General
What is Lewis Hamilton’s salary in Formula 1?
Sir Lewis Hamilton is statistically the greatest Formula 1 driver of all time and is, therefore, one of the highest-paid athletes in the world. The seven-time F1 World Champion features on Forbes’ rich list every year in multiple categories. His salary is reportedly one of the highest in the sport, only to be rivalled by Red Bull’s Max Verstappen and Ferrari’s Charles Leclerc.
The Mercedes driver has secured over 100 Grands Prix victories and over 100 pole positions. With nearly 200 podiums in F1, he has consistently been racing towards the front of the grid. The 38-year-old was once the most sought-after driver in F1, and this helped increase his salary despite staying put at Mercedes since 2013.
Currently Salary
During the 2020 Formula 1 season, Lewis Hamilton’s contract negotiation rumbled on. A few weeks before pre-season testing, Mercedes confirmed that he would stay at the German team for the 2021 season. Six months into that deal and in the middle of the greatest title fight in F1 history, Mercedes confirmed that they had reached another agreement seeing him stay at Toto Wolff’s team for the 2022 and 2023 F1 seasons.
This deal reportedly gives Lewis Hamilton an annual salary of $35million. The offer rumoured to be provided by Ferrari would be a substantial increase. According to Forbes, Hamilton’s current earnings rise to $55million when combined with his winnings. But that isn’t the end of the story for the British racing driver.
Endorsements
Lewis Hamilton and Mercedes have a famous sponsorship with designer Tommy Hilfiger. Hamilton is often seen wearing the brand logo on his shirts. He has also appeared at various fashion shows, including the Met Gala in New York. In 2018, they launched Tommy Hilfiger x Lewis Hamilton. In addition, Hamilton has had partnerships with Bose, Monster Energy and Puma. The deal with Puma is worth around £1.5million per year.
Forbes estimated that Hamilton receives $10million worth of endorsements, taking his total annual earnings to around $65million.
Forbes Rich list
In 2023, Forbes placed Lewis Hamilton as the 21st highest-paid athlete in the world. This ranking places him marginally above two-time World Max Verstappen and just behind the golfer Bryson DeChambeau. The top three places are all held by Footballers Christiano Ronaldo, Lionel Messi and Kylian Mbappé, all earning around twice as much as Hamilton.
Hamilton and Verstappen are the only two racing drivers inside the top 50 list dominated by footballers, golfers and basketball players.