Magic Johnson

Former NBA star and business mogul, Marvin Johnson, has amassed most of his fortune from his majority ownership of EquiTrust insurance company, Forbes has reported in 2023. Since Johnson took over the reins about ten years ago, the company’s assets have increased from $16 billion to $26 billion, per the outlet. His investments in sports teams, such as the NFL’s Washington Commanders, the WNBA’s Los Angeles Sparks and the MLB’s Los Angeles Dodgers, also helped him reach billionaire status, CNN reported. He had previously owned a stake in his former NBA team, the Los Angeles Lakers, from 1994 to 2010. He made around $40 million while playing 13 seasons for the Los Angeles Lakers — or roughly $110 million when adjusted for inflation — before he retired suddenly in 1991 due to his HIV diagnosis. Earlier this year Johnson revealed that he missed a chance to become a billionaire in 1979 when turning down an offer from Nike to be paid in shares.