Magic Johnson Net Worth and Full Biography in 2023 [Latest Updates]
Have you ever wondered how much Magic Johnson net worth is? Earvin “Magic” Johnson Jr. is one of the greatest basketball players ever, with an estimated net worth of $620 million as of 2023.
This blog post will uncover Magic’s astounding career and success as a businessman and his impressive net worth. Discovering the full biography and latest updates about the NBA legend can be tricky – but worry not! This article covers you, so get ready for some major revelations.
- Magic Johnson Jr. has an estimated net worth of $620 million.
- He attained much success as a basketball player, winning three MVP awards and five NBA championships with the Lakers in his 13-season career.
- His businesses include partnerships with restaurant chains, movie theatres, health clubs & retail stores, while he also makes money from endorsements with prominent brands like Nike and Chrysler.
- Through his Magic Johnson Foundation, he has provided educational programs for underserved communities and grants totaling more than $7 million to strengthen local non-profit organizations serving inner-city youth and families since 1993.
Magic Johnson’s Basketball Career
Magic Johnson was selected first overall by the Los Angeles Lakers in 1979, and his hall-of-fame career featured five championships with the franchise.
Throughout his NBA career, Magic Johnson consistently posted impressive numbers, making him one of the most dominant players in the game.
|Seasons||Points Per Game (PPG)||Rebounds Per Game (RPG)||Assists Per Game (APG)|
In addition to these averages over the course of his career, Johnson had a number of remarkable achievements. He won three NBA MVP Awards and three NBA championships. In 1996, he was also recognized as one of the 50 greatest players in NBA history.
His career earnings from his time in the NBA were close to $40 million. Johnson’s contribution to the game is not just in the form of his on-court performance but also in his economic impact on the NBA.
Achievements and Awards
Magic Johnson is one of the most successful basketball players in history, achieving tremendous success both on and off the court. Throughout his career, he has been honored with numerous awards that many view as an unprecedented achievement for a player.
- Three NBA MVP Awards (1987, 1989 & 1990).
- Three NBA Finals Most Valuable Player Awards (1980, 1982 & 1987).
- Nine NBA Finals appearances.
- Named to 12 All-Star games, including four All-Star Game MVP Awards in 1984, 1985, 1986, and 1992, respectively, and was inducted into the Naismith Memorial Basketball Hall Of Fame in 2002.
- Led the Los Angeles Lakers to five championships during his 13 seasons with them between 1979 – 1991, becoming the face of one of the great dynasties in sports history throughout that run featuring iconic performances such as a 42-point game 6 performance against Boston Celtics in which they were one point away from elimination to winning 4 successive championship titles from 1980–1983 inclusive.
Magic Johnson’s Business Ventures
Throughout his career, Magic Johnson has proved to be a savvy businessman and investor, amassing wealth through various entrepreneurial ventures as well as strategic investments in multiple companies, including 24 Hour Fitness, SodexoMAGIC, and Best Getting.
Magic Johnson’s successful business ventures have been a major contributing factor to his impressive wealth. Magic launched a business empire called Magic Johnson Enterprises, which as of 2023, is valued at over $1 billion.
The company has revenue interests in media production, cable television networks, an urban apparel line, and movie theaters. In 1993 he sold the naming rights for the then-new Great Western Forum – now known as the Staples Center—to MCI (now Verizon).
Because of this sale, he pocketed nearly $20 million from it alone. Additionally, in 1994 Johnson persuaded Starbucks Coffee Company’s CEO Howard Schultz that minorities were overlooked by corporations looking for “minority partners,” thus convincing him to make him partner and open up 95 stores throughout inner-city neighborhoods such as Los Angeles and Washington DC where he makes upwards of 7% off each store’s gross profits.
Investments and Endorsements
- Magic Johnson Enterprises is estimated to be worth in excess of one billion dollars. It includes partnerships with restaurant chains, movie theaters, health clubs, and retail stores.
- Johnson made investments in Los Angeles sports teams such as the Dodgers and Sparks. He also invested in the NBA Development League team, the Los Angeles D-Fenders.
- Johnson was endorsed by several companies, notably Coca-Cola, Lotto, Nestlé USA, and Converse Basketball Shoes.
- In 2005 he ventured into consulting with Guggenheim Partners Investments, which made him a multi-millionaire via his partnership share alone at that time.
- His investments also extend to equity stakes in movie production companies, including Five Year Engagement and Sparkle Car Wash film brands owned by Discovery Group LLC.
