Forbes Declares Magic Johnson A Billionaire

Magic Johnson has been declared as the fourth athlete to ever turn into a billionaire, joining fellow NBA superstars Michael Jordan and LeBron James on the list, as well as golfer Tiger Woods.

The 64-year-old, former L.A. Lakers guard is believed to have an estimated net worth of roughly $1.2billion this year, according to multiple outlets. He only earned a total of $40million in a 13-year career with the Lakers, compared to LeBron’s $480M and Jordan’s $94M.

Magic’s wealth has grown exponentially since he retired in 1996. His investments outside of basketball have paid dividends, ultimately paving the way for the five-time NBA champion to become a member of the 10-figure club.

Magic’s 60 percent stake in a Iowa-based life insurance company called EquiTrust, which he purchased in 2015, is what’s been racking in the big bucks throughout the years.