Magic Johnson has an estimated net worth of around $1.2 billion as of 2023.
Earvin “Magic” Johnson Jr. is an American former professional basketball player and entrepreneur. He played point guard for the Los Angeles Lakers of the National Basketball Association (NBA) for 13 seasons.
He has built wealth through his illustrious playing career, wise investments, and successful business ventures.
Magic Johnson Net Worth
According to the Celebrity Net Worth, Magic Johnson has accumulated an immense net worth of $1.2 billion as of 2023. After a 13-year Hall of Fame career with the Los Angeles Lakers, Johnson focused his competitive drive on successful business ventures and investments that created significant wealth.
Johnson earned just over $18 million in salary during his 13 seasons in the NBA, considered top-tier compensation in those days. However, most of his net worth has been built after retirement through his business, Magic Johnson Enterprises, wise investments, and partnerships.
His company, Magic Johnson Enterprises, is valued at an estimated $1 billion today. The company has lucrative partnerships with brands like Starbucks, T.G.I Fridays, and AMC Theatres. Johnson previously owned 105 Starbucks franchises before selling back his shares.
Johnson has also invested in professional sports teams like the Los Angeles Dodgers, Los Angeles Sparks, and Los Angeles Football Club, which grow in value yearly. He sold his 4% stake in the Lakers for $27 million in 2010.
Early Life and Education
Earvin “Magic” Johnson Jr. was born on August 14, 1959, in Lansing, Michigan. He was the sixth of ten children born to Earvin Sr. and Christine Johnson. The Johnson family was tight-knit but very competitive in everything they did.
Johnson grew up in an environment that nurtured his love for basketball. His father worked for General Motors and would build a makeshift hoop in the driveway so his sons could play basketball for hours. Johnson earned his famous nickname “Magic” from his creative style and advanced skills at a young age.
Johnson attended Everett High School in Lansing, where he led his basketball team to a 27-1 record and a state championship in 1977. He was named Michigan’s “Mr. Basketball” in the same year.
For college, Johnson chose Michigan State University. He played for the Michigan State Spartans for two seasons under coach Jud Heathcote. In 1979, Johnson led the Spartans to an NCAA championship over Larry Bird’s Indiana State team. The game became the most-watched college basketball game on television at the time.
After the historic NCAA championship game, Johnson declared for the 1979 NBA draft. During his youth and college years, Johnson developed the court vision, passing skills, and leadership that would translate seamlessly to NBA success.
NBA Career Highlights
Magic Johnson’s 13-year NBA career with the Los Angeles Lakers was filled with countless highlights and accomplishments. He transformed the point guard position and revolutionized the fast-break offense.
Johnson was selected 1st overall in the 1979 draft by the Los Angeles Lakers. In his rookie season, he averaged 18 points, 7.7 rebounds, and 7.3 assists per game, earning the 1979-80 NBA Rookie of the Year award.
In his first season, Johnson also led the Lakers to the 1980 NBA championship and earned the Finals MVP award. At age 20, he became the youngest player to win the prize.
Johnson won his second championship with the Lakers in 1982, earning his second Finals MVP award. In the clinching Game 6, Johnson scored 16 points in the 3rd quarter alone to lead the Lakers.
The 1984-85 Lakers compiled a 62-20 record and advanced to the Finals. In Game 1, Johnson stunned the Boston Celtics by playing center instead of an injured Kareem Abdul-Jabbar and scoring 42 points in a Lakers win. This performance defined Johnson’s versatility. The Lakers defeated their arch-rival Celtics 4-2, with Johnson averaging 20 points and 12 assists per game.
Retirement and Comebacks
Johnson stunned the world by announcing his HIV-positive status and immediate retirement from the NBA at age 32 in 1991. He made an emotional appearance at the 1992 NBA All-Star Game and made a name as MVP, moved by the outpouring of support from players and fans.
Johnson attempted a comeback in 1992-93, playing 36 games at age 36 before retiring again due to controversy and physical struggles. In 1996, Johnson returned for the final 32 games of the season, averaging 14.6 points, 6.9 assists, and 5.7 rebounds per game at age 36. He retired permanently after the Lakers lost in the first round of the playoffs.
After his initial retirement, Johnson focused on business and philanthropic work. In 1994, he founded Magic Johnson Enterprises, which invested in retail spaces, movie theaters, and restaurants. Johnson sold his 4% stake in the Lakers in 2010 for a reported $27 million.
Personal Life and Relationships
Magic Johnson has married Earlitha “Cookie Jhonson” Kelly since 1991. The two met in 1990 through a mutual friend and married the following year. Cookie was a fashion designer, and they bonded over their shared interests in business, sports, and fashion.
Together, Johnson and Cookie have an adult son, Earvin III, who was born in 1992. EJ is openly gay, and Magic has been fully supportive, stating he loves his son no matter what. EJ is an entrepreneur who founded a fashion accessory company and previously worked for the Lakers.
In November 1991, Johnson held a press conference and announced he had tested positive for HIV and would be immediately retiring from the NBA. The announcement was stunning and heartbreaking for basketball fans globally.
Achievements and Impact on the NBA
Magic Johnson is one of the most significant point guards and players in basketball history. His stellar 13-year career with the Los Angeles Lakers was filled with countless accolades and records.
Johnson won 5 NBA championships (1980, 1982, 1985, 1987, 1988) and made his name in Finals MVP 3 times (1980, 1982, 1987). He won 3 regular season MVP awards (1987, 1989, 1990) and made his name to 12 All-Star teams.
Johnson still holds the NBA Finals record for most assists in a game, with 24 in the 1980 Finals. He averaged over 11 assists per game, including a career-high of 13.1 in 1983-84.
Johnson transformed the point guard position with his size (6’9″), court vision, passing, and scoring ability. He excelled at getting teammates involved and running a fast-paced offense better than anyone before him.
The term “triple-double” entered the basketball lexicon because of Johnson’s propensity to record double-digits in points regularly, rebounds, and assists. He holds the playoff record for most triple-doubles in a career with 30.
FAQs on Magic Johnson Net Worth
What disease did Magic Johnson retire from the NBA for?
In 1991, Magic Johnson stunned the world when he announced testing positive for HIV and immediately retiring from the NBA. At the time, an HIV diagnosis was usually associated with death, and Johnson’s sudden retirement at age 32 was devastating news.
How many championships did Magic Johnson win?
Magic Johnson won 5 NBA championships with the Los Angeles Lakers throughout his 13-year career (1980, 1982, 1985, 1987, 1988). He made his name in NBA Finals MVP three times. The Lakers dominated the league during Johnson’s tenure with his fast-paced offense and sublime passing abilities.
What makes Magic Johnson one of the most significant point guards ever?
At 6’9″, Magic Johnson revolutionized the point guard position. He possessed exceptional court vision and passing skills, enabling him to rack up assists at a record pace. Johnson also scored when needed and rebounded extraordinarily well for his position.
Magic Johnson is one of basketball’s most iconic figures and accomplished champions. His illustrious 13-year career with the Showtime Lakers included 5 championships, 3 MVP awards, and 12 All-Star selections. Johnson revolutionized the point guard position through his creative passing, fast break mastery, and ability to record triple-doubles consistently.
Off the court, Johnson built a vast business empire and amassed a net worth estimated at $1.2 billion. He achieved success through his company, Magic Johnson Enterprises, by investing in underserved urban communities and having ownership stakes in professional sports franchises. Johnson’s diagnosis with HIV brought awareness to national issues.