A fourth athlete has joined the list of billionaires: Earvin "Magic" Johnson.
Forbes announced on Oct. 29 that Johnson's personal net worth is $1.2 billion, joining Michael Jordan, LeBron James, and Tiger Woods as the only billionaire athletes.
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However, Johnson played most of his NBA career in the 1980s, which was a decade before most of Jordan's successful years and a few decades before Woods and James' golden years. Johnson's been credited as helping save the NBA alongside Larry Bird as the league was struggling to be profitable in the 1970s.
But because the league wasn't anywhere near as financially stable as it is now given its massive broadcasting rights deals — some of the NBA Finals games even aired on tape delay in the early 1980s — Johnson did not make nearly as much as his billionaire peers during his playing career.
Johnson made just $40 million — or about $110 million adjusted for inflation — during his playing years. James will have made $530 million after his current contract ends in the 2024-25.
Jordan made nearly $94 million during his playing career, mostly during the 1990s, but he also benefitted from endorsement deals and Nike spinning off his shoe line into its own Jordan Brand.
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Johnson has built his wealth through businesses after his playing career. His popular business ventures are in sports as he has minority ownership stakes in the Los Angeles Dodgers of the MLB, Los Angeles Sparks of the WNBA, LA FC of the MLS, and most recently, the Washington Commanders of the NFL.
But according to Forbes, the biggest chunk of Johnson's net worth comes from his controlling stake in an Iowa-based life insurance company called EquiTrust. Johnson bought 60% stake of the company in 2015.
He also has investments in several other industries like real estate, health care, and fast food restaurants through his firm, Magic Johnson Enterprises.
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