What is Magic Johnson's Net Worth in 2024?

By Edcel Panganiban June 13, 2024 08:49

Photo by Stephen Dunn/Getty Images

Magic Johnson’s name might be memorable among others cause of his extraordinary contribution to basketball. Nonetheless, by 2024, the former player is believed to have a net worth of a staggering $1.2 billion which surely places into an elite class of the world’s richest athletes and entrepreneurs.

The path to getting rich for Magic Johnson began through his outstanding talent in basketball, from a win in the 1979 NCAA title with Michigan State University. The Los Angeles Lakers took the player at overall No.1 in the 1979 NBA Draft to start a career like no other. Johnson earned an estimated $40 million during his career in 13 seasons in the Hall of Fame with the Lakers.

He still managed to make about $2 million to $4 million annually out of endorsements. However, his earnings lingered at less than $50 million at the end of 1991, which happened to be the year when the former player started accelerating his earnings race. Magic Johnson took his fame and reputation to a new level as a businessman in the wake of retirement.

Magic Johnson Enterprises was founded in 1987 to build a movie theater in an economically underserved urban area. The business expanded into a multi-billion-dollar empire over the years and ventured into a myriad including real estate, entertainment, finance, and food services among others. The millionaire also owns sports teams, fast food chains, real estate properties, healthcare, and life insurance, for example, his 60% stake in EquiTrust Life Insurance.

The combination of real estate investments and charitable work. While Magic Johnson has earned money from his business acumen, substantial investments in real estate have been a significant percentage of his wealth. Johnson has also donated much of his income to the Magic Johnson Foundation, a philanthropic organization he backs that tries to improve the city in general and other people’s lives in particular.

Do You Believe In Magic?

The bottom line of his 2024 predicted net worth indicates that there will only be one Magic Johnson – an extraordinary athlete, brilliant entrepreneur, and generous philanthropist. His successful transition from the parquet to the penthouse is emblematic of a blueprint that many current and future sports stars are following.

The joyful notes and challenging sounds Money Magic makes to this day enable the 2024 balance of Magic Johnson’s net worth to glitter to the tune of $1.2 billion and serve as a clear indicator of both his ability to trailblaze pathways that far too few entrepreneurs in the sports arena and significantly fewer entrepreneurs in business and the earth have been willing or able to blaze.

It remains to be seen just how wealthy Magic Johnson will become in the years ahead and how impactful his philanthropies and numerous more economic projects will be. However, one thing is certain: with a proven talent for the company and intelligent investments combined with a heartfelt desire to be of service, Magic Johnson has cemented his position as an influential figure.