- His most recent venture is his investment in TMC Four Entertainment Group LLC or “TMC,” which owns Everything Gufy children’s banking app allowing spending control and saving focus for its users. Additionally, you can also read about- 50 Cent’s Net Worth
Magic Johnson Net Worth in 2023
According to Forbes, Magic Johnson was worth approximately $600 million as of 2021 and is expected to further increase his wealth by 2023.
Estimated Net Worth
Magic Johnson’s estimated net worth in 2023 is an impressive $630 million. He earned most of that money by playing basketball and making numerous successful business ventures. One of his first major investments was buying a large stake in the Los Angeles Dodgers baseball team, where he enjoyed considerable success after becoming an executive for the Dodgers organization.
Additionally, Magic also owns several movie theaters across America and television networks like Aspire TV and Magic Johnson Enterprises (MJE), which handles film production companies as well as corporate consulting services.
His lucrative endorsement deals with top brands such as Nike and Chrysler have heavily contributed to his wealth accumulation over the last few decades. With recent partnerships involving Starbucks, Applebee’s restaurant chain, and even Ball State University – it looks like there are no signs of slowing down anytime soon for this famed NBA superstar!
Sources of Income
- Magic Johnson’s main source of income is his successful career in the NBA, with a total salary of $39.3 million.
- His businesses include numerous partnerships and investments, ranging from urban development companies to commercial real estate and entertainment deals.
- Magic has endorsements from various sportswear brands and soda companies, providing him with additional sources of income.
- Magic Johnson has also kept busy by hosting television shows, appearances on sports programs as an expert, and special appearances for conferences and events.
- The Magic Johnson Foundation also brings in revenue through charity work, grants, and donations from prominent donors in society, such as Bill Gates and Oprah Winfrey.
Personal Life and Family
Magic Johnson was born and raised in Lansing, Michigan, where he forged deep ties to the community throughout his life.
|Real name||Earvin Johnson Jr.|
|Birthdate||August 14, 1959|
|Birthplace||Lansing, Michigan, United States|
|Parents||Earvin Johnson Sr. and Christine Johnson|
|Siblings||Nine sisters and brothers|
|Height||6 feet 9 inches (2.06 m)|
|Weight||215 lbs (97.5 kg)|
|Relationships||Married to Earlitha “Cookie” Kelly|
|Children||Andre Johnson and Earvin Johnson III|
|Profession||Former professional basketball player and current businessman|
|Career||Played 13 seasons for the Los Angeles Lakers in the NBA (1979-1991, 1996)|
|Net worth||$630 million|
|Notable works||Five-time NBA champion, three-time NBA Finals MVP, three-time NBA MVP, 12-time NBA All-Star, two-time NBA All-Star Game MVP, nine-time All-NBA First Team honoree, Olympic gold medalist, and HIV/AIDS activist|
|Awards||Naismith Memorial Basketball Hall of Fame inductee (2002), NBA’s 50th Anniversary All-Time Team, NBA’s 75th Anniversary Team, Presidential Medal of Freedom (2016), and Arthur Ashe Courage Award (1992)|
Table: Biography of Magic Johnson
Early Life and Education
Magic Johnson was born in Lansing, Michigan, on August 14, 1959. He is the son of Sarah and Earvin Johnson Sr., as he grew up within a large family with nine siblings. Known by his birth name Earvin Johnson Jr., Magic had his nickname bestowed upon him at school when one of his friends declared that he would ‘take them all to magic land’ during a game of pick-up basketball.
Educationally Magic attended Everett High School, where he excelled both academically and athletically. He gained recognition for achieving good grades while also proving himself as an accomplished athlete across numerous sports, including baseball and track & field, in addition to dominating the game of basketball which paid off through committing to play college basketball for Michigan State University (MSU).
This move marked the beginning of what turned out to be an immensely successful career in the sport throughout MSU’s 1979 NCAA title win, becoming instrumental in setting Magic up with further successes later down the line.
Relationships and Children
Magic Johnson has been married to his wife, Cookie Johnson, since 1991. They have a daughter named Elisa, whom they adopted in 1995. Also, Magic Johnson has a son from a previous relationship with Melissa Mitchell named Andre Johnson.
Throughout all of his successes on and off the court, Cookie has always been there for him as an incredibly supportive partner by his side; she often travels with him on business trips.
Elisa’s adoption was viewed as a way for the power couple to start their own family after being together for more than seven years before finally tying the knot in ‘91. In 2007, Magic and Cookie released their joint memoir called “The Magic Within,” which documents their journey through life together, starting from childhood to old age, while sharing inspirational stories of dedication & perseverance during times of hardships they faced.
