Key Points:
- Despite his worst start to a season, Lewis Hamilton earned $69 million, making him the 21st highest-paid athlete globally.
- Hamilton’s 2024 earnings surpassed his 2023 earnings of $55 million, driven by $57 million in on-field income and $12 million from endorsements.
- Hamilton, a seven-time F1 champion, will join Ferrari in 2025, ending his decade-long tenure with Mercedes, where he earned over $450 million.
Despite facing his worst start to a Formula One season, British racing legend Lewis Hamilton remains one of the highest-paid athletes globally, with earnings totaling $69 million over the past 12 months. This places him as the world’s 21st highest-paid athlete.
Hamilton’s earnings this year significantly surpass the $55 million he earned in 2023, following a comeback from his sixth-place finish in 2022. His impressive $69 million total is composed of $57 million in on-field earnings and $12 million from endorsements and other ventures. This performance cements his reputation as one of the world’s most marketable athletes.
F1 earnings comparison and sports industry trends
For the second consecutive year, Hamilton ranks as Formula One’s second-highest-paid driver, trailing Max Verstappen, who amassed $81 million in the past year. Verstappen’s earnings also saw a substantial increase from $61 million in 2023.
The broader landscape of sports earnings is similarly impressive. The 50 highest-paid athletes in 2024 collectively earned an estimated $3.88 billion before taxes and fees, marking a 13 percent increase from the previous year.
This rise is largely driven by Middle Eastern investment, with on-field earnings accounting for $2.94 billion of the total. However, endorsements and related income experienced a decline, totaling $936 million, down 13 percent from the previous year.
Career highlights and future prospects
Hamilton, a seven-time world champion and the most successful driver in F1 history with 103 wins and 104 pole positions, joined Mercedes in 2013 and has since won six world titles with the team. Despite not having won a race since December 2021, his legacy remains secure, with consistent top standings from 2014 to 2021, except for a narrow loss to Verstappen in 2021.
This season, however, marks one of Hamilton’s most challenging, as he currently ranks eighth in the driver standings, 139 points behind Verstappen. With Verstappen leading the standings with 194 points, Hamilton’s hopes for a championship this year appear slim.
Looking ahead, Hamilton is set to join Ferrari for the 2025 season, ending his decade-long tenure with Mercedes one year ahead of his original contract end. This move follows a period during which he earned over $450 million with Mercedes, further solidifying his status as one of the highest-paid athletes in history.