Magic Johnson Net Worth

Earvin Magic Johnson Jr. was a professional basketball player who has played in the NBA for 13 years and the Swedish Basketball League (SBL) for two years. He served as the Los Angeles Lakers coach and was the team’s president of basketball operations for two years. He is considered the greatest point guard of all time, but his NBA career was cut short by an HIV diagnosis.

Magic Johnson shined even as a junior high school basketball player, once scoring 48 points in one game. He made the 1977 McDonald’s All-American team. Many colleges and universities recruited Magic, but he chose to attend Michigan State University after being promised a point guard position.

Magic only played for Michigan State for two years before making himself eligible for the NBA draft. However, in 1979, Magic led the Spartans to an NCAA tournament win over Larry Bird and Indiana State. This game made sports history, receiving the highest rating for a televised college basketball game.

The Draft and the Lakers

In 1979, Magic Johnson was chosen as the first overall pick in the NBA draft by the Los Angeles Lakers. The rookie joined a basketball team with the basketball great Kareem Abdul-Jabbar. In his rookie season, Johnson excelled at the point guard position and became one of the few players to win an NCAA title and an NBA championship back-to-back.

In the 1983 season, he got 700 points, 700 rebounds, and 700 assists. The Lakers made it to the NBA finals again, defeating the Philadelphia 76ers and giving Magic Johnson his second NBA title. Magic continued to play well through the 80s, beginning the first of nine consecutive double-double seasons in 1982.

The Los Angeles Lakers established a basketball dynasty, winning the NBA finals in 1985, 1987, and 1988.

HIV Diagnosis

During the 1989-90 season, Magic Johnson averaged 22.3 points, 6.6 rebounds, and 11.5 assists each game. But, before the 1991-92 season, Johnson tested positive for HIV and announced his NBA retirement at a press conference. There was concern over him playing and possibly spreading the virus, but he played in his last All-Star game in 1992.

He was also chosen for the Dream Team and competed in the 1992 Olympics. Magic won a gold medal, becoming one of six NBA players to win a championship title and a gold medal in the same year.

Brief Comeback

Johnson was so close to Los Angeles Lakers team owner Jerry Buss that Buss insisted on paying Johnson’s $14 million contract, even though it could have been voided due to Johnson’s retirement. Johnson took over coaching the team for free, replacing head coach Randy Pfund but experienced a ten game losing streak, and Johnson announced he was leaving the coaching position.

Magic Johnson did make one final comeback as a player in 1996, playing 32 games. Afterward, Magic Johnson retired permanently as an NBA player and is generally considered one of the greatest point guards in NBA history.

Magic Johnson’s NBA Highlights

• Two-time NBA steals leader
• Four-time NBA assists leader
• 12-time NBA All-Star
• Five NBA Championships
• Three-time NBA
• Named one of the 50 Greatest Players in NBA History
• Inducted into both the NBA and College Basketball Hall of Fame

Magic Johnson Net Worth

The Magic Johnson net worth in 2022 is over $600 million. This includes his NBA salary as well as his business ventures. As a rookie, Johnson made slightly less than Kareem Abdul-Jabbar, $460,000/year for the first five years. This contract may seem like a low Magic Johnson salary, but in the 80s, athletes weren’t offered multi-million dollar contracts.

Magic Johnson renegotiated his contract in 1981, and the Lakers offered him $25 million for 25 years (the highest paying contract for a professional basketball player at the time). The Magic Johnson net worth for his years in the NBA was almost $40 million.

Magic Johnson’s Personal Life

Johnson always loved playing basketball and got the nickname “Magic” when he got a triple-double as a sophomore on the Everett High School basketball team.

Melissa Mitchell gave birth to Magic’s first son, Andre Johnson, in 1981. Magic met Earlitha ‘Cookie’ Johnson while at Michigan State. The couple married in 1991, around the time of Magic’s HIV diagnosis announcement.

Cookie was pregnant, but neither she nor their son Earvin III (“EJ”) had HIV. Son EJ is openly gay and has appeared on the reality series Rich Kids of Beverly Hills. The couple also adopted a daughter (Elisa) in 1995. The couple has homes in the Beverly Park section of Beverly Hills and Dana Point, California.

Magic Johnson’s Health

Being diagnosed with HIV/AIDS in the 80s and early 90s was terrifying and considered a death sentence diagnosis. When Magic Johnson, a fit, virile straight professional basketball player, came out as HIV positive, it broke the stigma that HIV/AIDS only happened to homosexuals or drug users.

Magic Johnson has been a staunch advocate for HIV/AIDS awareness for the past 30 years. Today, Johnson’s HIV is undetectable due to a daily drug cocktail. Johnson created the Magic Johnson Foundation to support HIV/AIDS awareness. The foundation also now supports scholarships and community empowerment centers.

Magic Johnson Business Interests

Magic Johnson Enterprises

One of Magic’s most successful ventures outside of basketball was his investment company, Magic Johnson Enterprises. The company currently has $1 billion in assets. For a brief time, Magic Johnson Theaters, a movie theater chain, was part of the company.

Other Businesses

Some of Johnson’s business interests include a majority interest in the EquiTrust Life Insurance Company, in a group that owns the Los Angeles Dodgers, and an investor in the Washington, D.C. PepsiCo bottling operation.

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