Magic Johnson is officially a billionaire

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Magic Johnson‘s money continues to pile up.

At least according to Forbes, which has officially named the NBA Hall of Famer a billionaire.

The business media company says that Johnson is now worth $1.2 billion “thanks to investments in several professional sports teams and a life insurance company that has reached new heights under his ownership.”

As for what entities contribute to his financial portfolio, Johnson owns small stakes in the NFL’s Washington Commanders, MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks and Major League Soccer’s LAFC.

His Magic Johnson enterprises, including movie theaters, fast-food franchises, real estate and health care, also contribute to his billionaire status, but it’s his Iowa-based life insurance provider, EquiTrust, that makes up most of his now $1.2 billion net worth, per Forbes.

Johnson’s high ranking makes him just the fourth athlete to be identified by Forbes as a billionaire; the others include Michael Jordan, Tiger Woods and LeBron James.