New York, New York - NBA Hall of Famer and LA Lakers legend Magic Johnson has officially reached billionaire status!

With his expansive business portfolio, the basketball legend-turned-mogul is now the fourth professional athlete to reach a net worth of over $1 billion, US financial news outlet Forbes reported Sunday.

The other athlete billionaires are fellow NBA greats Michael Jordan and LeBron James, as well as golfer Tiger Woods.

An investment in the Chicago-based life insurance company EquiTrust is where Johnson accumulated most of his $1.2 billion wealth, according to the financial news outlet.

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With one of the most celebrated careers in NBA history, the 64-year-old former Los Angeles Laker reportedly pocketed $40 million during his sports career.

Off the court – and years after he publicly disclosed his HIV diagnosis in 1991 – Johnson made most of his money through his ownership stakes in three Los Angeles-based sports teams, including MLB's Los Angeles Dodgers.

In July, he officially became a part-owner of the Washington Commanders.

Since retiring from the court in 1996, the former point guard has made investments in Starbucks, Burger King, and 24 Hour Fitness.

In 2012, Johnson and his partners (including billionaire investor Ron Burkle) owned 20 radio stations, including WBLS, New York City's top-rated African-American station. He also owns the Aspire cable channel, which began airing in markets served by cable giant Comcast that same year.

"Breaking these barriers and going through these doors is important to me as a proud Black man," the Lansing, Michigan native told NBC News.

"I don't know why God blessed me with these great opportunities. But I want to excel, not just for me and my family, but for all African Americans, making sure we can see ourselves in these seats. And I want people to know that we can do the job."