Magic Johnson, the iconic NBA legend, has achieved the extraordinary milestone of becoming a billionaire, surpassing the $1 million wealth threshold, as reported by Forbes. The primary source of the 64-year-old’s newfound fortune is traced back to his ownership stake in the insurance company EquiTrust.

Forbes highlights Johnson’s instrumental role in doubling EquiTrust’s assets, which were valued at $16 billion a decade ago. Beyond his success in the insurance industry, Johnson’s investments in various professional sports teams have played a significant role in elevating him to billionaire status.

Notable among these ventures are his ownership positions in the Los Angeles Sparks in the WNBA and the Los Angeles Dodgers in Major League Baseball. Reports also indicate that Johnson held a financial interest in the Los Angeles Lakers, his former NBA team, from 1994 to 2010.

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