What Is F1 Legend Michael Schumacher's Net Worth Now? (2024)

Michael Schumacher's net worth

Michael Schumacher, the German Formula One driver, built a net worth estimated at $600 million, per Celebrity Net Worth. His journey into racing kicked off at a young age, earning him the title of the most accomplished Formula One driver to date. Between 1991 and 2006, he raced with Jordan, Benetton, and Ferrari. However, in December 2013, tragedy struck him during a skiing mishap, resulting in lasting damage to his brain.

Michael Schumacher's sources of income

Formula One breakthrough & dominance

In 1991, Michael Schumacher kicked off his Formula One journey at the Belgian Grand Prix. His breakthrough came in 1994 clinching victory in six out of seven races. Joining the Scuderia Ferrari S.P.A racing team in 1996 marked a turning point for the struggling squad, with Michael swiftly catapulting them to success.

In 1999, Schumacher secured the coveted Constructors title, solidifying his impact on Ferrari. The late '90s set the stage for a remarkable decade starting around 2000, during which Schumacher etched his name in racing history by claiming more championships than any other driver. His remarkable seven Formula One World Driver's Championships came in 1994, 1995, 2000, 2001, 2002, 2003, and 2004.

His victories continued at iconic races like the Italian and Japanese Grands Prix in 2000. However, by 2005, his success started to slow down, leading to his retirement announcement in 2006. A surprise comeback with Mercedes GP in 2010 saw notable achievements including the fastest qualifying time at the 2012 Monaco Grand Prix and a third-place finish at the 2012 European Grand Prix. Schumacher became the oldest driver to step on the podium since Jack Brabham in 1970.

Consistently highest paid athlete

Michael Schumacher is one of the richest athletes ever, making over $1 billion in his career. He is the fifth highest-earning athlete behind Jack Nicklaus, Arnold Palmer, Tiger Woods and Michael Jordan. Even when he wasn't racing, he earned $50 million from endorsem*nts alone.

In his best years, Shell paid him $10 million annually just to wear their logo at public events. At his peak, he made $80-100 million a year, making him the highest-paid athlete globally. He's been on Forbes' highest-paid athletes list every year since they started tracking in 1990.

Philanthropic endeavors

During his racing days, Schumacher anonymously gave away a lot of money, possibly tens or even hundreds of millions, to help charities worldwide. In his last five years of racing, he gave $50 million to UNESCO, and over the years, he has donated a total of 1.5 million euros to the same cause.

Apart from UNESCO, he built a school in Dakar, Senegal, for kids who needed it and supported a hospital for children affected by war in Sarajevo. He also donated $5-10 million to the Clinton Foundation. In 2003, he became an Ambassador-at-Large for the Most Serene Republic of San Marino. In 2004, he donated $10 million to help the victims of the Indian Ocean earthquake, a cause that hit him personally as he lost his bodyguard and the bodyguard's two sons in the disaster. In Lima, Peru, he helped fund the Palace for the Poor, a charity that takes care of homeless kids by providing education, food, clothes, and shelter.

Michael Schumacher's real estate

Michael Schumacher and his wife Corinna have an impressive real estate collection worldwide. When his accident occurred, their main home was a mansion by Lake Geneva in Switzerland. Their love for horses led them to own a ranch in Texas. In 2018, Corinna purchased a remarkable $40 million property in Majorca, Spain, covering an expansive 160,000 square feet.

Michael Schumacher's personal life

Michael Schumacher got married to Corinna Betsch in August 1995. They have two kids, Gina-Marie (born 1997) and Mick (born 1999). Schumacher is pretty private about his personal life. Mick, his son, made headlines in 2019 for becoming part of the Ferrari Driver Academy. Before his accident, Schumacher liked horse riding and played football for a local team called FC Echichens before the accident.

Ski accident

Michael Schumacher's career came to a sudden halt after a skiing accident in December 2013. While skiing with his son Mick in the French Alps, he fell and hit his head on a rock. Even though he was wearing a helmet, he sustain a brain injury. Doctors say the helmet probably saved his life. After spending six months in a coma, he woke up in June 2014. He continued his recovery in Switzerland until he was brought home in September 2014. By November 2014, reports said he was paralyzed and in a wheelchair, facing difficulty speaking and memory loss. In September 2019, he went to Paris for a special stem cell treatment in hopes of getting better.

FAQs

Can Michael Schumacher fully recover?

Brain surgeon Erich Riederer believes the seven-time world champion may never fully recover from the accident.

When was the last race of Michael Schumacher?

Michael Schumacher's last race was the 2012 Brazilian Grand Prix.

Is Schumacher in coma?

Schumacher is no longer in a coma.