In 2024, Lewis Hamilton experienced a difficult debut season with Ferrari, finishing sixth in the Formula 1 drivers’ championship and failing to secure a single podium finish for the first time in his 19-year career. This marked a notable dip compared to his prior best low of five podium appearances in a season.
Despite struggles on the racetrack, Hamilton made headlines off it by becoming the first Formula 1 driver to earn $100 million in a single year, combining salary and endorsements. Adjusted for inflation, Michael Schumacher reached a similar milestone during his peak in the early 2000s. Hamilton ranked 11th among the highest-paid athletes globally, leading four F1 drivers who made Sportico’s top 100 list.
Record-Breaking Earnings and Career Highlights
Hamilton’s lucrative 2024 earnings pushed his total career income to approximately $880 million since his F1 debut in 2007. In early 2024, Ferrari officially announced Hamilton’s arrival to their team starting in the 2025 season, ending his 12-year tenure with Mercedes. This move positively affected Ferrari’s stock value, boosting shares by 13% on the New York Stock Exchange.
The new multiyear agreement with Ferrari is reported to include a base salary close to $70 million per year, supplemented by performance-based bonuses. Although Hamilton’s underwhelming race results in 2024 meant he did not receive these bonuses, his prominence as Formula 1’s leading star helped generate an estimated $30 million from off-track endorsements.
Lewis Hamilton’s Legendary Status in Formula 1
Hamilton is widely regarded as one of the greatest drivers in F1 history, holding records in multiple categories including 105 race wins, 104 pole positions, and 202 podium finishes. He shares the record for most driver championships, tied with Michael Schumacher. His on-track success attracted numerous brand partnerships, while his broad cultural influence has considerably expanded his appeal beyond motorsport.
In 2024, Hamilton co-chaired the prestigious Met Gala, building on years of being recognized as a global fashion icon. His Instagram following of 42 million is more than double that of any other F1 driver, amplifying his visibility. The driver also garnered media attention through high-profile appearances, such as attending the Super Bowl with Kim Kardashian and vacationing together in Lake Powell, Utah, amid dating speculation. When questioned about his private life, Hamilton responded, “It’s my private life.”
Diverse Business Ventures and Partnerships
Hamilton maintains partnerships with brands such as Perplexity, Dior, EA, Rimowa, CFI, and Fanatics/Topps. Notably, Lululemon named him a global ambassador in 2023, marking their first collaboration with an F1 athlete to promote menswear lines. Expanding his portfolio, Hamilton earned a producer credit on Apple’s F1: The Movie in 2025, a documentary that grossed $633 million worldwide since its mid-year release.
In 2023, Hamilton launched Almave, a non-alcoholic agave beverage in partnership with Mexican spirits company Casa Lumbre. This venture attracted investment from Pernod Ricard in 2024 and secured placement in Target stores across the U.S. His investments also include stakes in the NFL’s Denver Broncos and TMRW Sports, which operates the indoor golf league TGL and will manage NFL’s new flag football league operations.
Looking Ahead to a Renewed Season with Ferrari
Hamilton called his 2025 rookie year at Ferrari “a nightmare” but has expressed determination to rebound in his second season with the iconic team. On social media, he shared,
“I’m not going anywhere, so stick with me. For a moment, I forgot who I was, but thanks to you and your support you’re not going to see that mindset again. I know what needs to be done. This is going to be one hell of a season. I’ve given everything to be here today. Let’s go team!!!”
As Hamilton prepares for 2025, his $100 million contract underscores his status as the sport’s top earner and most influential driver, despite recent competitive setbacks. His off-track influence and expanding business ventures suggest a multifaceted career that extends well beyond racing, promising continued impact both on and off the circuit.