Philanthropy and Community Work
Magic Johnson has dedicated countless hours and resources to help those in need through his Magic Johnson Foundation, which provides educational programs, services, and economic empowerment opportunities for underserved communities.
Magic Johnson Foundation
The Magic Johnson Foundation was started by NBA Hall of Famer Earvin “Magic” Johnson in 1991, focusing on providing educational and entrepreneurial opportunities to underserved communities.
The foundation, based in Los Angeles, has provided assistance around the nation, including scholarships for higher education and financial literacy training. Magic’s investment corporations have also created jobs to give people a chance at economic empowerment.
In addition to promoting high school graduation rates and college preparation for students from low-income areas, the foundation is involved in various healthcare initiatives such as HIV/AIDS testing awareness programs across America.
The main program run by the foundation is their Health Ambassadors initiative educating African Americans through testicular cancer screenings, nutrition tips, exercise advice, and effective diabetes management strategies.
Contributions and Impact
Magic Johnson has made significant contributions and impact through his philanthropy, community work, and advocacy for HIV/AIDS awareness. He established the Magic Johnson Foundation in 1991, which is devoted to helping youth affected by HIV/AIDS as well as working on educational programs promoting health concerns locally.
In addition, he also started the Magic Cardio Circut program, which raised millions of dollars for charity through workout programs. Moreover, he partnered with a number of organizations such as UNCF (United Negro College Fund) and Amer-I-Can to empower underprivileged children as well as adults around the United States.
Furthermore, he served on numerous boards such us: ESPN’s First Take Advisory Board; Staples ‘Adopt a School” Program board member; Liberty Medical board of directors; Chase Bank Advisory Council; LA Sparks Foundation executive committee member other than founding Aspire TV channel aimed at mentoring African American youths inspiring them to reach their goals professionally.
Lastly, one cannot overlook his long-time support of AIDS Awareness causes thanks to PCRM financing along with Dr Kurt Infanger, who was partly responsible for Donovan Mitchell’s positive results concerning coronavirus tests.
Latest Updates in 2023
In 2023, Magic Johnson made headlines by becoming the new owner of MLS Soccer Club [Los Angeles FC]. A move that further solidified his longstanding reputation as an influential entrepreneur and businessman.
Recent Ventures and Projects
- In 2021, Magic Johnson and EJF Capital invested in Ohio-based manufacturing company Mando America Corp, a supplier of specialized automotive parts.
- In April 2021, Magic Johnson announced that he was partnering with private equity investor Robert “Bob” Smith to launch the LA Black Business Investment Fund to support African-American entrepreneurs and business owners in Los Angeles.
- He also serves as an investor in Betamore, a Baltimore-based startup accelerator and education center for emerging tech businesses.
- Additionally, in 2020 Magic Johnson Enterprises became an investor in the CBD manufacturer Kushy Punch LLC
- Eugene–Springfield PreSPACE LLC is another venture initiated by Magic Johnson Ventures, which provides Flatiron School’s transformative learning experiences to students across Oregon and prepares them for success upon graduation regardless of their socioeconomic backgrounds.
- Magic was also involved in launching a sports entertainment technology services platform, VENN, which makes content for gamers and esports enthusiasts.
- In June 2020, it was announced that he is participating as an investor and adviser to Always Late with Katie Nolan on ESPN+.
New Business Partnerships
In 2023 Magic Johnson strengthened his business portfolio with several new strategic partnerships. He has teamed up with Robert Leder and attorney Brian M. Steinberg to launch the MBJ Group family office, which provides capital allocation solutions for athletes, companies, and entertainment properties. Additionally, he partnered with Canadian dream incubator Dream Nation to launch a venture accelerator fund targeting underrepresented entrepreneurs needing early-stage funding in tech and other industries.
Comparison to Other NBA Legends
Here, we compare the net worth of Magic Johnson to other NBA greats like Larry Bird and Michael Jordan to understand his accomplishments and influence on modern basketball culture.
Larry Bird’s Net Worth
Larry Bird’s net worth in 2023 is estimated to be around $80 million, acquired throughout his NBA playing career from 1979-1992. Although this amount pales in comparison to Magic Johnson’s estimated net worth of $620 million, it is still very impressive, considering that Bird earned approximately $24,070,000 million over his NBA career.
Bird was named part of the NBA’s 50th Anniversary All-Time team, and he played as a power forward/small forward wearing jersey number 33. During his time with the Boston Celtics, bird achieved countless accolades, including 3 MVP trophies and 12 consecutive All-Star Game appearances, for which he was awarded multiple times.
