Johnson's playing career only earned him around $40m (£33m) before he retired in 1996, but since then he has invested his cash into companies such as Starbucks, Pepsi and Burger King.
Former professional basketball star Magic Johnson has been declared a billionaire by Forbes magazine - becoming only the fourth sportsperson ever to join the elite club. The wealth magazine estimates Johnson is worth around $1.2bn . He joins fellow former NBA players Michael Jordan and LeBron James, and golf star Tiger Woods, in reaching the billionaire benchmark.
He has stakes in a number of LA sports teams, including the Women's NBA team Los Angeles Sparks, baseball franchise Los Angeles Dodgers and football's LAFC. Johnson also holds shares in a Pepsi bottling plant, Starbucks and Burger King, among others. Forbes said it is his 60% stake in life insurance company EquiTrust that has given Johnson his largest proportion of his personal wealth, which has revenues of more than $2.5bn a year.
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