Magic Johnson becomes the fourth athlete to join the billionaire club

Basketball Hall of Famer Earvin 'Magic' Johnson has become the fourth athlete to officially become a billionaire.

According to forbes.com, the Los Angeles Lakers legend is worth around $1.2 billion thanks to investments in several sports teams and a life insurance company.

Johnson has ownership stakes in the MLS's Los Angeles FC, the MLB's Los Angeles Dodgers, the WNBA's Los Angeles Sparks, and most recently buying a stake in the NFL's Washington Commanders this year.

Johnson has made most of his fortune from his 60% investment in life insurance company EquiTrust, with assets growing from $16 billion to $26 billion and revenue being around $2.6 billion.

Johnson has focused many business ventures on helping the black community. He has a 50/50 venture with Starbucks to open cafes in black neighbourhoods and a partnership with Loews to set up theatres.

Magic was drafted by former Lakers owner Jerry Buss, an astute businessman who taught him how to steer away from basketball and into other markets.

Johnson made $40 million in his 13-year NBA career and told Sports Illustrated in the early 90s that he wanted to make '$100 or 200 million' in his lifetime.

Its safe to say that Johnson has surpassed that and then some, joining three other superb athletes to reach the billionaire status. Who are they?

15-time major champion and golfing GOAT Tiger Woods is the only player not to play basketball on this list, earning over a billion dollars in tournament earnings and sponsorships.

Between 1996 and 2008, tournament earnings tripled in golf as Woods grew the game exponentially. The GOAT has earned over $100 million at tournaments alone.

Despite all the wins on tour, Woods has become a billionaire from his luxury endorsement deals, having partnerships with Rolex, Nike, TaylorMade, Monster Energy, and Gatorade.

Los Angeles Lakers forward LeBron James is the first active NBA player to become a billionaire, racking up his fortune from his $431 million NBA career earnings, endorsement deals, and business ventures.

James has stakes in Liverpool FC, the Boston Red Sox, and an expansive real estate portfolio worth $900 million, according to the forbes.com.

Forbes estimates that James has around $500 million in cash and other assets, not including his brand partners like Nike, who pay him around $30 million a year.

Basketball GOAT Michael Jordan earned $94 million in career earnings while in the NBA, but it was his business off the court where he became a billionaire, earning $2.4 billion with McDonalds, Nike, Hanes, and Gatorade, according to forbes.com.

Earlier this year, Jordan sold his majority stake in the Charlotte Hornets at a $3 billion valuation. The success of his Air Jordan Brand has put 'MJ' in the top 400 wealthiest people in America.