Shaquille O'Neal shares rare insight into the tactic he used to build his staggering wealth

NBA icon Shaquille O'Neal has revealed the secret to the wealth he has amassed throughout his basketball and broadcasting career.

The 7ft 1 ins centre was renowned as one of the most dominant big men in NBA history during his 19 years in basketball's premier league.

After beginning with the Miami Heat, he joined the Los Angeles Lakers in 1996 and combined with Kobe Bryant to lead the Phil Jackson-coached team to three successive championships between 2000 and 2002.

O'Neal was named the NBA's Most Valuable Player for the 1999-2000 season and won the Finals MVP award in each of his title-winning campaigns with the Lakers.

Shaquille O'Neal won four NBA titles during his career. (Image: Getty)

In 2004, he was traded to the Miami Heat, where he won one more championship, this time teaming up with Dywane Wade to power the Florida side to a first title in franchise history in 2006.

More recently, the retired superstar has carved out a respected career as an analyst for NBA broadcaster TNT, with clips of his hilarious back-and-forths with fellow former MVP Charles Barkley often shared widely on social media.

A notoriously lavish spender with several mansions, expensive cars and often seen with elaborate jewellery, O'Neal is estimated by Forbes to have a net worth of $500m

And the 52-year-old has credited his ability to accumulate such wealth to advice he was once given to invest in "annuities".

"I had never heard of annuities before," he said. "This old, wealthy friend told me, 'Shaq, you need to invest in annuities.' At the time, I had all this money rolling in from endorsements and commercials, and I didn't know what to do with it."

"Every year I was in the NBA, I invested in annuities. Now, if I lose every dime tomorrow, I won't care-my family and I are already set for life. I don't even work for money anymore. I work for fun."

An annuity is defined as a financial arrangement in which you invest money over time and in return, the company pays you back regularly at a future date.

For Shaq, such arrangements have seemingly paid major dividends.