The Billionaires Boys Club for Black notable athletes just got its fourth member, and it’s none other than Magic Johnson.
According to the financial bible, Forbes, Magic Johnson is now a billionaire. The NBA champion and Pro Basketball Hall-of-Famer reached the wealth milestone thanks to a combination of all of his lucrative investments in “professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider,” according to the website.
Forbes reports Johnson’s minority stake in the Washington Commanders after billionaire Josh Harris’ $6.05 billion purchase of the team in May, stakes in the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and the MLS’ LAFC, plus other major investments pushed his net worth to $1.2 billion.
While Johnson’s investments in sports franchises, Starbucks, and Loews get all of the attention, Forbes points to his investment in Iowa-based life insurance company EquiTrust as the one that makes up the most significant portion of his net worth.
Forbes now estimates his net worth to be $1.2 billion—the result of his stakes in those teams, and major investments in a slate of industries, including a 60% stake in Iowa-based life insurance company EquiTrust he purchased in 2015.
EquiTrust makes up the largest portion of Johnson’s personal net worth—since the purchase, the Iowa-based company’s assets have skyrocketed from $16 billion to $26 billion, with annual revenues of roughly $2.6 billion.
Magic Johnson Could Have Been A “Trillionaire” Already
While Johnson has nothing to be upset about regarding his net worth, he could have already been a trillionaire if he had made one investment back in his playing days, and that’s taking Nike’s offer of stock options instead of the cash with Converse.
According to the numbers, Johnson missed out on $5.2 billion.
— B E A N Z The Games Whisperer (@BeanzGotGamez2) April 11, 2022
Still, being worth $1.2 billion is nothing to sneeze at. Congrats to the Magic man on the accomplishment.
Photo: Tasos Katopodis / Getty