Magic Johnson is a retired professional basketball player with an estimated net worth of $620 million. But he didn’t earn it all on the court. Discover everything you need to know about Magic Johnson’s career, personal life, and extreme wealth.
Record-breaking assists and unbeatable triple-doubles made Earvin “Magic” Johnson an overnight basketball sensation. He became known as one of the best players in the NBA. But a frightening diagnosis would cut his playing career short. In the midst of it all, Magic Johnson’s net worth still grew to over $620 million. His story proves that with the right mindset and a little bit of “magic,” anyone can overcome obstacles to grow an empire, become incredibly wealthy, and help others along the way.
| Magic Johnson Net Worth: | $620 million |
| Real Name: | Earvin “Magic” Johnson, Jr. |
| Age: | 63 |
| Date of Birth: | August 14, 1959 |
| Birthplace: | Lansing, Michigan, USA |
| Gender: | Male |
| Height: | 6 ft 9 in (2.06 m) |
| Source of Wealth: | Basketball Player, Investor, and Entrepreneur |
| Best-Known For: | NBA Point Guard and HIV/AIDS Advocate |
Who is Magic Johnson?
On August 14, 1959, Christine and Earvin Johnson, Sr. welcomed Earvin Johnson, Jr. to their ever-growing family. They lived a modest lifestyle, with Christine working as a school custodian and Earvin, Sr. as a GM assembly worker. Little did they know that their baby boy would grow to become one of the tallest and most successful point guards in NBA history.
At an early age, young Earvin discovered his passion for basketball. As he recalled, “I practiced all day. I dribbled to the store with my right hand and back with my left. Then, I slept with my basketball.”
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And his work-ethic and practice regimen played off. While in middle school, Earvin scored an impressive 48 points in a single game. By the time he reached high school, he was already a local legend. A sports writer witnessed the star player score 36 points, 16 rebounds, and 16 assists in a single game, giving him the nickname “Magic.”
Magic went on to attend college at Michigan State University. He led the basketball team to a 25-5 record and a Big Ten Conference title. NBA teams started to take note. In 1979, the LA Lakers chose Johnson as the first overall pick.
Magic Johnson was a fan favorite and quickly became one of the best players in NBA history. But his playing career was cut short. In 1991, Magic announced he was HIV-positive and retired from the Lakers.
While that might have been the end for many, Magic wasn’t ready to throw in the towel. He used his wealth and fame to support disadvantaged urban communities. Today, he’s a magic basketball player, investor, and entrepreneur dedicated to creating change in the world.
What is Magic Johnson’s net worth?
Just how much is Magic Johnson’s net worth? No personal fouls here—Johnson’s net worth is a smooth-passing $620 million!
What are the career highlights of Magic Johnson?
1. Magic Johnson became the first rookie to win the NBA Finals Most Valuable Player Award.
He won the award in 1980 and still remains the youngest player ever to win it. Magic was only 20 years and 276 days old.
2. Johnson won five NBA Championships during his career.
As a skilled point guard, he led the Lakers to NBA Championship wins in 1980, 1982, 1985, 1987, and 1988. He won three NBA Finals MVP Awards in 1980, 1982, and 1987.
3. Johnson won an Olympic gold medal with the U.S. men’s basketball team in the 1992 Summer Olympics.
The Dream Team dominated the court at the 1992 Barcelona Games. These top NBA players secured the gold:
- Michael Jordan
- Magic Johnson
- Larry Bird
- Charles Barkley
- Scottie Pippen
- Chris Mullin
- Karl Malone
- Patrick Ewing
- Clyde Drexler
- David Robinson
- John Stockton
- Christian Laettner
4. Johnson was named one of the 50 Greatest Players in NBA History.
He earned this recognition on October 29, 1996.
5. On November 7, 1991, Johnson announced he had contracted HIV, becoming the first well-known athlete to reveal his HIV-positive status.
He retired the same day. As a straight male, his transparency helped destigmatize the virus, which many people wrongfully believed only infected homosexuals.
6. Johnson returned to basketball in 1995 after a four-year retirement.
He promised his wife, Cookie Johnson, he would only play one more year, and the 1995-96 season was also his last. He averaged 14.6 points, 5.7 rebounds, and 6.9 assists that season.
7. Johnson owns Magic Johnson Enterprises, a conglomerate of businesses with more than $700 million in estimated value.
The company owns stakes in many successful brands, including the LA Lakers, TGI Fridays, Sodexo, and Burger King.
8. Johnson won an NBA Most Valuable Player Award and an NBA Finals MVP Award in the same season.
He won both awards in 1987.
9. Magic Johnson was a recipient of the Freedom Award in 2007.
During the ceremony, a National Civil Rights Museum spokesperson stated, “A committed philanthropist, Johnson continually finds time to support worthy causes.”
How much money did Magic Johnson make during his basketball career?
Since Magic is worth somewhere in the neighborhood of $620 million, it’s only natural to assume he made most of his fortune on the court. But that’s not the case. Magic only earned $39,342,860 from NBA salaries.
This CPA and author also has an impressive net worth.
How does Magic Johnson make money outside of basketball?
As it turns out, Magic is much more than a skilled basketball player. He’s also an extremely savvy entrepreneur. Here’s how Magic’s net worth grew to over $620 million:
Real Estate
Magic partnered with Canyon Capital to finance 31 real estate developments across 13 states. This decision generated $2 billion and helped to bring affordable housing to urban communities.
