The German auto racing athlete may have retired at the end of 2022, but that certainly hasn’t changed his status among the top earning F1 drivers in the world. Towards the end of his career, he was paid US$15 million per year racing for Aston Martin, per Sportskeeda. When he was racing with Ferrari, he was earning around US$40 million per year, according to Forbes.
Big deal partnerships with the likes of Casio, Pepe Jeans and Infiniti have also contributed to his wealth.
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5. Jenson Button
Estimated net worth: US$150 million
The former F1 champion came out of retirement in 2023 to give three Nascar courses a spin. Per MotorSport, the British athlete said he would be committed to a full-time programme in 2024: “It’s great doing one-off races but you don’t get the best out of yourself, and that’s why doing three races here in Cup is really good, because I get to spend more time with the team and in the simulator and really get to work with my engineer, my crew chief to develop the skills between us and to develop an understanding.”
The season will no doubt add to his already bulging bank balance, which is estimated to be around US$150 million.
According to Sportskeeda, Button is based in Monaco but has homes in the UK and Bahrain.
4. Kimi Räikkönen
Estimated net worth: US$250 million
Nicknamed the “Iceman” because of his calm attitude both on and off the course, this athlete has made mega money from his success in fast cars. His endorsements have also added to his wealth, with big deal partnerships like Wrangler and Oakley.
According to Sportskeeda, the Finnish driver has an impressive property portfolio, with a US$24 million home in Switzerland and properties in Helsinki and Dubai.
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3. Fernando Alonso
Estimated net worth: US$260 million
According to Forbes, Alonso was one of the highest paid drivers in the world in 2023, earning an impressive US$24 million with Aston Martin. The F1 champ is credited for ending Michael Schumacher and Ferrari’s five-year dominance, which elevated Alonso’s credibility in the sport.
His endorsement deals with big brands like Adidas and Tag Heuer have demonstrated his ability to market himself away from the course.
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2. Lewis Hamilton
Estimated net worth: US$285 million
F1 champion, fashion king and media darling – Lewis Hamilton has elevated F1 like few others before him. In 2023, he reached the podium in just six races, the fewest in a season since 2013, reports Forbes. In August that year, he signed a multi-year contract extension with Mercedes, earning him a US$55 million salary per year.
With endorsements such as Puma, Monster Energy, Bose and Tommy Hilfiger, Hamilton is racing all the way to the bank. As for his No 1 enemy, Max Verstappen? Verstappen may be raking big cash from Red Bull but his net worth is only around US$90 million.
1. Michael Schumacher
Estimated net worth: US$600 million
On December 29, 2013, the iconic racing driver had a serious skiing accident in the French Alps and suffered traumatic brain injury. Now, 10 years later, Michael Schumacher’s family and friends have revealed that as part of attempts to rehabilitate him, he is being driven around in a Mercedes AMG car. Schumacher’s brother Ralf told Bild that “things aren’t as they used to be”.
Although details around the racing car driver’s health remain vague, his fortune has been used to acquire a massive property portfolio, with his estate owning homes in Majorca and Lake Geneva over the years.
