Lewis Hamilton, the seven-time Formula One champion and entrepreneur, has seen a significant increase in his earnings despite facing one of the toughest starts to a season in his career. The British racing star has emerged as one of the highest-paid athletes globally, amassing $69 million over the past year.
This figure marks a substantial rise from the $55 million he earned in 2023. According to Forbes, Hamilton’s income comprises $57 million from on-field performances and $12 million from endorsements and other ventures, securing his position as one of the world’s most marketable athletes. This places him 21st on Forbes’ list of The World’s Highest-Paid Athletes for 2024.
Hamilton’s prominence in Formula One is undisputed, having secured seven world championships. However, recent performances have sparked discussions about whether he has lost his competitive edge. As reported by Autosport, Hamilton is currently in eighth place in the championship standings, trailing behind teammate George Russell and still searching for his first win since December 2021. His announcement in February that he would join Ferrari after the 2024 season has led some to speculate that his future move is impacting his current performance with Mercedes.
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Hamilton made his Formula One debut in 2007 with McLaren and clinched his first World Championship the following year. His move to Mercedes in 2013 was pivotal, transforming the team’s fortunes. In 2018, he signed a lucrative two-year contract with Mercedes worth $100 million, which included a base salary of $30 million annually and bonuses pushing his total compensation to $50 million. Forbes ranked him 13th on its list of the world’s highest-paid athletes in 2020 with an annual salary of $42 million.
Hamilton’s appeal extends beyond the racetrack, making him a magnet for global brands. In 2018, he partnered with Tommy Hilfiger to promote the brand’s menswear, underwear, and swimwear lines. His endorsement portfolio includes deals with Monster Energy, Puma, IWC, Sony, Bose, Bell Helmets, MV Agusta Motorcycles, and Vodafone.
Beyond endorsements, Hamilton is an active entrepreneur. In 2022, he invested in the NFL’s Denver Broncos. He is also the co-founder of Almave, the world’s first distilled non-alcoholic blue agave spirit, developed with agave expert Iván Saldaña. Almave, akin to tequila, uses Blue Agave from Mexico but without the fermentation process that produces alcohol.
Hamilton’s financial success allows him to indulge in luxury real estate. In 2017, he purchased a New York penthouse for $43.9 million, later listing it for $57 million. He also owns a $25 million four-story mansion in Kensington, West London, a property in Geneva, Switzerland, and an apartment in Monaco.
Despite the challenges on the track, Hamilton’s financial and entrepreneurial ventures underscore his enduring influence and success both in and out of Formula One.
