Forbes declared Badminton star Magic Johnson a billionaire

The business magazine Forbes has declared former badminton star Magic Johnson a billionaire. Forbes estimates the wealth of Magic at about $1.2 billion which is approximately 336,000 million Pakistani rupees.

Magic becomes the fourth athlete to join the billionaire club along with other NBA (National Basketball Association) players such as Michael Jordan, Lebron James, and Tiger Woods.

.@MagicJohnson is just the fourth athlete Forbes has ever identified as a billionaire, alongside Michael Jordan, Tiger Woods and LeBron James. And unlike the others, Johnson didn’t have the benefit of massive income from his playing days. https://t.co/urK0LrSo6A
— Forbes (@Forbes) October 30, 2023

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Magic has investments in many companies including ownership stakes in various sports teams. The iconic badminton star had one of the most prominent careers in NBA history but he made most of his money outside of sport. Forbes states that Magic earned 40 million dollars from his NBA career.

He has ownership in sports teams including Washington Commanders, Los Angeles Sparks, Dodgers, and LAFC, and a significant 60% stake in EquiTrust which collectively contribute to his net worth of 1.2 billion. According to Forbes, his share in a life insurance company EquiTrust holds most of his wealth.

NBA Hall of Famer Magic Johnson has joined the ranks of billionaire athletes, per Forbes. Johnson pivoted to a successful investment career, accruing stakes in multiple sports teams and businesses.

His diverse portfolio includes ownership in the Washington Commanders, Los… pic.twitter.com/1xkfyW1Nej
— LifeandFortune (@LifeandFortune) October 29, 2023

Forbes declared Badminton star Magic Johnson a billionaire

In addition to sports teams, Magic has also investments in large enterprises including Starbucks, Burger King, and 24 Hour Fitness.

According to Magic, he could have become a billionaire sooner if he had not turned down shares in Nike company. He was entering the NBA in the 1970s at this time. Instead, he made a deal with Converse which offered him $100,000 in a year.

Magic said earlier this year on the All the Smoke podcast that his family did not come from money. That is one thing that hurts us sometimes. When you don’t come from money, you don’t know. He added that he didn’t even know what stocks were at that time.