What is Magic Johnson’s Net Worth?
|Net Worth:||$620 Million|
|Born:||14 August 1959|
|Salary:||$40 Million+ (Annual)|
Magic Johnson is an American Basketball player who has a net worth of $620 million. He was named to the NBA 75th Anniversary Team in 2021 after playing 13 seasons for the Lakers. In 1996, he was recognized as 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. He is the former head of the Los Angeles Lakers of NBA basketball operations and a well-known point guard of all times.
Net Worth Over the Years
|Net Worth in 2023||$620 Million|
|Net Worth in 2022||$560 Million|
|Net Worth in 2021||$520 Million|
|Net Worth in 2020||$480 Million|
|Net Worth in 2019||$440 Million|
|Net Worth in 2018||$400 Million|
Born in Lansing, Michigan on August 14, 1959, Magic Earvin was born as one of the seven children of Earvin Sr. and Christine. His father worked at General Motors as an assembly worker and his mother was a janitor.
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 was one of the best basketball players to emerge from the school and was also titled on the 1977 McDonald’s All-American team. He chose Michigan State University out of many college offers such as UCLA and Indiana.
Magic guided his team to the NCAA championships in 1979, where they played against Indiana State University. Magic and his team had to face one of their best players, Larry Bird.
Their basketball tournament was the most-watched college game ever on television, Michigan State defeated Indiana, and Magic Johnson was awarded The Most Outstanding Player of the Final Four. He then was chosen for the All-American team for his achievement that season. He played for 2 years in college before entering the NBA draft.
In 1979, the Los Angeles Lakers drafted Johnson first overall. 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. He returned to the NBA ib 1995 as a coach for a brief period.
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 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.
Johnson established the Magic Johnson Foundation to aid in the fight against HIV, but he eventually expanded it to encompass other charitable purposes. He became a member of the National Commission on AIDS, which is made up of members of Congress and the Bush administration.
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.
As of 2023, Magic Johnson’s net worth is estimated at around $620 million. Magic made just over $18 million in salaries and millions more in sponsorships during his basketball 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.