Forbes Names Magic Johnson Sports' Newest Billionaire

NBA Hall of Famer Magic Johnson helped lead the Los Angeles Lakers to five NBA championship titles throughout his decade with the team. Since then, he's made a name for himself as a mogul and activist with other business ventures while maintaining a foothold in the athletic world.

After decades of hard work both on and off the court, Johnson just earned a highly coveted title among professional athletes. With a net worth of $1.2 billion, Forbes just deemed him the latest sports billionaire, making him only the fourth professional athlete to do so after NBA legends Michael Jordan and LeBron James and golf icon Tiger Woods.

Unlike his predecessors, however, most of Johnson's income these days comes from work he does off the court. In total, made $40 million from his Lakers career, or roughly $110 million today adjusted for inflation, paling in comparison to the $479 million James has earned since joining the NBA two decades ago.

Much of Johnson's fortune can be attributed to his ownership stake in EquiTrust insurance company; over the past decade, the company's assets have risen from $16 billion to $26 billion. He additionally has investments in various sports franchises including ownership stakes for the NFL's Washington Commanders, WNBA's Los Angeles Sparks, MLB's Los Angeles Dodgers, and MLS' Los Angeles FC. He also is a prolific investor with hands in well-known brands like Starbucks, Burger King, and 24-Hour Fitness.

Johnson's place in basketball history was already cemented, but now his years of hard work are reflected in his net worth.