Earvin ‘Magic’ Johnson is a giant in the sports and business worlds evident in Magic Johnson net worth. As one of the NBA’s greatest players known for his dazzling basketball skills and larger than life personality, he was a household name.
Magic took to the business world almost seamlessly after retiring from his professional basketball career, building an empire which cemented his status as an savvy business man and philanthropist.
Today Magic Johnson net worth is a wonder around the globe in respect to his massive journey from the abyss to a famous icon.
In this article by Sports Buddy, we look at Magic Johnson net worth, background, NBA career, business ventures, and look at the sources of Magic Johnson wealth
Magic Johnson Early Life and Background
Magic Johnson was born on August 14, 1959, in Lansing, Michigan to Earvin Sr. and Christine Johnson. He was raised in a humble working class family, where he was taught earlier to undertake resilience and willpower.
His father worked at a General Motors plant, and his mother worked as a school janitor. Johnson’s parents weren’t rich, but according to them, education was incredibly important to them and they instilled strong morals in their children.
At an early age Magic, the fourth of seven siblings, found his passion for basketball. He spent countless hours perfecting his game on local courts, inspired by NBA legends like Bill Russell and Kareem Abdul-Jabbar.
But his dedication paid off, his high school days at Everett High School was remembered for his explosiveness, as he put up triple double of 36 points, 16 rebounds and 16 assists earning him the nickname “Magic”.
Johnson went to Michigan State University after high school. He led the Spartans to the NCAA Championship in 1979 against which also launched his rivalry with Larry Bird in a game.
Johnson’s win brought him into the national spotlight, which in turn would guarantee him a legendary NBA career.
Magic Johnson NBA Career and Achievements
The Los Angeles Lakers drafted Magic Johnson as the first overall pick in the 1979 NBA Draft. And when he arrived, the franchise was ushering in a new era of success and his impact was quickly felt.
In his rookie season, he helped lead the Lakers to the NBA Championship and was later named Finals MVP, making him the only rookie in NBA history to do that.
Johnson’s career as a point guard played out over 13 seasons, and during those seasons, he redefined the word point guard.
The 6’9” man played multiple positions and lifted his teammates’ game at a pace that most could have only dreamed of.
Magic Johnson Career Highlights:
- 5× NBA champion (1980, 1982, 1985, 1987, 1988)
- 3× NBA Finals MVP (1980, 1982, 1987)
- 3× NBA Most Valuable Player (1987, 1989, 1990)
- 12× NBA All-Star (1980, 1982–1992)
- 2× NBA All-Star Game MVP (1990, 1992)
- 9× All-NBA First Team (1983–1991)
- All-NBA Second Team (1982)
- NBA All-Rookie Team (1980)
- 4× NBA assists leader (1983, 1984, 1986, 1987)
- 2× NBA steals leader (1981, 1982)
- NBA anniversary team (50th, 75th)
- NCAA Final Four Most Outstanding Player (1979)
- Consensus first-team All-American (1979)
- Second-team All-American – NABC (1978)
- Third-team All-American – AP, UPI (1978)
- 2× first-team All-Big Ten (1978, 1979)
- First-team Parade All-American (1977)
- McDonald’s All-American (1977)
- Mr. Basketball of Michigan (1977)
Unfortunately, his career was cut short in 1991 when Magic announced he had HIV. There was little known about the disease at the time, and his announcement rocked the sports world.
He had briefly returned to the NBA in 1996 after retiring prematurely before retiring for good.
See Also: Vinnie Johnson net worth
Magic Johnson Transition to Business
It was during his post-basketball career, that Magic Johnson’s true genius was revealed.
Johnson had charisma, business acumen, and was hell bent on elevating underserved communities and was able to build a business empire worth considerably more than his NBA earnings contributing majorly to Magic Johnson net worth.
In 1987, Magic Johnson Enterprises was founded by Johnson to the tune of over $1 billion.
MJE helps to fund urban and minority communities, which aligns with Johnson’s intent for a move to empowering underemphasized gatherings.
Some of the key ventures under MJE include:
- Magic Johnson Theatres: In the 1990s, these movie theatres were launched, and they were launched in the urban areas providing high quality entertainment.
- Starbucks Partnership: In 2010 Johnson sold 125 Starbucks franchises for about $75 million.
- 24 Hour Fitness and T.G.I. Friday’s: Still, he invested in multiple locations of these popular chains to help diversify his portfolio even further.
Additionally, Johnson has sunk money into shopping centers, office buildings and affordable housing projects.
Not only do these ventures make a substantial amount of revenue increasing Magic Johnson net worth, but they also form the basis for community development.
Team ownership was also something that Magic was even passionate about. In 2012, when the Los Angeles Dodgers were sold for $2 billion, he became a part-owner of the team.
Since then, the Dodgers have enjoyed a renaissance of sorts, winning multiple division titles and the 2020 World Series.
In addition to the Dodgers, Johnson owns stakes in The Los Angeles Sparks (WNBA) and Los Angeles Football Club (LAFC)
Magic Johnson Net Worth
As at 2024, Magic Johnson net worth is $1.2 billion, which makes him one of the richest basketball players of all time.
By his own admission, Magic Johnson net worth is over $1 billion and his personal stake heavily contributed to his wealth.
Estimated at $50 million, his investments in the Dodgers, Sparks and LAFC contributed majorly to Magic Johnson net worth.
He also gets about $100 million from his properties and development projects.
Additionally, Magic brings in millions annually from motivational speaking engagements, endorsements and appearances in the media which also boosted Magic Johnson net worth.
Magic Johnson Personal Life
Magic Johnson married Cookie Kelly in 1991, and the couple has three children: Earvin III, Andre and Elisa.
Johnson’s HIV diagnosis was a challenge, but speaking about it has done a lot to reduce stigma and bring about awareness of the disease in its victims more.
As result, his family has been a source of strength; oftentimes his son, EJ, a high profile LGBTQ+ advocate, has spoken about the support that his father provided.
Johnson has given millions through the Magic Johnson Foundation to fund HIV/AIDS awareness, education and urban community development activities.
Additionally, thousands of kids from underprivileged backgrounds have also benefitted from scholarships and grants offered by the foundation.
That giving back is a big part of his life reflects Johnson’s dedication to helping lift communities and in creating opportunities for others.
