Magic Johnson, a former NBA star, is worth an estimated $620 million now that he has retired from the game. Yet he didn’t win it all on the basketball floor. Learn everything there is to know about Magic Johnson’s life and fortune.
Earvin “Magic” Johnson became an instant star on the basketball scene with his record-breaking assist totals and unbeatable triple-doubles. He eventually gained notoriety as a top NBA performer. However, a terrifying diagnosis put an end to his promising playing career.
Notwithstanding everything that has happened, Magic Johnson’s wealth has increased to nearly $620 million. If you have the correct attitude and a little bit of “magic,” you, too, can build an empire, amass an incredible fortune, and use some of it to do good in the world as he has.
Early Life of Magic Johnson
On August 14, 1959, in Lansing, Michigan, Magic Johnson entered the world. His parents, Earvin Sr., and Christine were both school janitors and GM assembly line workers. When Magic was young, he idolized NBA players like Earl Monroe and knew he wanted to be just like them.
Johnson enrolled at Everett High School and immediately tried out for the basketball team. When he was 15 years old, he recorded a triple-double (36 points, 18 rebounds, and 16 assists) and was given the nickname “Magic” by a local sportswriter. In my senior year, while under his leadership, the team won the state championship and the moniker stuck.
Johnson was accepted to every major university, but he opted to study closer to home at Michigan State. In the 1979 NCAA championship game, Magic and his squad went off against Indiana State University and Larry Bird.
Their matchup sparked one of the greatest rivalries in sports history and was the most-watched college basketball game on television. Johnson was voted Final Four’s Most Valuable Player after Michigan State’s victory over Indiana.
Magic Johnson’s Net Worth in 2023?
|Net Worth:||$620 Million|
|Date of Birth:||Aug 14, 1959 (63 years old)|
|Place of Birth:||Lansing|
|Height:||6 ft 9 in (2.06 m)|
The Former LA Lakers guard has a Net worth of $620 million. After 29 years in the league, he has earned $39.3 million between executive and contract roles.
He’s rather well off thanks to his shares in the tremendously successful Los Angeles Dodgers of Major League Baseball and his lucrative position as President of Basketball Operations for the Los Angeles Lakers. He is also a very successful businessman who has amassed a fortune.
Salary of Magic Johnson
Magic Johnson’s 25-year, $25 million NBA contract was part of his total earnings of $39.3 million. He amassed his wealth through astute investment decisions. During his time as the Lakers’ chief of basketball operations, he raked in a sizable salary, as well.
The Endorsements of Magic Johnson
The Los Angeles Lakers, winners of five NBA championships in a row, were affiliated with such companies as AMC Theaters, 24-Hour Fitness, TGI Fridays, and Starbucks. He reportedly held a 4.5 percent stake in the Los Angeles Lakers and 105 Starbucks franchises.
Supposedly, he sold them both for $100 million. Johnson is the sixth highest-paid athlete in the world, according to Forbes, with an annual salary of $22 million. He has a sizable stake in the Los Angeles Sparks of the WNBA and the Los Angeles Dodgers of Major League Baseball. He was a Laker’s shareholder for a while until he dumped his shares.
Magic Johnson: A True Legend on And Off the Court
The Los Angeles Lakers selected “Magic” as the first overall pick in the 1979 NBA draft. Magic and Kareem Abdul-Jabbar led the Lakers to the NBA title in his rookie year, and Magic was awarded the Finals MVP.
Magic led the Lakers to five consecutive NBA titles between 1980 and 1988. In 1980, 1982, and 1987, he was named Most Valuable Player of the NBA Finals. He won the NBA MVP award three times (1987, 1989, and 1990). Twelve times he was selected for the All-Star game, and twice he was named the game’s most valuable player. He has earned the reputation as the game’s all-time best point guard.
Magic’s career was cut short after he was diagnosed with HIV in 1991. As the 1993–1994 NBA season neared its conclusion, Magic returned to the league as head coach of the Los Angeles Lakers. At team owner Jerry Buss’s suggestion, he took over for Randy Pfund and Bill Bertka.
After a promising start to the season in which the Lakers won five of their first six games under Johnson’s guidance, Johnson announced his resignation as coach at the end of the season. The season ended with a ten-game losing run for the Lakers, and Johnson was fired with a 5-11. He claimed that coaching was never his ultimate career goal, therefore in June 1994, he bought a five percent stake in the squad instead.
In the 1995–96 NBA season, at age 36, Magic Johnson tried to make a comeback as a player by rejoining the Los Angeles Lakers. Johnson called his final comeback for the Lakers a “success” because the team went 22-10 during his time on the court. Johnson retired for good after the Lakers’ first-round playoff loss to the Houston Rockets.
Johnson played in 905 NBA games and finished with 17,707 points, 6,559 rebounds, and 10,141 assists, good for 19.5 points, 7.2 rebounds, and 11.2 assists per game, the highest assist average in NBA history.
Johnson has the most assists in the playoffs, is tied for the record for most assists in a single playoff game (24), and has the record for most assists in a Finals game (21). (2,346). He has accomplished this feat six times, making him the only player in NBA Finals history to do so. He has the record for most assists in a single All-Star Game (22) and the record for most assists in a career at the All-Star Game (127).
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Personal Life of Magic Johnson
A small ceremony was held for Johnson and Earlitha “Cookie” Kelly in 1991 in Lansing, Michigan. Their son, Earvin III (EJ), was born in 1992, and he is an out gay man. EJ was a guest star in the MTV series Rich Kids of Beverly Hills. Elisa, whom Magic and Cookie adopted in 1995. Johnson and his family split their time between homes in Dana Point and Beverly Hills.
A son from a previous relationship rounds out Johnson’s family. Melissa Mitchell gave birth to Andre Johnson in 1981. Andre was brought up by his mother, but he spent every summer with Magic Johnson and eventually served as the company’s director of marketing.
Magic Johnson’s early love for basketball led him to become one of the greatest players of all time, winning five NBA championships and earning numerous MVP awards. Though his career was cut short due to an HIV diagnosis, he went on to become a successful businessman and investor, amassing a fortune of $620 million through strategic decisions and smart investments.
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