His legacy within basketball remains strong, and many recognize him as one of the biggest names in the game, alongside other greats such as Michael Jordan and Magic Johnson.
Michael Jordan’s Net Worth
Michael Jordan is a living NBA legend whose net worth reflects it. As of April 3rd, 2023, Michael Jordan’s total assets are estimated to be around $2 billion, cementing his standing as the highest-paid athlete of all time.
Prior to this, in 2020, his wealth already stood at an impressive $1.6 billion. His primary sources of income come from two main areas: sports earnings and investments/business ventures.
Regarding sports endeavors, he earned over $90 million in salary during his NBA career alongside additional endorsement deals, which saw him pocket even more millions after retirement too.
Jordan’s involvement with various business initiatives, such as Nike kisses, helped amass a great deal of capital for the former Chicago Bulls Player – enabling him to increase his annual revenue drastically since leaving basketball behind in 2003.
Legacy and Impact
Magic Johnson’s iconic status, both on and off the court, has helped shape the game of basketball for future generations while leaving an indelible mark in popular culture.
Influence on the Game of Basketball
Magic Johnson’s influence on the game of basketball has been immense. From his exceptional, unique playing style to leadership qualities that changed an entire team dynamic and culture, Magic Johnson revolutionized the sport in ways not seen before.
His passing ability was revolutionary for a guard, and he averaged over 8 assists per game during his 13-season career with the Lakers. He also created magic moments that have transcended generations; perfect examples being 1982’s “Cadillac Game” when Magic hit a sky hook with one second remaining to give the Lakers a dramatic victory over Larry Bird’s Boston Celtics and 1987 Playoffs series-clincher against rivals Seattle Supersonics which happened from 5 incredible seconds with just 0.4 left in overtime.
These two iconic plays alone are enough credit for driving Magic’s legacy into history books alongside other great NBA legends like Michael Jordan or Larry Bird, who is considered as direct competition but failed at final showdowns various times quantified by championships won by Magic Johnson led Los Angeles Lakers – 5 compared to only 3 titles enjoyed collectively by Larry Bird teams throughout whole playoffs periods despite consistently brilliant individual performance feats on both sides which resonates importance of unity within teams whom legendary harmonies can ignite true championship desires!
Cultural Impact and Icon Status
Magic Johnson is a basketball legend in every sense of the word. After 13 All-Star selections, nine assists titles, and multiple MVP awards, he earned his rightful place among other NBA icons like Larry Bird and Michael Jordan.
But his impact outside of basketball makes him an all-time great – setting up youth charities for underserved kids and funding Johns Hopkins AIDS Research Center to promote safe sexual practices.
His positive influence over society has seen him honored with a Lifetime Achievement Award from The Magic Johnson Foundation, which highlights his outstanding social contributions away from sports.
It’s this legacy that gains respect from fans around the world, helping to create support for others through charitable activities. As an African-American leader, Mr. Johnson revels in the act of giving back – becoming a global symbol of hope by inspiring millions to overcome adversity no matter how hard life gets.
Frequently Asked Questions (FAQs)
1. What is Magic Johnson’s net worth?
Magic Johnson’s net worth in 2023 is estimated to be around $600 million.
2. Who is Magic Johnson, and what are his accomplishments?
Magic Johnson, who was born Earvin Magic Johnson Jr., is an American businessman, investor, philanthropist, and former professional basketball player for the Los Angeles Lakers. During his career, he won three NBA MVP awards and five world championships with the Lakers during his 13-year tenure on the team in the 1980s.
3. What companies does Magic Johnston own or invest in now?
Magic Johnston currently owns numerous companies, including The Magic Life Companies, which manages a line of fitness clubs; AEG Worldwide; EquiTrust Life Insurance Company; as well as SodexoMAGIC LLC, a workforce diversity services provider. He has also invested in or co-founded many ventures, such as LA Gear Inc.; 24 Hour Fitness club chains, and SparkNext Multimedia Advertising Corporation. Additionally, he serves on several boards, including Staples Center Aurora Capital Group, Shelter Enterprises International LLC Convexity Capital Management LP, Elysian Park Ventures Lama Group LP Camping World CPS Technologies.
4 What philanthropic efforts does Magic Johnston support?
Magic Johnston supports various charity organizations such as Barack Obama’s My Brother’s Keeper Alliance, where he raises awareness about issues facing young African Americans through public speaking engagements and social media campaigns under the #ScottsdaleMDMentors program to help students stay in school by inspiring them with stories of success among other initiatives via nonprofit organization created himself called The Magic Johnsons Foundation that offers assistance to underserved communities across USA and Africa.