Johnson now becomes the fourth professional athlete to reach this milestone. What’s more, the majority of his fortune was amassed after his departure from the NBA in 1996.
During his 13-year playing career as a Lakers star athlete, he earned $40 million.
Furthermore, Johnson has seen his dreams come true by becoming a team owner in the NFL’s Washington Commanders. This opportunity arose when he joined an investment group led by Josh Harris, co-owner of the Philadelphia 76ers, to purchase the team. The deal, announced in May 2023, was valued at $6.05 billion, marking the highest purchase price for a North American professional sports franchise, NBC reports.
“God is so good…I still can’t believe it! I am currently living in an answered prayer,” Johnson wrote on Twitter. “Since beginning my journey as an athlete and now businessman and team owner, it’s all been a dream that has come full circle. I grew up playing football as a kid, I’m a huge NFL fan, and I watch games every week. Now, I get to co-own a storied franchise, the Washington Commanders.”
In his diverse portfolio, Johnson also holds ownership stakes in the WNBA’s Los Angeles Sparks and the MLS’ Los Angeles Football Club. He’s invested in movie theaters and Starbucks as well.
Most recently, Johnson’s name became attached to Atlanta Life Insurance Co., a company founded by Alonzo Herndon, Atlanta, GA’s first billionaire, which was acquired by Atlanta Life Holdings to reimagine “the power of its insurance business and providing financial security and protection.”
This was made possible through an agreement with Johnson’s insurance company EquiTrust Life Insurance Co., which will now work to expand Atlanta Life Holdings’ offerings, as AFROTECH previously mentioned.
Per Forbes, Johnson has a 60% stake in EquiTrust, and the company earns $2.6 billion in revenue yearly.
EquiTrust’s valuation has increased from $16 billion to $26 billion and accounts for the majority of Johnson’s wealth.
Forbes estimates Johnson’s net worth to be at $1.2 billion.