Magic Johnson becomes 4th athlete with $1B net worth

Magic Johnson is now part of the billionaires club.

The Los Angeles Lakers legend has reached an estimated net worth of $1.2 billion, joining Michael Jordan, LeBron James, and Tiger Woods as the only professional athletes to reach the billionaire benchmark, according to Forbes' Matt Craig and Brian Bushard.

Johnson's net worth stems in part from his ownership stakes in the WNBA's Los Angeles Sparks, MLB's Los Angeles Dodgers, MLS' LAFC, and the NFL's Washington Commanders. The 64-year-old also owns a 60% stake in the life insurance company EquiTrust and has invested in movie theaters, Starbucks franchises, and a PepsiCo bottling plant.

During his 13 seasons in the NBA, Johnson earned $40 million (which equals roughly $110 million after adjusting for inflation), according to Forbes.

Johnson's net worth ranks above that of both Woods and James, whom Forbes estimates are worth $1.1 billion and $1 billion, respectively. Jordan's current net worth is $3 billion.