F1: Lewis Hamilton overtakes Michael Schumacher as highest-paid driver in history

Lewis Hamilton may trail behind Michael Schumacher in world title wins but when it comes to career earnings the British driver has now overtaken the Formula 1 icon.

According to figures released by Formula Money, five-time world champion Hamilton has earned an estimated $489m (£372.2m) from salary and bonuses since becoming an F1 driver in 2007. He spent six years with McLaren before joining Mercedes in 2013.

Seven-time title winner Schumacher amassed $464m (£353.2m) between 1994 and 2004 after driving for Jordan, Benetton and Ferrari.

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Forbes reports that the German’s salary “peaked” at an estimated $38m (£28.9m) and in 1999 he became the No.1 highest-paid F1 driver for career earnings.

Hamilton’s current contract with Mercedes is reportedly worth around $57m (£43.4m) a season, says BeyondTheFlag.com, which is the highest of the 20 drivers in F1. Forbes adds that with bonuses the reigning world champion is closing in on the $500m (£380m) mark - a figure that does not include his personal sponsorships.

The Forbes Rich List reports that in 2018 Hamilton earned a $42m (£31.9m) salary and $9m (£11.8m) in personal endorsements from companies including Sony, Monster Energy, Bombardier Inc, Puma, Tommy Hilfiger, Bose, L’Oreal and Mercedes-Benz. He was the 12th highest-paid athlete in 2018 and 47th on the Celebrity 100 list.

Before the start of the 2018 F1 season the Daily Mail reported that as well as signing a lucrative new contract with his team, Hamilton’s Mercedes race suit featured the logos of 12 sponsors which generated £112m for the constructors’ champions.

The 34-year-old’s deal with the Silver Arrows expires at the end of the 2020 F1 campaign.

F1 total career earnings

Figures according to Formula Money and includes salaries and bonuses only.

• 1 Lewis Hamilton $489m (£372.2m)
• 2 Michael Schumacher $464m (£353.2m)
• 3 Fernando Alonso $458m (£348.7m)
• 4 Sebastian Vettel $358m (£272.6m)
• 5 Kimi Raikkonen $331m (£252m)