Magic Johnson Net Worth

Magic Johnson used to be one of the best basketball players. However, now he works in the business sector and earns from doing awesome things both on the court and off. That's why Magic Johnson net worth in 2024 is 1.2 billion USD. He used great moves during the game. Thus, he was like a wizard and a great leader. He had 5 NBA championships and 3 MVP awards! But wait, there's more! After basketball, he did not simply sit and relax. He entered the business and made a lot of money from things like buildings, restaurants, films, and sports teams.

He is considered one of the richest ex-athletes of all time. However, it is not only about the finances. At the same time, he is involved in communities that need a hand, thus proving that being rich is not all about having expensive cars and huge houses. He is awesome in every aspect, not only in sports but also in making the world a better place for all.

Rapid Assessment Of Magic Johnson's Facts & Biography

Magic Johnson Childhood & Education

Early Life

Johnson, whose birth name is Earvin Johnson Jr., was born on August 14, 1959, in Lansing, Michigan, USA. He was a member of a family of 9 siblings. It was evident from a very young age that Earvin was a highly passionate and gifted basketball player. He usually spent a lot of time practicing his technique in the area next to his house, where he wanted to be a professional basketball player one day.

He faced lots of difficulties in his early life. They include growing up in a low-income area and a learning disability known today as dyslexia. Yet, he did not lose hope but kept on going. He cherished playing basketball and was able to beat these obstacles by focusing on the improvement of his skills through hard work and determination.

Johnson's Educational Journey

While at Everett High School in Lansing, he actually became a local basketball celebrity. He was a team leader who led his team to the Michigan State championship in his senior year, revealing his outstanding display of skills on the court. While dyslexia did limit him to some extent, he never allowed it to stop him from advancing in academics or sports. He managed to leave high school with great grades. It was a sign of his ability to stay strong and consistent both on the court and away from it.

Once he graduated from high school, he enrolled at Michigan State University. However, he continued to excel in basketball. In 1979, he managed the Michigan State Spartans to win the NCAA national title. This was the main reason that he was awarded the Most Outstanding Player of the Final Four. Magic's triumph in collegiate basketball set the stage for his renowned future in the NBA.

Early & Professional Basketball Career

High School Hoops Journey

When he was just 15 years old, he showed off his basketball wizardry by scoring a triple-double: 36 points, 18 rebounds, and 16 assists. With his awe-inspiring game, he was awarded the nickname "Magic" by a sportswriter. From that time, it became his new name. Despite Magic's mom being unsure of the name, thinking it might not actually do justice to basketball, the name became the central part of his basketball personality.

During his last season of high school, he led to almost perfect victories for the Everett team. So, the team faced only one defeat. He presented himself as a scoring machine, with a 28.9-point and 16.9-rebound average. It was not for the trophy he was playing but for his friend Reggie, who died before the competition. Magic and Reggie used to stay together all the time. They would play ball or just ride around in Reggie's car. By showcasing such superb skills, Magic has been able to become one of the best players ever in the history of Michigan basketball, designated for All-State and McDonald's All-American teams.

College Choice & Success

Upon graduation, he was left with the question of what to do with his skills next. He was offered bids from reputed colleges like Indiana and UCLA. Yet, he decided to stay nearby and play for Michigan State. For one thing, the coach told him he would have a shot at playing as a point guard, a role he enjoyed immensely. Conversely, he chose Michigan State because of the number of already talented players within the team.

For him, college life was not only about basketball games but also about studying for his major in communication. Even this wasn't the first thought in his mind! Meanwhile, he made a great contribution to the game in the company of Greg Kelser, Jay Vincent, and Mike Brkovich, who later became NBA stars.

In his freshman year, he helped the team win its conference title and advance to the NCAA tournament. Then, in his sophomore season, he really grew. He brought his team to the NCAA championship game and finally defeated Larry Bird's Indiana State team in a landmark game. With his amazing performance in the Final Four, he got to be named the Most Outstanding Player and was also picked for the All-American team. In two years at college, he had improved his ball skills enough to play professionally in the NBA.

Magic's Rookie Year: From Draft Day To NBA Finals MVP (1979–1980)

Johnson started playing in the NBA with the Los Angeles Lakers in 1979. At that time, he was thrilled to get to team up with Kareem Abdul-Jabbar, who was a great basketball player. However, Kareem had never won a championship with the Lakers, so the former NBA star was expected to help with that. Johnson was a tall guy, but his coach wanted him to be a point guard. It was a big deal because we already had a really good one called Norm Nixon in the position.

