Despite his worst start to a Formula One season, British racing icon Lewis Hamilton remains one of the world’s highest-paid athletes, earning $69 million in the last year. This ranks him as the world’s 21st highest-paid athlete.
Hamilton’s earnings this year are much more than the $55 million he earned in 2023, following a comeback from sixth place in 2022. His astounding $69 million total includes $57 million in on-field earnings and $12 million from endorsements and other endeavors. This performance reinforces his status as one of the world’s most marketable athletes.
Hamilton is the second-highest-paid driver in Formula One for the second year in a row, trailing only Max Verstappen who earned $81 million last year. Verstappen’s earnings also rose significantly from $61 million in 2023.
The overall panorama of sports earnings is also stunning. In 2024, the top 50 athletes earned over $3.88 billion before taxes and fees, a 13% rise from the previous year.
This increase is being driven primarily by Middle Eastern investment, with on-field earnings accounting for $2.94 billion of the total. However, endorsements and related income fell 13 percent, totaling $936 million, compared with the previous year.
Hamilton, a seven-time world champion and the most successful driver in Formula One history with 103 wins and 104 pole positions, joined Mercedes in 2013 and has won six world championships with the company. Despite not winning a race since December 2021, his legacy is assured, with regular top results from 2014 to 2021, with the exception of a tight loss to Verstappen in 2021.
Hamilton is in eighth in the driver standings, 139 points behind Verstappen, making this season particularly hard. With Verstappen leading the standings with 194 points, Hamilton’s chances of winning the title this year are dim.
Hamilton will join Ferrari for the 2025 season, breaking his 10-year deal with Mercedes one year early. This move comes after he earned more than $450 million with Mercedes, cementing his standing as one of the highest-paid athletes in history.