Forbes: Magic Johnson Joins Michael Jordan, LeBron, Tiger Among Billionaire Athletes

Magic Johnson has become the fourth current or former professional athlete to reach billionaire status, according to Forbes' Matt Craig and Brian Bushard.

Michael Jordan, LeBron James and Tiger Woods are the only other athletes Forbes has identified as billionaires.

Johnson has an estimated net worth of $1.2 billion, according to the publication.

That worth comes in part from Johnson's minority ownership of the Washington Commanders, Los Angeles Sparks, Los Angeles Dodgers and Los Angeles Football Club, as well as a majority stake in a Iowa-based life insurance company.

A minority of Johnson's fortune came from his NBA career. In 13 seasons played for the Los Angeles Lakers before his retirement due to an HIV diagnosis, Johnson earned $40 million ($110 million when adjusted for inflation), according to Forbes.

Most of Johnson's net worth reportedly comes from the life insurance company EquiTrust, in which Johnson's company purchased a majority stake in 2015. EquiTrust holds approximately $26 billion in assets and rakes in an annual revenue of over $2.5 billion, per Bushard.

Johnson has also invested in cable networks, movie theaters, gyms and Starbucks franchises.

Forbes' evaluation of Johnson puts him ahead of both Woods and James, whose net worths are currently estimated to sit at $1.1 billion and $1 billion, respectively. Woods and James are the only two athletes to reach billionaire status while still active in their sports.

James has earned a much higher portion of his wealth through his playing than Johnson. In 21 NBA seasons James has collected approximately $479 million, over quadruple the inflation-adjusted amount Johnson collected during his career, per Forbes.

Despite these fortunes, Johnson, Woods and James trail Jordan as the wealthiest athlete in history. Jordan's net worth is estimated at $3 billion.

Jordan earlier this month became the first athlete to be ranked by Forbes among the 400 richest people in the United States after he sold the Charlotte Hornets at a valuation of approximately $3 billion.

Although Jordan, James, Woods and Johnson are the only four athletes to hold an estimated net worth in the billions, they aren't the only athletes estimated to have amassed that much in total. Cristiano Ronaldo, Lionel Messi, Roger Federer and Floyd Mayweather have all racked up 10-digit earnings over their careers, according to Forbes.