In his rookie season, he played exceptionally well, scoring many points, defending well, and assisting his teammates by passing the ball. He was also picked for the All-Star Game and the NBA All-Rookie Team. The Lakers got to the NBA Finals, and Kareem injured himself in one of the games. The Lakers won the championship, thanks to Magic, who performed well and played super great. He even won the MVP Award for the Finals, which is something no rookie has done before. It was a historical moment for the NBA, and he became one of the few players to win championships consecutively in college and the NBA.

Injury & Playoff Losses (1980-1982)

In the 1980-1981 season, he was hurt and had to be on the bench for several games, not feeling very good when he was recovering. When he came back, problems occurred, and they lost in the playoff games. In 1981, Magic finally signed a large contract. However, the coach had a drama with him, and he even wanted to desert the team.

Finally, they got a new coach, Pat Riley and Magic played excellent ball, winning another championship for the Lakers in 1982. He was even the Finals MVP! The next year, he earned an All-NBA First Team nomination, and the team again did great. But unfortunately, they lost the Finals to the same team they had defeated previously. It wasn't easy, but he never gave up.

Challenges & Triumphs (1983–1987)

The fifth season was not a simple one for Johnson. The Lakers were playing well, but the Celtics made it difficult for them in the Finals. They also lost a deciding game due to Magic missing the last-second shot. Finally, in the second match, some mistakes prevented the team from winning. The series concluded in a decisive Game 7, which the Lakers lost, and Magic felt really sad. However, he had some good friends to help him through it. This time, he performed very well, too, but he still wished they could have won.

In the subsequent season, he resolved to make things right. Finally, they met the Celtics again in the Finals, and this time, they won! Magic and Kareem Abdul-Jabbar, who were his teammates on the Lakers, were also quite thrilled that they had finally beaten the Celtics in the NBA Finals. They beat all odds and became champions.

Striving & Falling Short (1987–1991)

Before the 1987-88 NBA season, Johnson had a big dream. His team, the Lakers, won the championship. His coach, Pat Riley, promised that they'd win again. Some people said that it was too hard to win two championships in a row. Magic missed some games that season due to an injury. In the playoffs, they endured some really tough fights but eventually made it to the Finals against the Detroit Pistons. It was a competitive series, but they pulled it off, and Magic performed well even though he didn't get the MVP award. 

In the next season, he earned his second MVP award, but the Finals did not work out well. He got injured in the second match, and the Detroit Pistons swept the Lakers. While Magic may be gifted and alone, their teammates were what made the difference between winning and losing. That year, his team performed extremely well, but they weren't as successful in the playoffs. They got into the Finals again in 1991, but they lost to the Chicago Bulls, led by Michael Jordan. Though Magic had his great games and was at his best, the Bulls couldn't beat them. So, it was incredibly difficult for him to end his career without another championship.

HIV & Olympics (1991–1992)

On the eve of the 1991–92 season, Johnson received a dreadful piece of information. He found out that he had a disease called HIV. It was the news that resulted in quitting his basketball career. He was really great at beating the disease. At the same time, he told everyone about his disease and wanted to help other people beat it. 

While he was no longer capable of playing, he was selected to participate in the All-Star Game, thus indicating that he still had some moves. Afterward, he participated in the Olympics and helped the U.S. team, the Dream Team, to get the gold medal. He didn't surrender to his illness and still managed to do a lot of things not only inside but also outside the basketball court.

Life After Basketball

The post-retirement statement of Johnson was that he wanted to come back again before the start of the 1992-93 NBA season. He played, practiced, and even played some games but chose the option of retiring again because the other players didn't want him to come back. He said that he didn't want to hurt the game he loved but later wished he would have played for a long. Although he was not suited up, he kept himself active. 

He wrote a book about protection, had businesses, and also acted as a commentator for NBC. He also traveled the world to play basketball and contribute to humanitarian work. One of his major fundraisers, "A Midsummer Night's Magic," was a great success and brought in lots of money for scholarships for college students. On the other hand, he did not stop thriving after he retired from basketball.

Magic's Coaching & Comeback

Johnson tried the coaching role during the 1993-94 season. He won his first game as the coach of the Lakers but nevertheless declined to stay after the season ended. In contrast to this, he became a shareholder of the team. Just a few years later, at age 36, he decided to give playing another chance. He did his best to get back in shape and officially joined the Lakers team again in 1996. He was great and even had a triple-double in a match. 

But there are also some bad times, such as arguments with teammates and getting suspended from games. Though he faced a few difficulties, he felt the comeback to be a success. However, once the Lakers lost in the playoffs, he chose to retire completely and stated that he wanted to do things on his terms.

