Lewis Hamilton is Formula One's richest and most dominant driver - here's how he makes and spends his millions

• Lewis Hamilton is the biggest star in F1 and takes home $62 million a year from his Mercedes contract.
• He is one of the best drivers of all time, tied with Michael Schumacher on a record seven world titles.
• Hamilton lives in Monaco and has sponsorship deals with Tommy Hilfiger, Monster Energy and Puma.

Lewis Hamilton is the king of Formula One. Since he burst onto the scene in 2007 with McLaren, winning his first of a record-equaling seven world titles a year later, no man has had a bigger impact on the sport, both on and off the track.

A then-controversial move to relative unknowns Mercedes in 2013 allowed Hamilton to assert his dominance. Since 2014, only one man not named Lewis Hamilton has won the sport's top honor, and the Brit is one of two drivers in contention for the 2021 crown.

He is also not reserved when it comes to speaking his mind. As the only Black driver in F1 history, he has used his voice to promote equality and has campaigned for other issues such as LGTBQ+ equality and environmental concerns.

Hamilton's success on the track has also earned him millions, making him not just the best-paid driver in F1, but the eighth best-paid athlete in the world.

So how has he made his money? And what does he spend it on? Keep reading to find out.

Hamilton is the biggest star in Formula One and the best paid one.

Hamilton is the star of F1. The Brit has been racing since 2007.      Bryn Lennon - Formula 1/Formula 1 via Getty Images

He signed a new deal with his current employers, Mercedes, in July which Forbes projects will earn the British star $62 million in 2021.

He earns far more than any of the other drivers on the grid.

Hamilton is the eighth best paid athlete in the world while UFC star Conor McGregor tops the list      Karwai Tang/WireImage

He is paid $20 million more than his closest rival, Max Verstappen, and is the eighth best-paid athlete in the world, earning $82 million in 2020.

$12 million of Hamilton's annual income comes off the track through a variety of sponsors.

The Mercedes team merchandise is also designed by Tommy Hilfiger      John Keeble/Getty Images

He has lucrative deals with Tommy Hilfiger, Monster Energy, Puma, IWC, Sony, Bose, Bell Helmets, MV Augusta Motorcycles, Petronas and Gran Turismo Sport.

When he's not driving, Hamilton can relax and unwind in one of his four reported properties.

Hamilton owns an apartment in New York      Bryn Lennon/Getty Images and Gary Hershorn/Getty Images

According to the Sun, Hamilton owns a $43 million New York penthouse, a $24 million London mansion, and houses in Geneva and the racing drivers' favorite, Monte Carlo.

He also used to own a £16.5 million ($22.5 million) private jet, but sold it in 2019.

Twitter/Lewis Hamilton

In 2017, the Paradise Papers revealed that Hamilton avoided paying tax on the purchase by using companies in the British Virgin Islands (BVI), the Isle of Man, and Guernsey in order to get £3.3 million ($4.5 million) in VAT returned to him.

Hamilton is into his fashion, and often pictured arriving to the track in an array of designer clothing.

Hamilton is known for his outfit choices on the way to the track      Bryn Lennon/Getty Images and Lars Baron/Getty Images

Hamilton is a proud advocate for causes he believes in and has shown he is willing to put his money where his mouth is.

Getty/NurPhoto

In July, he pledged £20 million ($27.47 million) to a charity called Project 44, which aims to empower young people from under-represented groups in the UK.

He is also a passionate dog owner and takes his dog, Roscoe, with him to the track for most races.

Roscoe joined Hamilton for celebrations when he won his seventh drivers' championship      Clive Mason/Getty Images

Owning a dog is not cheap but that price rises significantly when he is jetsetting with you around the world.

Roscoe, Hamilton's British Bulldog, has been pictured alongside his owner in many F1 paddocks over the years.