Have you ever wondered what is Lewis Hamilton net worth? Well, the racing driver’s fortune may surprise you.
The British Formula One star is one of the sport’s most well-known and highest-paid figures.
As of May 2023, Lewis Hamilton has a net worth of $285 million.
In this post, we’ll explain how one of the most popular athletes in the world accrued his wealth.
Table of Contents
Hamilton was born on January 7th, 1985, in Stevenage, UK (about 30 miles north of London). Born to a black father, Anthony, and a white mother, Carmen, Hamilton identifies as black.
While his parents separated when he was a toddler, he lived with each of them at different points growing up. By age 12, he lived with his mother, at which point he moved to live with his father.
Hamilton’s fascination with cars began when his father bought him a toy car at the age of 5. This led to him entering and winning a national radio-controlled car competition the very next year.
While Hamilton noticed the lack of diversity in the sport and even dealt with racist remarks himself, his passion never wavered.
His racing career began at age 7, and at the age of ten, he became the youngest driver to win the British cadet karting championship.
Soon after, he met Ron Dennis, the head of the McLaren Formula One racing team at the time, and told him of his goal to reach the F1 level someday.
Dennis told him to reach out in 9 years, but due to Hamilton’s impressive success as a teenager, Dennis called him sooner.
Just two years after that initial meeting, Dennis called Hamilton to offer him a spot in the coveted McLaren driver development program.
Since the contract included an option for a future F1 seat, Hamilton became the youngest driver ever to secure such an opportunity. He was 13 years old.
Hamilton would go on to study at The John Henry Newman School, a catholic school in Stevenage. There, he would race and play soccer.
Hamilton would continue racing in the junior circuit at an extremely high level. This would pave the way for his F1 debut in 2007.
Formula One – McLaren
Hamilton spent the first five years of his F1 career racing for the McLaren team. His initial contract with McLaren paid him nearly $10 Million/year between 2007-2012.
In total, Hamilton and McLaren’s partnership lasted over 15 years. This contract was a win-win for both parties at its signing.
Hamilton was now a high earner for his age, and McLaren locked in a rising star for 5 more years.
Hamilton would live up to this contract immediately when, in 2008, he beat Felipe Massa in his home country of Brazil to win his first World championship.
He would become the then-youngest Formula One World Champion ever and the first British winner since 1996.
The remainder of his time with McLaren included brilliant driving and top finishes.
Formula One – Mercedes Benz
During his final year with McLaren, Hamilton announced that he was signing with Mercedes-Benz. He would replace the newly-retired Michael Schumacher, arguably the best F1 racer of all time.
Hamilton’s contract with Mercedes was a 3-year deal worth over $20 million/year.
With additional bonuses based on performances and top finishes, Hamilton became one of the highest-paid earners in the sport.
He would win his 2nd (2014) and 3rd (2015) World Championships during the deal.
As a result, Mercedes signed Hamilton to a new 3-year deal worth over 100 million pounds or ~$130 Million. This was one of the richest deals in F1 history.
In 2017, Hamilton won his 4th World Championship in a dominant season. The circumstances in 2018 led to a final match for the ages.
Hamilton and rival Sebastian Vettel marked the first time that two four-time world champions would face off.
He would win his 5th championship and, during the year, signed a new two-year deal with Mercedes that paid him up to $55M/year.
Hamilton has cemented himself as one of the faces of Formula 1.
As a result, he’s signed some of the richest deals in F1 history. By 2020, he had earned well over $200 million over the course of his career.
In 2021, Hamilton announced a new one-year deal with Mercedes-Benz for their 9th season together. The deal is worth up to $55 Million.
Aside from his impressive F1 earnings, Hamilton has also been able to secure lucrative endorsement opportunities throughout his career.
Some of the brands he’s partnered with include Tommy Hilfiger, Bose, Petronas, and others.
Many of these brands pay Hamilton millions of dollars a year just to have their logo on his F1 racing attire.
Forbes has reported that Hamilton earns a minimum of $12 million per year from his endorsement partners.
Lewis Hamilton Net Worth 2023
As of May 2023, Lewis Hamilton has a net worth of $285 Million.
Hamilton consistently earns over $50 million/year from his Mercedes-Benz salary, performance bonuses, and partners. His earnings make him one of the highest-paid athletes in the world.
Hamilton’s consistent success on the track will continue to push his net worth upward in the years to come. As of this writing, Hamilton is the first and only black racer in Formula 1.
Hamilton has used his brand and global influence to encourage more sports diversity.
He has also spoken out in support of the Black Lives Matter movement and pro-environmental causes.
Frequently Asked Questions (FAQs)
Why did Lewis Hamilton change his name?
He revealed that he had decided to change his name to honor his 66-year-old mum Carmen Larbalestier.
Who is Lewis Hamilton’s GF?
Nicole Scherzinger is the most high-profile girlfriend of Hamilton’s to date.
Is Lewis Hamilton a vegan?
Hamilton, who ditched animal products from his diet around five years ago to join the growing number of vegan celebrities
Now that you know what the net worth of Lewis Hamilton is and how he built it, let’s take a look at some of the most important lessons we can take from his journey.
It Pays to Be First
Hamilton persevered to break barriers and become the first black racer in the history of Formula 1.
As a result, he’s become an ambassador for the sport and has increased his market value.
You should always gravitate towards opportunities where your brand and success will increase the value of you and your workplace.
In the case of F1, Hamilton increased the sport’s appeal globally.
Use Your Platform
Like other athletes, Hamilton has been able to use his voice and platform to spark change in the world.
You should always strive to be the change you want to see in others, and if you’re able to influence an entire sport, even better.
While his talent on the track allowed Hamilton to rise to stardom quickly, it wasn’t an easy path for him.
He reported dealing with racist abuse and being bullied as a kid in school.
Even though it had never been done, Hamilton believed in himself enough to break the racial barrier in F1.
His perseverance has paid off for him and his family and should motivate generations of future F1 racers.