Magic Johnson Net Worth 2022: Income, Salary, Career, Bio

Magic Johnson’s net worth is roughly $650 million. Magic Johnson is an American retired NBA player and the former head of the Los Angeles Lakers basketball operations. Johnson was named to the NBA 75th Anniversary Team in 2021 after playing 13 seasons for the Lakers. In 1996, he was designated one of the NBA’s 50 All-Time Great Players. In his debut season, he was named NBA Champion and NBA Finals Most Valuable Player.

What is Magic Johnson’s Net Worth and Salary?

Net Worth:$650 Million
Name:Magic Johnson
Profession:NBA Player
Age:62
Born:14 August 1959
Country:United States
Salary:$50 Million (Annual)
Last Updated2022

Net Worth Growth

Net Worth in 2022$650 Million
Net Worth in 2021$620 Million
Net Worth in 2020$550 Million
Net Worth in 2019$500 Million
Net Worth in 2018$480 Million
Net Worth in 2017$440 Million

Early Life

Earvin Johnson Jr. was born on August 14, 1949, in Lansing, Michigan, to Earvin Sr., a GM assembly worker, and Christine, a school cleaner. As a kid, Johnson loved basketball and idolized players like Bill Russell and Earl Monroe. Johnson acquired the finer nuances of the game from his father, who played high school basketball in Mississippi.

Johnson attended Everett High School, where he rapidly became a member of the basketball team. He had a triple-double with 36 points, 18 rebounds, and 16 assists at the age of 15 and led his team to a state championship. He chose Michigan State University out of many college offers.

Magic guided his team to the NCAA championships in 1979, where they were pitted against Indiana State University and its great player Larry Bird. Their match-up was the most-watched college basketball game ever on television, igniting one of the sports’ most storied rivalries. Michigan State defeated Indiana, and Magic Johnson was awarded the Final Four’s Most Outstanding Player.

Career

In 1979, the Los Angeles Lakers selected Johnson first overall. He eventually agreed to a 25-year, $25-million deal with the Lakers. Johnson had a fantastic season in 1981–82, averaging 18.6 points, 9.6 rebounds, 9.5 assists, and a league-leading 2.7 steals per game. In the 1984–85 regular season, he scored 18.3 points, 12.6 assists, and 6.2 rebounds per game, leading the Lakers to the NBA Finals.

In the 1988–89 NBA season, he averaged 22.5 points, 12.8 assists, and 7.9 rebounds per game, continuing his stellar play from the previous several years. He was diagnosed with HIV infection after an event in 1991 that turned his life completely. He opted to retire after publicly announcing his diagnosis. Despite his retirement, he was selected for the US basketball team to compete in the 1992 Summer Olympics.

During the 1995–96 NBA season, he reemerged as a player and rejoined the Lakers. In a win over the Atlanta Hawks, he tallied 15 points, 10 rebounds, and 13 assists. In 32 games this season, he had an average of 14.6 points, 6.9 assists, and 5.7 rebounds. After the season, he officially retired.

magic johnson's Net Worth and Salary

Magic Johnson Enterprises

Magic Johnson Enterprises, his corporate empire, is now worth over $1 billion, giving him a personal net worth of $600 million. Magic Johnson Enterprises is the parent corporation of Magic Johnson Theaters, a movie studio, and a promotional marketing agency.
Magic purchased a 5% stake in The Lakers for $10 million in 1994, which he marketed to billionaire Patrick Soon-Shiong in 2010 for a reputed $50-60 million. Johnson also sold his Starbucks network for $75 million in 2010. Magic and a group of investors paid $2 billion to buy the Dodgers from Frank McCourt in 2012.

Starbucks, 24 Hour Fitness, T.G.I. Fridays and AMC Theatres have all previously partnered with him. He is known to have owned 105 Starbucks locations and a 4.5 percent investment in the Los Angeles Lakers, but he sold both for $100 million.

Personal Life

In 1991, Johnson wedded Earlitha “Cookie” Kelly, and the couple has a son, Earvin III, who is openly gay and a star on the reality show Rich Kids of Beverly Hills. They later adopted a daughter, Elisa in 1995.

Johnson is also the father of a child from a previous relationship. Melissa Mitchell had a son, Andre Johnson, in 1981. Andre was raised by his mother, but he spent every summer with Johnson and went on to work for Magic Johnson Enterprises as a marketing director.

Assets

Johnson and his wife own a property in Beverly Hills’ Beverly Park gated community. They also have a Tuscan-style beach property in Dana Point, California, in Orange County. The couple had a home in Napili, Hawaii, but it was too far away for their children to visit, so they traded it in for a beach house around 75 miles south of Beverly Hills.

Summary

Magic Johnson has a net worth of an estimated $650 million. Magic made just over $18 million in salaries and millions more in sponsorships during his playing career. Johnson’s annual income is around $40 million. In addition to being a successful entrepreneur, philanthropist, broadcaster, and motivational speaker. Johnson has made a name for himself as a commercial titan and a visionary philanthropist since his retirement.

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