Earlier today, Forbes declared former basketball star, Magic Johnson, a billionaire!
With an estimated wealth of about $1.2B, Johnson joins the likes of Michael Jordan, Lebron James and Tiger Woods, as the only athlete billionaires on the list. It’s been documented, over the years, that Johnson’s investments in numerous companies, including ownership in sports teams – three LA-based sports teams to be exact – have contributed greatly to his monetary worth. What’s surprising, however, is that Johnson’s stake in a life insurance company is where the bulk of his wealth is from.
Additionally, Johnson has investments in companies such as Starbucks, Burger King, and 24 Hour Fitness.
At 64 years old, Johnson is one of the most iconic players, not only from the Lakers franchise but from the NBA as a whole.
“My family didn’t come from money, that’s one big thing that hurt us sometimes. When you don’t come from money, you don’t know. I didn’t even know what stocks [were] at that time.” – Johnson, via All The Smoke podcast