Endorsements
Magic Johnson accepted endorsements from many top brands, including:
- Starbucks
- Burger King
- Converse
- 24 Hour Fitness
- AMC Theatres
Magic Johnson Enterprises
Johnson launched Magic Johnson Enterprises in 1987 with his NBA earnings. His goal was to purchase equity in companies benefiting underserved urban neighborhoods. And it paid off. Today, the all-star’s investment company is worth over $700 million.
Magic Johnson Theatres
Magic launched Magic Johnson Theatres in 1994 to bring high-quality multiplexes to urban communities. The company created jobs and promoted economic growth in otherwise underserved areas.
Magic Johnson NFT Collection
In 2022, Magic launched 1,600 NFT packs priced at $399 each. He tweeted: I’m really excited to partner with @nbatopshot to release my first NFTs and bring some of my favorite moments from my career to fans everywhere. Fans get to see just a few of my favorite plays from my career!
Business Dealings with Stan Kasten
Johnson, Kasten, and several other investors joined forces to purchase the LA Dodgers for $2.15 billion. The sale closed in April 2012.
Chain of Burger King Restaurants
Magic acquired 30 Burger King franchises in 2004 to boost his investment portfolio. He owns locations in Atlanta, Birmingham, Dallas, and Miami.
Magic Johnson’s Talk Show
In 1998, Johnson hosted The Magic Hour, a syndicated talk show. He interviewed a variety of well-known guests during the show’s solo season, including Tyra Banks, Cher, Harrison Ford, and Will Smith.
Magic Johnson Foundation
After his initial retirement in 1991, Johnson formed the Magic Johnson Foundation. His goals were to support the unique needs of urban communities and to raise HIV/AIDS awareness, treatment, and prevention.
The Marvel Experience
In 2014, Magic invested $2 million in The Marvel Experience. Why? Johnson told the press, “I’m excited to partner with Hero Ventures and bring this affordable entertainment option around the world, specifically to ethnically diverse communities that over-index as followers of the Marvel Super Heroes. Growing up watching the Hulk as my favorite Marvel character—and this opportunity to work with a team of business all-stars—made this partnership an easy decision.”
This entrepreneur was once the fifth richest man in the world.
FAQs
Nothing but net with these Magic Johnson facts!
What is Magic Johnson’s current net worth?
What’s Magic Johnson’s net worth for January 2023? An estimated $620 million!
Check out the net worth of Magic Johnson for past years:
- Magic Johnson net worth 2022: $580 million
- Magic Johnson net worth 2021: $530 million
- Magic Johnson net worth 2020: $480 million
- Magic Johnson net worth 2019: $430 million
- Magic Johnson net worth 2018: $390 million
How much money did Magic Johnson make during his playing career?
The combined total of his NBA salaries over 31 years was about $40 million. That includes his salary for playing 13 seasons and his work as an NBA coach and executive.
What was Magic Johnson’s NBA Draft pick?
In 1979, Magic was the first overall pick. The Lakers snatched him up and signed him to a 4-year, $600,000 contract.
And in 1984, Magic Johnson signed a 25-year extension with the Lakers—the longest contract in NBA history.
How many NBA Finals did Magic Johnson win?
During his 13-year career, Magic led the Lakers to the NBA Finals nine times, slam-dunking five championships! His winning years were:
- 1980
- 1982
- 1985
- 1987
- 1988
What is Magic Johnson’s record for playoff assists?
Magic holds the NBA record for the most playoff assists with 2,346. He’s tied with John Stockton for the most assists in a single playoff game at 24.
What is Magic Johnson’s record for triple-doubles?
With 138 during his career, Magic Johnson ranks third overall for triple-doubles. Oscar Robertson and Russell Westbrook tie for first with 181 career triple-doubles.
What year did Magic Johnson announce his HIV diagnosis?
Magic Johnson announced he was HIV-positive on November 7, 1991. During his press conference, he stated, “Because of the HIV virus that I have attained, I will have to retire from the Lakers. Today.”
But Magic didn’t want to worry fans. He concluded his speech by reiterating, “I plan to go on living for a long time.”
And over three decades later, he’s still very much alive.
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How many NBA records does Magic Johnson still hold?
Although retired, Magic still holds 36 NBA records, including these four career records:
- Average career assists-per-game: 11.2
- Most assists in Playoffs: 2,346
- Average assists-per-game in Playoffs: 12.4
- Most triple-doubles in Playoffs: 30
What endorsements has Magic Johnson had throughout his career?
His brand endorsements include 24 Hour Fitness, Starbucks, and AMC Theatres.
But perhaps his most well-known deal was with Converse. The company paid Magic $100,000 to endorse its basketball shoes. He accepted the cash deal over a stock-only offer from Nike, worth $5.2 billion today. But with a net worth of $620 million, we’re sure Magic isn’t too upset by his decision.
What are some of the businesses and investments Magic Johnson has?
Under Magic Johnson Enterprises, the basketball star invests in many businesses. He has ownership in some well-known companies, including:
- Topgolf
- Burger King
- Starbucks
- LA Dodgers
- TGI Fridays
- LAFC of Major League Soccer
Why does he buy so many businesses? Magic’s goal is to improve economic growth in lower-class, multicultural communities.
Takeaway
Magic Johnson became an instant success on the court, winning games and setting records. But his $620 fortune isn’t all from basketball. He’s also proven himself to be a wise entrepreneur and philanthropist, always looking for ways to improve inner-city and underserved communities.
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