Magic Johnson Net Worth
Magic Johnson has an estimated net worth of $620 million. Earvin “Magic” Johnson dominated the court as one of the world’s best basketball players for more than a decade. In 1991, he announced that he had tested positive for HIV, the virus that causes AIDS. He earns most of his income from his career as a basketball player, television shows, movies, and business ventures.
For 13 years, Magic Johnson dominated the court as one of the best players in professional basketball. He left the Los Angeles Lakers in 1991 after revealing that he had tested positive for HIV, the virus that causes AIDS, though he returned for one more season in 1996.
Since then, Johnson has amassed a business empire that includes real estate holdings, Starbucks franchises, movie theaters, and stock in professional sports teams. He has also had his work published.
To calculate the net worth of Magic Johnson, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$620 Million|
|Monthly Salary:||$2 Million|
|Annual Income:||$30 Million|
|Source of Wealth:||Talk show host, Basketball player, Actor, Film Producer, Athlete, Entrepreneur, Television producer, Basketball Coach|
Earvin Johnson Jr. was born on August 14, 1959, in Lansing, Michigan. Johnson grew up in a large family with nine brothers and sisters.
His parents both worked, his father at the local General Motors plant and his mother as a school custodian. He loved basketball and would begin practicing as early as 7:30 a.m.
Johnson earned the nickname “Magic” at Everett High School after a sportswriter witnessed him record 36 points, 16 rebounds, and 16 assists in a single game.
Johnson went on to play for Michigan State University in college. He made an impressive point guard at 6 feet 9 inches tall. Johnson excelled as a freshman, helping his team win the Big Ten Conference championship.
The following year, he was instrumental in leading the Spartans to the NCAA Finals. There, they faced the Indiana State Sycamores. Johnson faced Indiana’s star forward, Larry Bird, in one of the most famous college basketball matchups in history.
The Spartans won, and the Johnson-Bird rivalry would follow the players into their NBA careers.
NBA Career with the Los Angeles Lakers
Johnson was drafted by the Los Angeles Lakers in 1979 after leaving college after two years. In his first season with the team (1979-80), he averaged 18 points, 7.7 rebounds, and 7.3 assists per game.
Johnson was named NBA Finals Most Valuable Player after leading the Lakers to a four-game victory over the Philadelphia 76ers in the championship series. Kareem Abdul-Jabbar, Jamaal Wilkes, and Norm Nixon were also members of the team.
The Lakers returned to the NBA Finals during Johnson’s third season (1981-1982). The Lakers won the NBA championship for the second time in his career, defeating the Philadelphia 76ers.
Johnson also won his second series MVP award after scoring 13 points, 13 rebounds, and 13 assists in Game 6 of the 1982 Finals. The following season (1982-1983), the Lakers and the 76ers met for the third time in four years in the NBA Finals.
This time, however, Los Angeles was defeated by Philadelphia, losing four straight games and winning none during the series.
Larry Bird Rivalry
Johnson faced rival Bird again in the 1984 NBA Finals, this time with the Boston Celtics. This was the first of many meetings between the two teams.
The Celtics won the 1984 championship game four games to three over the Lakers. The Lakers, on the other hand, defeated the Celtics in the NBA Finals the following year.
Throughout the rest of the 1980s, Johnson and his team remained among the NBA’s top competitors. They defeated the Boston Celtics again in the 1987 NBA Finals, and Johnson won the NBA Finals MVP Award for the third and final time in his career.
Johnson also averaged a career-high 23.9 points per game that year, earning him his first regular-season NBA MVP award—an honor he would repeat in 1989 and 1990.
Johnson left the Lakers in November 1991 after revealing that he had HIV, the virus that causes AIDS. He thought he got the disease from unprotected sexual activity.
Johnson’s diagnosis was especially difficult. His wife Cookie was pregnant with their first child at the time he discovered he had the disease. Fortunately, neither he nor his wife, Earvin III, tested positive for HIV.
Many people thought the virus mostly affected homosexuals or intravenous drug users at the time. There was also a lot of concern and uncertainty about how the disease could be spread.
Johnson’s decision to make his medical condition public helped to raise awareness about the disease. That same year, he established the Magic Johnson Foundation to support HIV/AIDS research and awareness programs. He published the educational guide What You Can Do to Avoid AIDS in 1992.
Johnson, undeterred, competed in the 1992 Summer Olympics in Barcelona, Spain. He was a member of the American “Dream Team” that won the gold medal, along with Michael Jordan and Bird.
He hoped to return to professional basketball the following season, but he abandoned that plan due to concerns from other players about playing with an HIV-positive competitor.
Johnson looked into other options after retiring from basketball. My Life, his most recent book, was published in 1992. Johnson had previously written two books about himself and the game, Magic (1983) and Magic’s Touch (1989).
He also worked as a sports commentator on television. Johnson tried his hand at coaching with the Lakers during the 1993-1994 season. He then purchased a small stake in the team.
Johnson made a brief return to the Lakers as a player in 1996, staging a brief comeback. That same year, he retired for good, leaving an impressive legacy.
Johnson finished his career with 17,707 points, 10,141 assists, 6,559 rebounds, and 1,724 steals. He also established himself as the all-time leader in NBA assists per game, with an average of 11.2—a record he still holds today.
Johnson was named one of the NBA’s top 50 players in 1996 and was inducted into the Basketball Hall of Fame in 2002.
Magic Johnson Theater
Johnson became a powerful business force after dominating the courts. He founded Magic Johnson Enterprises, which has a diverse portfolio of holdings.
Much of his work has centered on urban development, such as bringing Starbucks coffee franchises and movie theaters to underserved communities. He published his success secrets in the book 32 Ways to Be a Champion in Business in 2008.
Johnson then collaborated with his old rival Bird to write When the Game Was Ours in 2009, which explores their rivalry, their experiences on the court, and their love of the game. He was inducted into the College Basketball Hall of Fame the same year.
Sports Executive and Lakers President
Johnson joined an ownership group that purchased the Los Angeles Dodgers baseball team in 2012 after selling his stake in the Lakers in 2010. He also became a part-owner of the minor league Dayton Dragons and the WNBA’s Los Angeles Sparks.
Johnson rejoined the Lakers as president of basketball operations in early 2017. He made headlines in July 2018 when he signed megastar free agent LeBron James, but he abruptly resigned at the end of the 2018-2019 NBA season.
Earvin III Johnson, Johnson’s son, was born in 1992. Johnson and Cookie have a daughter named Elisa, whom they adopted in 1995.
He also has a son from a previous relationship, Andre Johnson.
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