Is Magic Johnson richer than Michael Jordan? Exploring more as Lakers legend becomes latest billionaire athlete

Is Magic Johnson richer than Michael Jordan? That's one of the questions in some NBA fans' minds after Johnson became the latest athlete to become a billionaire. He joined Jordan, Tiger Woods and LeBron James as the only athletes to accomplish the feat.

The simple answer is no, though, as Johnson is not richer than MJ. The LA Lakers legend has an estimated net worth of $1.2 billion. He made his fortune from his controlling stake in the Des Moines, Iowa-based insurance company EquiTrust. He bought 60.0% of the company in 2015, and the company's total assets continue to grow.

According to Forbes, EquiTrust's total assets grew from $16 billion to $26 billion since Johnson became the company's majority owner. EquiTrust has an estimated annual revenue of $2.6 billion. Johnson's other investment includes sports franchises, fast food restaurants, movie theaters, construction companies and real estate.

Meanwhile, Michael Jordan has an estimated net worth of around $3 billion. Jordan is the only athlete on the Forbes 400 list and the first to be among the richest people in the United States.

The Chicago Bulls legend's assets came from his Jordan Brand, which is among the most popular shoe brands in the world. It's part of pop culture and has a huge market worldwide. He also recently sold his majority share of the Charlotte Hornets for a whopping $3 billion this summer.

Some of MJ's recent investments include CLEAR, Mythical Games, Dapper Labs, DraftKings and Sportradar. Business experts believe Jordan will focus his attention on his NASCAR team 23XI Racing and turn it into one of the valuable teams in the sport.

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Michael Jordan's friendship with Magic Johson

Magic Johnson and Michael Jordan

Magic Johnson and Michael Jordan did not become friends before they played together in the 1992 Dream Team that won an Olympic gold medal in Barcelona, Spain.

Johnson explained in an appearance on "The Dan Patrick Show" earlier this year the dynamic of his friendship with Jordan.

"I didn't get a chance to hate Michael because we played one time (in the NBA Finals)," Johnson said. "I think because of the relationship with Larry happened in college then it carried over to the two most storied franchises in NBA history. We played so many times, that's why we hated each other.

"Michael, I think the dislike, might have came more the Bulls and Celtics. ... I didn't have the chance to hate Michael, but we're good friends. I love MJ and what he stands for, for what he's built, not only on the court, but off the court. His business, so it's great."

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