Magic Johnson Net Worth

Magic Johnson is a retired American Basketball player with a net worth of $600 million as of 2020. With this Net worth, Johnson is not only regarded as one of the richest athletes but also as the richest retired athlete of all time. When Magic was still in the game, he spent more than 10 seasons playing as a point guard with the Lakers and earned a lot of prices and recognitions. Part of the price Johnson earned includes first overall in the 1979 NBA Draft by the Lakers and several championship prices.  Also, he has a lot of endorsement and deals that further contributed to his net worth. He is also a successful entrepreneur and speaker. 

Today, though retired, Magic at 60 is still regarded as one of the best basketball players in the history of the game. Although this article is about Johnson’s net worth, it would include a brief history of him. 

Magic Johnson's Early life

Earvin “Magic” Johnson was born to the family of Earvin Sr. and Christine Johnson on 14 August 1959 in Lansing, Michigan. His father was a janitor and a garbage collector while his mother spends most of her time cleaning the house and taking care of the family. According to a report on Johnson’s history, his father never missed a day at General Motors where he did his janitorial work. 

Career

Johnson started playing basketball at a very tender age and by the time he was 20 in 1979, he was drafted first overall by the Los Angeles Lakers. His nomination was based on his outstanding results including winning championships in college and high schools. Following this achievement, he signed a 25 years contract worth $25 million with the Lakers. From his first season in 1980, Johnson’s expertise became known. He performed so well in the 1981-82 season that he recorded an average score of 18.6 points, 9.6 rebounds, 9.5 assists, and a league-high 2.7 steals per game. 

In 1984-1985, he recorded an average score of 18.3 points, 12.6 assists, and 6.2 rebounds per game in the 1984–85 regular season and also led the team into the 1985 NBA Finals. 

Johnson continued amassing outstanding performance and results in the following years and in the 1988-1989 season, he made a mindblowing record of 22.5 points, 12.8 assists, and 7.9 rebounds.

However, in 1991, an incident alter his life and forced him into early retirement. Johnson tested positive for HIV. He made a public declaration of his diagnosis and announced that he would be retiring. Despite being retired, the team chose him as part of those who would be participating in the 1992 Summer Olympics for the US basketball team.

In 1995-1996, he made a comeback to rejoin the team and performed exceedingly well in the season. In fact, in a match against Atlanta Hawks in February 1996, he scored an average of 15 points coupled with 10 rebounds, and 13 assists in a victory against the team. In the 32 games that occur within this period, he scored an average of 14.6 points, 6.9 assists, and 5.7 rebounds per game. When he completed the season, he retired for good.

By the time Johnson retired, he had led the Lakers to five NBA championship and won the NBA Final Most Valuable Player Award. He had scored 17,707 points and recorded 10,141 assists, 6,559 rebounds and 1,824 steals. Also, he made an 11.2 score in assists per game which made him the NBA’s all-time leader in assist, something that has not changed up to this day.

In 1996, he was a member of the “Dream Team,” that won the gold medal at the 1992 Olympic Games in Barcelona. In the same year, he was inducted twice in the Basketball hall of fame and was honored as one of the 50 best players in the history of the NBA. In 2007, his name was among ESPN’s greatest point guards. In February 2017, he replaced Jim Buss and became the president of basketball operations for the Lakers. During his brief executive tenure, the team failed to reach playoff but in 2018, they were able to acquire LeBron James. 

In 2019, Johnson stepped down from his executive position and faced his investments and foundations in full. 

Salary

According to Forbes, Johnson’s annual earning is $22 million. However, aside from his salary as the Basketball President while he was still in office, he made most of his net worth from his series of investments. He is currently one of the major investors in WNBA franchise Los Angeles Sparks and MLB franchise Los Angeles Dodgers. 

He is also an entrepreneur and owns a foundation targeted at addressing issues revolving around HIV/AIDs and helping HIV patients. 

Watch this video to learn more about Magic Johnson’s Business  Ventures 

Net worth

Johnson’s estimated net worth according to Forbes is $600 million. 

Endorsements and Investments

Magic Johnson had previously partnered with several companies including Starbucks, 24 Hour Fitness, T.G.I Fridays, AMC Theatres. Also, he formerly owned 105 Starbucks outlets and about 4.5 stakes in the Lakers. However, he has sold these two for about $100 million. 

Johnson lives in his mansion at Beverly Hills, California, and has a car collection featuring BMW and Ferrari, and also has a private jet.

Magic Johnson is a successful entrepreneur, a great philanthropist, a motivational speaker and broadcaster

Family 

Magic Johnson Son

In 1991, Magic Johnson got married to Earlitha “Cookie” Kelly in a small ceremony at Lansing, Michigan. In 1992, the couple had a son Earvin III (EJ), who is openly gay and featured in reality TV show Rich Kids of Beverly Hill. In 1995, the couple adopted their daughter Elisa. Johnson also had another son, Andre Johnson, from his past relationship. The family lives in their mansion in Beverly Hills, California.