It's been a rough year for the basketball player, but at least he has his millions of dollars to ease the pain. 60-year-old Magic Johnson has taken the No. 1 spot on People With Money’s top 10 highest-paid basketball players for 2020 with an estimated $58 million in combined earnings.
UPDATE 12/07/2020 : This story seems to be false. (read more)
Magic Johnson tops annual list of highest-paid basketball players
In 2018 it looked like the basketball player’s spectacular career was winding down. Suddenly, he was back on top. People With Money reports on Saturday (July 11) that Johnson is the highest-paid basketball player in the world, pulling in an astonishing $58 million between June 2019 and June 2020, a nearly $30 million lead over his closest competition.
People With Money’s factors
In compiling this yearly list, the magazine considers factors such as upfront pay, profit participation, residuals, endorsements and advertising work.
The American basketball player has an estimated net worth of $185 million. He owes his fortune to smart stock investments, substantial property holdings, lucrative endorsement deals with CoverGirl cosmetics. He also owns several restaurants (the “Fat Johnson Burger” chain) in Washington, a Football Team (the “Lansing Angels”), has launched his own brand of Vodka (Pure Wonderjohnson - US), and is tackling the juniors market with a top-selling perfume (With Love from Magic) and a fashion line called “Magic Johnson Seduction”.
The ranking is significant for many Magic fans, who have been waiting for his triumphant return to the glory days for what seems like a lifetime.
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