Johnson's All-Star Adventures

Even after Johnson retired from the NBA, he still wanted to keep playing the game. Hence, he gathered a team called the Magic Johnson All-Stars, which consisted of former NBA and college players. They traveled around the globe, organizing competitions in places like Australia, Israel, South America, and even Japan. They were undefeatable, winning all 55 games they played! Magic even took part in a match against his alma mater, Michigan State, before a massive crowd in his native town. Despite being defeated, he proved that he still had the skills, scoring points and making beautiful passes. He even shot a buzzer-beater, yet it didn't go in. It became a great moment for Magic and his fans.

Magic's Legacy

When Johnson announced his HIV diagnosis in 1991, he did not stop making his mark on the world. He launched the Magic Johnson Foundation to stop HIV and teach about safe sex. He became the figurehead for HIV prevention and at once sent the message that anybody could get infected. In addition to that, he was also an entrepreneur by starting businesses and helping others. The bravery and hard work of Magic is an inspiration for every person around the globe.

Magic Johnson Net Worth 2024: Sources Of Wealth For His Billionaire Status

Income Through Entrepreneur Skills

After retiring from basketball, Johnson has been making waves in the business world. He established a firm called Magic Johnson Enterprises, and its current value exceeds 1 billion dollars! It owns cinemas and movie studios and also does marketing. 

Along with that, he acquired 10% of Lakers for 10m dollars in 1994 and then sold it for a significantly higher price. He bought the LA Dodgers baseball team for an astronomical 2 billion dollars in 2012 and the Los Angeles Sparks, NFL team Washington commanders, and Los Angeles Dodgers. 

Besides the world of sports, he also owns a percentage of the Major League Soccer team, Los Angeles Football Club. In 2015, he got into insurance and bought a big stake in EquiTrust Life Insurance Company. And, recently, in 2023, he was one of the buyers of the NFL team, the Washington Commanders, who paid up a whopping $6.05 billion! Besides, he is a fan of eSports, too, and owns a stake in Team Liquid. Magic is definitely very active off the court as well!

Salary He Got For His Basketball Career

When he was playing basketball, he got an incredible $18 million in her paycheck. His storied NBA career is only a fraction of his wealth! Not just that, he also made quite a few bucks from endorsements, which are registered in several millions of dollars. Thus, not only was he elite on the court, but he was also making good money.

Real Estate Endeavors

Magic and his spouse are the owners of a luxurious empire. They own a posh house in Beverly Hills and a trendy beach house in Dana Point, California. Before that, they also had a house in Hawaii, but it was too far, so they gave it to the beach house. Moreover, they had a cute home in Bel-Air in their younger days, which they acquired for a throwaway price of $600,000! They sold it for $2,000,000 later, and it's back on the market again with an even higher price.

Magic's Future Outlook

There is a lot in store for him that he can do in the future! He could keep building his business empire, could invest in multiple companies, or maybe start something else. He likes sports, so perhaps he will join more sports groups or even set up his own sports league. He loves helping people. Thus, he can do more charity work, or he can start new foundations. Who knows, he may even become a politician himself or go back to coaching one day! 

Frequently Asked Questions

What Made Magic To End Up In The NBA?

Johnson himself decided that it was time that he give up his NBA career and lead the fight against HIV in his body. 

How Many Championships Magic Had Been To The Finals?

Throughout his unparalleled 15-year run, the Lakers dominated the NBA, winning five titles (1980, '82, '85, '87, and '88) and appearing in 9 NBA Finals. The Lakers posted an unbelievable 59 wins per season during the Magic Era, resulting in a remarkable 87 altogether.

Why Does He Have The Name Magic?

Earvin Johnson, Jr was born to a factory autoworker father and earned the "Magic" nickname in school for his ability to entertain and dribble the ball with ease.

Who Is The Better Player, Magic Johnson Or Larry Bird?

Larry was a better outside shooter, rebounder, and scorer when compared with Magic. But Magic was better in the passing department. So, both were good in their respective playing skills.

Conclusion

From Lansing, where he grew up, to the NBA, where he achieved the highest heights, and to the successful businesses he owns now, his life is an amazing success story. Even though he had to deal with dyslexia and HIV, which was not easy, he always kept on fighting. He lit up the hardwood court on the way to bringing home victories over his foes. 

Finally, he became a huge hit in business, part owner of trendy teams like the Lakers and the Dodgers. He also included insurance and eSports as part of his diversity. As a result, Magic Johnson's Net Worth of 2024 is $1.2 billion, giving him the status of the fourth athlete billionaire in the world. Before him, NBA players LeBron James, Michael Jordan, and golfer Tiger Woods got this status. He doesn't just play Magic to win; giving back is everything as well. He works with charitable organizations and talks openly about how to avoid getting infected with HIV/AIDS. Magic may not be a real-life superpower, but it sure does wow us with the feeling of achievement and aspiration!