Magic Johnson – Source: Allen J. Schaben / Getty

Magic Johnson turned into the ultimate businessman after his NBA retirement, and it’s clearly paid off as the mega-mogul is now a billionaire.

When it comes to business, Magic Johnson is one of the most respected entrepreneurial minds in the game. Johnson has had tremendous luck acquiring partial ownership of several sports teams including the L.A. Dodgers, the L.A. Sparks, and the Los Angeles Football Club soccer team. Most recently Johnson also added an NFL team to his portfolio by purchasing a stake in the Washington Commanders.

Now according to Forbes, that last investment officially boosted him to billionaire status.

In addition to his sports teams, Forbes notes that the legend’s Iowa-based life insurance company is also flourishing and his insurance company EquiTrust makes up the majority of his fortune. Johnson also has smaller investments in movie theaters, gyms, networks and several Starbucks franchises.

Forbes estimates his net worth is around $1.2 billion and growing. Becoming a billionaire as a former or current professional athlete puts Magic Johnson in good company alongside Tiger Woods, Michael Jordan and LeBron James.

The NBA is reportedly expanding into two cities in the next few years and we know Magic Johnson won’t let that opportunity pass him by. We predict that he’ll acquire ownership in new teams and expand his fortune even further.

Congrats to Magic Johnson!