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Magic Johnson (twitter photo)
Earvin "Magic" Johnson, who graduated from Lansing Everett High School and attended Michigan State University before joining the Los Angeles Lakers in 1979, has joined Forbes World's Billionaire List for 2024.
His $1.2 billion net worth ranks #2,517 out of the total of 2,781. The total is 141 more than last year and 26 more than the record set in 2021, Forbes reports.
Forbe writes:
- Johnson, 64, earned only around $40 million total as a Los Angeles Lakers player, mainly in the 1980s, and even at his peak only brought in between $2 million and $4 million per year in endorsements.
- Instead he built his wealth through joint venture partnerships in everything from movie theaters, Starbucks franchises, real estate and healthcare.
- The majority of his fortune comes from a 60% ownership stake in life insurance company Equitrust, which has grown from $16 billion in assets under management to $26 billion since he took over in 2015.
- He also owns small ownership stakes in the NFL's Washington Commanders, MLB's Los Angeles Dodgers, WNBA's Los Angeles Sparks and MLS' LAFC.
Here's some of the other billionaires with Michigan ties:
#78: Rocket Companies CEO Dan Gilbert and owner of the NBA team, the Cleveland Cavaliers, is worth $26.2 billion in real time networth.
#272: Matt Ishbia, CEO of United Wholesale Mortgage, is listed at $9.2 billion.
#312: Ronda Stryker, granddaughter of Homer Stryker, the founder of medical equipment manufacturer Stryker Corporation in the Kalamazoo area, is worth $8.1 billion. She is director of the company.
#548: Hank Meijer and family, and Mark Meijer and family, owners of the Michigan-based Meijer grocery chain, are each worth $5.5 billion.
#809: Pat Stryker, a philanthropist and the founder of Bohemian Foundation, which supports music, community, global and civic programs. She is the granddaughter of the founder of the Stryker Corp. Her networth is $3.9 billilon.
