Magic Johnson's net worth in 2024 is $1.2 billion. Johnson is best known to NBA fans as arguably the best point guard ever. With five championships and three NBA Finals MVPs to his credit, the Lakers legend is a pillar of the NBA's history. In this specific post, though, we're looking at Magic Johnson's net worth in 2024.
What is Magic Johnson's net worth in 2024?: $1.2 billion (estimate)
Born on Aug. 14, 1959, in Lansing, Mich., Earvin “Magic” Johnson Jr. would go on to become one of the most recognizable faces in the sporting world. Johnson enjoyed a successful career on the court, but he has also flourished in many fruitful endeavors off the hardwood.
As of 2024, Magic Johnson's net worth somewhere in the neighborhood of $1.2 billion according to Forbes, but how did the Lakers icon get to this point?
Magic Johnson is drafted first overall by the Lakers
After winning championships in high school and college at Michigan State, Johnson was taken No. 1 overall by the Lakers (1979). In the early 1980s, he signed a 25-year, $25 million contract with Los Angeles. That's right … 25 years.
The contract started in 1984 and expired in 2009. The idea was to have Johnson serve as part of the team's front office in the future — an idea that later came to fruition.
Johnson was immediately handed the keys to the Showtime Lakers in his rookie season, and in the same lineup as Hall of Famer Kareem Abdul-Jabbar, Johnson help lead the Lakers to their first title since 19723 and just their second since moving to Los Angeles prior to the 1960-61 season. Magic Johnson won his first of three Finals MVPs.
Magic Johnson's Lakers dominate the Western Conference
After injuries shortened his sophomore season, the only year of his career he wasn't named an All-Star, Johnson again led the team to an NBA title in the 1981-82 season. It began an incredible run where Johnson and the Lakers reached the NBA Finals seven times in eight seasons with the Lakers winning four times.
While the 1989-90 season was arguably the best regular season for Johnson in which he won his only MVP, the Phoenix Suns upset the 63-19 Lakers in the Western Conference Semifinals in five games. They returned to the Finals the next season but lost in five games to Michael Jordan and the Chicago Bulls in their first of three straight titles.
Magic Johnson tests positive for HIV
Johnson announced his retirement in 1991 after learning that he had tested positive for HIV. This came just 45 days after he got married to his wife, Cookie Johnson. He returned to the NBA as coach of the Lakers near the end of the 1993-94 NBA season, taking the reins for a team that had a 28-38 overall record.
Notably, five of his former teammates were on the roster at that time, including Vlade Divac, Elden Campbell, Tony Smith, Kurt Rambis, James Worthy, and Michael Cooper. Magic would later make his return as a player for the Lakers (1995-96 season) before hanging up his playing shoes for good.
Magic Johnson becomes president of the Lakers
In February 2017, Johnson became the president of basketball operations for the Lakers, replacing Jim Buss. The team failed to reach the playoffs during his brief executive tenure, but they were able to acquire LeBron James in 2018. Johnson abruptly stepped down from the position in 2019.
Beyond his outstanding playing career, Johnson has proven to be a savvy businessman. He has invested in a wide range of ventures over the years, including real estate, coffee shops, record labels, movie theaters and sporting goods stores. All of this, obviously, helps to calculate Magic Johnson's net worth in 2023.
Magic Johnson becomes part owner of sports teams
In March 2012, he became partial owner of the Los Angeles Dodgers. In 2014, Johnson took part in the purchase of the Los Angeles Sparks of the WNBA. He also is a co-owner of Los Angeles FC, which was an expansion MLS team that began play in 2018.
Johnson expanded his portfolio in 2023 by becoming minority owner of the Washington Commanders of the NFL. The team announced that it would be working toward renaming the team again only a few years after it had dropped the original Redskins nickname.
Magic Johnson's other business ventures
Johnson earned nearly $40 million in salary during his NBA career. His investment firm, Magic Johnson Enterprises, now has holdings worth an estimated $1 billion across various industries. Given his status as a legitimate icon, as well as his talents as a businessman, it's safe to assume his value will grow in the coming years.
As his entire body of work off the hardwood grows — from business dealings to his general legend tilting positively toward being a spokesman — Johnson already has acquired generational wealth, but even more awaits.
Magic surely has plenty of magic left in him when it comes to making money, so we'll see where he goes from here. Nonetheless, were you at all stunned by Magic Johnson's net worth in 2023?
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