Magic Johnson Net Worth
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4 min read
Magic Johnson Net Worth: From NBA Stardom to Business Empire
Net Worth Overview
| Net Worth | $800 Million |
|---|---|
| Salary | N/A |
| Birthdate | August 14, 1959 (64 years old) |
| Birthplace | Lansing |
| Gender | Male |
| Height | 6 ft 9 in (2.06 m) |
| Profession | Talk show host, Basketball player, Actor, Film Producer, Athlete, Entrepreneur, Television producer, Basketball Coach |
| Nationality | United States of America |
Early Life
Magic Johnson, born Earvin “Magic” Johnson Jr. on August 14th, 1959 in Lansing, Michigan, grew up in a working-class family. His father, Earvin Sr., worked on a General Motors assembly line, while his mother, Christine, was a school janitor.
From an early age, Johnson developed a passion for basketball, idolizing players like Earl Monroe. He attended Everett High School, where he quickly joined the basketball team. His skill on the court earned him the nickname “Magic” after scoring a triple-double with 36 points, 18 rebounds, and 16 assists at the age of 15. Magic solidified his nickname during his senior year when he led his team to a state championship victory.
Despite receiving offers from various prestigious colleges, Magic decided to stay close to home and attend Michigan State University. In 1979, he led the Michigan State Spartans to the NCAA finals, where they faced off against Larry Bird and the Indiana State Sycamores in the most-watched college basketball game ever televised. Magic’s team emerged victorious, and he earned the title of the Most Outstanding Player of the Final Four.
Career
Magic Johnson’s NBA career began in 1979 when he was selected as the first overall pick in the NBA Draft by the Los Angeles Lakers. As a point guard, Magic’s versatility and court vision revolutionized the position. He played all five positions during the NBA Finals and helped guide the Lakers to five NBA championships (1980, 1982, 1985, 1987, and 1988).
Throughout his career, Magic participated in 12 All-Star Games and earned three NBA MVP titles. He retired from basketball in 1991 after contracting the HIV virus, but briefly returned for the 1995-96 season. In total, Magic played in 905 NBA games, accumulating career averages of 19.5 points, 7.2 rebounds, and 11.2 assists per game, making him one of the greatest point guards of all time.
Personal Life
Off the court, Magic Johnson has been an advocate for HIV/AIDS prevention and safe sex practices since publicly disclosing his HIV-positive status in 1991. He created the Magic Johnson Foundation to combat HIV and has been instrumental in dispelling the stigma surrounding the disease.
In 1991, Magic married Earlitha “Cookie” Kelly, and the couple has two children together. Their son, Earvin III (also known as E.J. Johnson), gained fame through his appearances on the reality TV show “Rich Kids of Beverly Hills.” Magic and Cookie also adopted a daughter named Elisa in 1995. The family currently resides in Dana Point, California, and Beverly Hills.
Net Worth Over Time
Magic Johnson’s net worth has seen significant growth over the years. Starting with his NBA career earnings and endorsement deals, he has successfully transitioned into entrepreneurship and business ventures.
During his playing career, Magic earned over $18 million in salary and several million more in endorsements. However, his true wealth comes from his business empire, Magic Johnson Enterprises. This conglomerate, valued at over $1 billion, includes investments in industries such as entertainment, real estate, and healthcare.
Magic’s investments have been far-reaching and impactful. Notably, his partnership with Starbucks CEO Howard Schultz to open Starbucks stores in underserved urban areas has not only been profitable but has also provided jobs and increased investment in neglected communities.
Additionally, Magic’s ownership stakes in various sports franchises, such as the Los Angeles Dodgers and the Los Angeles Sparks of the WNBA, have contributed to his net worth. Moreover, his involvement in EquiTrust Life Insurance Company, managing $14.5 billion in annuities and other products, showcases his ability to diversify his financial portfolio.
Components of Net Worth
Magic Johnson’s net worth primarily stems from his various business ventures and investments. Here are some key components contributing to his wealth:
- Magic Johnson Enterprises: Valued at over $1 billion, this conglomerate encompasses investments in entertainment, real estate, and healthcare.
- Ownership Stakes in Sports Franchises: Magic has significant ownership stakes in the Los Angeles Dodgers and the Los Angeles Sparks of the WNBA.
- Partnership with Starbucks: Magic Johnson partnered with Starbucks CEO Howard Schultz to open Starbucks stores in underserved urban areas, generating profits and social impact.
- EquiTrust Life Insurance Company: Magic’s involvement in this company, managing billions of dollars in annuities and other insurance products, contributes to his net worth.
Through his astute business acumen and strategic investments, Magic Johnson has built a considerable fortune that continues to grow.
