How much is Magic Johnson Worth? It is out of the question that Magic Johnson is one of the most prominent stars to ever enjoy a career in the NBA. While this is established, Johnson’s achievements also come with a hefty net worth.
Magic Johnson sits among the legendary players of the NBA, owing to his unique style of play witnessed in the Los Angeles Lakers club and the NBA as a whole. Following his retirement, Johnson’s impact remained indelible and evergreen.
It is noteworthy that although he left the game relatively early in his career, his brand could not be tainted, and this also includes his financial standing. Johnson has made a fortune in and out of the NBA, and his various businesses speak for him. What is Magic Johnson’s Net Worth?
Johnson’s Impressive NBA Run
Magic Johnson’s zest and basketball excellence started through high school and college, where he won championships. His junior-level basketball skills catapulted him to an impressive level when he became the first overall NBA pick during the 1979 draft.
Johnson was drafted to the Los Angeles Lakers with a $25 million contract for 25 years. Within a few years, his expertise created “magic.” As a rookie, Johnson led the Lakers to the NBA championship alongside teammate Kareem Abdul-Jabbar.
His consecutive NBA championship wins with the Lakers included 1980, 1982, 1985, 1987, and 1988. Johnson also won the NBA MVP title eight times, two of which were from his All-Star game participation.
Johnson is known as the greatest point guard in NBA history. Despite his impressive winning streaks, Johnson drew the curtains on his career as a player in 1991.
This goes down in history as one of the most pivotal moments in sports. Johnson publicly revealed that he was HIV positive. However, this was not to be his end. He returned to the NBA twice, as an expert and a player at 36 in the mid-1990s, playing between 1995 and 1996.
Johnson As A Businessman In The NBA
The year, 1993 marked Johnson’s return to the NBA, and this time, it was as a coach. This was possible at the urging of the Lakers’ team boss, Jerry Buss. Johnson replaced Randy Pfund as a coach and won five of their first six games.
As time went on, it became apparent that Johnson’s excellence as a player could pretty much not transcend into his job as a coach. As a result, the Lakers recorded several losses, which prompted him to resign.
The public figure went on to buy a 5% share from the team the following year. During his brief return as a player in 1995, he recorded another string of wins, all contributing to his already growing wealth.
Johnson As An Entrepreneur
The sports icon’s retirement served as his launch into the business world. Johnson did not have a mellow retirement plan. As soon as he was out of the NBA, the star founded his chain of businesses under the name Magic Johnson Enterprises.
Since 1991, the Magic Johnson Enterprises has raked in millions of dollars for the NBA great, while it’s worth over $1 billion. Johnson’s chain of businesses includes a promotional marketing franchise, Magic Johnson Theater, and a movie studio.
More of his businesses include coffee shops, sporting goods stores, record labels, and real estate. In 2012, Magic Johnson gained part-ownership of The Los Angeles Dodgers.
He extended his purchases when he acquired the Los Angeles Sparks franchise in 2014. In 2017, Johnson attained a higher position amongst the Lakers as he replaced Jim Buss as president. His stint as president ended five years later.
Inside His Philanthropy
After sharing his HIV status with the public, Magic Johnson became passionate about philanthropy, pumping his resources into the Magic Johnson Foundation (MJF). According to the Mission Statement on the foundation’s official page:
“The Magic Johnson Foundation works to develop programs and support community-based organizations that address the educational, health and social needs of ethnically diverse, urban communities.”
The foundation is also described as a non-profit public charity with education as the center of its theme. The MJF also responds swiftly to communities that have been ravaged by natural disasters.
With the foundation, Johnson launched some of the largest campaigns bringing awareness to HIV/AIDS, particularly among the youth and the high-risk group.
How Much is Magic Johnson Worth?
Throughout his career as an NBA player, Johnson’s salary culminated in a $40 million estimate. And after he drew the curtains, his wealth grew exponentially.
These days Magic has been in the news for his affluent splurging. For one, the star regularly rents out a $1.1 million summer vacation for family and friends. So how much is Magic Johnson Worth?
As of 2022, the NBA icon’s net worth is $600 million. It is safe to say that the star is not hanging his boots anytime soon. His chains of businesses are very evident in A-list franchises like Converse and Starbucks.