many reasons why Ervin Johnson was nicknamed “Magic” and now we can add another one to the list.
Yesterday, Forbes revealed that Magic Johnson joined the billionaire athlete club with a net worth of $1.2 billion and now sits alongside Michael Jordan, Tiger Woods and LeBron James in this exclusive club.
It’s interesting to see that while Magic’s on-court earnings were $40 million ($110 million when adjusted for inflation according to Front Office Sports), it’s during his post-NBA career that Magic’s net worth skyrocketed.
The Hall of Famer already owned minority ownership stakes in the LA Dodgers, LA Sparks and LAFC of MLS. Then this past July Magic became a minority owner of the Washington Commanders.
“I don’t invest in sports teams just for ego,” said Magic. “I invest to win.”
A successful businessman, Johnson’s empire includes movie theaters, Starbucks and Burger King franchises. But his biggest wealth-generating investment is derived from his controlling stake in Iowa-based life insurance provider EquiTrust, a company owned through Magic Johnson Enterprises.
Magic, 64, was part of a group bidding for the Denver Broncos but was beaten out by the Walton-Penner Group. He was also rumored to be interested in Las Vegas Raiders and the New York Knicks.
Just like his NBA career, Magic Johnson keeps on winning, this time at the bank.
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