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Michael Schumacher is a German former Formula One race car driver who has an estimated net worth of $600 million. Schumacher is the fifth highest-paid athlete of all time with earnings of $1 billion and the highest-paid driver ever. He was the highest-paid athlete in the world in 1999 with $49 million and in 2000 with $59 million, after Michael Jordan retired from basketball and until the golfer, Tiger Woods took his place in 2001. Schumacher and Woods dominated the top two spots until 2007, when the driver falls away. He dominated his sport while winning seven Formula One titles and is one of only six people that appeared on Forbes' list of highest-paid athletes every year since it began tracking athletes in 1990 until Schumacher’s retirement in 2012.
Schumacher was born on January 3, 1969 in Hürth, which at that time was part of West Germany, to Rolf Schumacher and his wife Elisabeth. He has a brother, Ralf, who also competed at Formula One. When Schumacher was four, his father put a small motorcycle engine in his pedal kart, and later he became the youngest member of a karting club. At the age of six, Schumacher won his first club tournament. He continued racing throughout his childhood and as a teenager, winning many kart championships in Germany and the rest of Europe.
Schumacher debuted in Formula One at the 1991 Belgian Grand Prix. He stood out noticeably in 1994 when he won six of seven races and obtained his first championship with Benetton. Next year, he won the tournament again. In 1996, he joined Ferrari, which hadn't been able to win a title for years, and Schumacher began winning races. He had a good performance during the rest of 1990s but wasn’t until the 2000s that he won his first championship with Ferrari. Thereafter, he won four more tournaments with that team, in 2001, 2002, 2003, and 2004. Schumacher announced his retirement in 2006 but came back in 2010 with Mercedes-Benz. He finished third at the 2012 European Grand Prix, becoming the oldest driver to achieve a podium. In addition to the record of seven Formula One titles, shared with Lewis Hamilton, at the time of his retirement Schumacher held the records for most wins (91), pole positions (68), and podium finishes (155), which have been overcome by Lewis Hamilton, while Schumacher maintains the records for the fastest laps (77) and the most races won in a single season (13), among others.
At his prime, he earned between $75 million and $80 million per year. At that time, he was paid $10 million per year by Shell to wear a hat with the company's logo. Before that, Deutsche Vermögensberatung had paid him $8 million over three years for wearing an advertisement on his post-race cap. According to Celebrity Net Worth, even when Schumacher stopped racing he received $50 million per year from endorsements alone, although it can be understood as excessive considering his earnings while competing. He had many endorsements throughout his career, such as Marlboro and Vodafone. The companies that currently endorse him are Deutsche Vermögensberatung (financial services advisor which has a seven-year deal with the driver for $3 million per year) and Mercedes-Benz.
Schumacher's health has been precarious since a skiing accident in December 2013 that left him with brain injuries. He was in an induced coma until June 2014, when he started his rehabilitation. In September 2014, he came back to his home to receive treatment privately. Not much information has been released regarding his life since.
Schumacher and his wife, Corinna Betsch, with whom is married since August 1995 and has a daughter (Gina-Marie, 1997) and a son (Mick, 1999, also a Formula One pilot), own several properties that include their main residence, a 7,000 square-foot mansion near the city of Gland, Switzerland, with a private beach on the Lake Geneva, which is shared between France and Switzerland and overlooked by the Alps. Besides, the couple owns a private island off the coast of the United Arab Emirates. They also own a horse ranch in Gordonville, Texas, United States, and the Michel Schumacher Kart & Event Center, which allows them to partially pay for the treatments Schumacher undergoes. In 2015, Schumacher’s wife sold their $34 million private jet and their holiday home in Norway. In 2018, Betsch bought a 160,000 square-foot property in Andratx, Majorca, Spain for $47 million. They also have a $2.1 million custom Ferrari FXX.
Sources: Forbes, Topendsports.com, Celebrity Net Worth, Auto123, Drivetribe, Mirror, Gladstone Observer
This article was updated on March 25th, 2021 by Andres Taurian
Earnings & Financial Data
Date |
Category |
Description |
Amount |
---|---|---|---|
2020 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2019 |
Asset |
160,000 square-foot property in Andratx, Majorca, Spain |
$47,000,000 |
2019 |
Asset |
Ferrari FXX |
$2,100,000 |
2019 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2018 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2017 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2016 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2015 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2014 |
Sale of Asset |
private jet |
$34,000,000 |
2014 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2013 |
Contract |
His earning for this year was of at least $3 million due to a contract with Deutsche Vermögensberatung |
$3,000,000 |
2012 |
Earnings |
Sponsorships and endorsements |
$10,000,000 |
2012 |
Salary |
Salary with Mercedes-Benz |
$20,000,000 |
2011 |
Earnings |
Salary with Mercedes-Benz and endorsements |
$34,000,000 |
2009 |
Earnings |
Sponsorships and endorsements |
$14,800,000 |
2009 |
Salary |
Salary with Mercedes-Benz |
$34,500,000 |
2007 |
Earnings |
$36,000,000 |
|
2006 |
Earnings |
Salary with Ferrari and endorsements |
$58,000,000 |
2005 |
Earnings |
Salary with Ferrari and endorsements |
$60,000,000 |
2004 |
Earnings |
Salary with Ferrari and endorsements |
$80,000,000 |
2003 |
Earnings |
Salary with Ferrari and endorsements |
$75,000,000 |
2002 |
Earnings |
Salary with Ferrari and endorsements |
$67,000,000 |
2000 |
Earnings |
Salary with Ferrari and endorsements |
$59,000,000 |
1999 |
Earnings |
Salary with Ferrari and endorsements |
$49,000,000 |
1998 |
Contract |
Salary with Ferrari and endorsements |
$38,000 |
1997 |
Earnings |
Salary with Ferrari and endorsements |
$35,000 |
1996 |
Earnings |
Salary with Ferrari and endorsements |
$33,000,000 |
1995 |
Earnings |
Salary with Benetton and endorsements |
$15,000,000 |