Magic Johnson Enters Billionaire Club with Taylor Swift and 263 Others Worldwide

Magic Johnson, a legendary NBA point guard, is a billionaire with a wide financial portfolio that includes professional sports teams, real estate, and healthcare, according to the newly released 2024 billionaires list. He also joins the list of the world’s Black billionaires.

Johnson’s net worth of $1.2 billion reflects his astute business acumen honed over decades of entrepreneurial endeavors. He joins icons such as pop superstar Taylor Swift, whose trailblazing Eras Tour shattered records by grossing more than $1 billion across five continents.

Forbes identified a record 2,781 billionaires worldwide this year, with their aggregate net worth reaching an all-time high of $14.2 trillion. Rising markets have led to the creation of 265 new billionaires in the past year, compared to 150 in 2023.

The Schörling sisters, heiresses to the great fortune of Swedish investor Melker Schörling, round up the newcomers’ roster. Every sister has a net worth of $5.6 billion.

Meanwhile, Italian businessman Andrea Pignataro emerges as the wealthiest rookie, having amassed a $27.5-billion fortune through his financial software firm, ION Group, and huge real estate portfolio. Notably, French fashion designer Christian Louboutin has joined this privileged circle.

Magic Johnson‘s route to billionaire status involves savvy investments in numerous fields. Notably, his ownership investments in several Los Angeles-based sports franchises, including the MLB’s Los Angeles Dodgers, contribute greatly to his financial success.

However, Johnson’s financial empire goes well beyond athletics. As the primary owner of EquiTrust, a profitable life insurance company bought in 2015, his wealth has grown exponentially. In addition, his diverse financial portfolio includes stakes in movie theaters, Starbucks franchises, Burger King locations, 24-Hour Fitness facilities, and an East Coast soda bottling factory, cementing his status as a multi-platform media magnate.

Reflecting on his path to billionaire status, Johnson recalls lost chances, most notably declining an offer of shares from Nike during his early NBA career. “My family didn’t come from money, and that’s something that hurts us sometimes,” he bemoaned on a recent podcast. “So I passed on the stock. Could you imagine? “In 45 years, that stock would have been worth $5 billion today.”

As the fourth American athlete to reach billionaire status, Magic Johnson’s rise from humble beginnings to financial powerhouse shows the transforming potential of strategic investments and entrepreneurial vision. His membership in the exclusive billionaire club demonstrates his lasting impact on and off the basketball floor.



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