It has been reported that young F1 star Lewis Hamilton has signed a new five year deal with McLaren worth £70 million. If these figures are correct, it shows a huge pay rise for the 23 year old – in his rookie season, it is believed he earnt around £350,000.

His new pay deal would see him taking home £13.7 million a year until 2012, plus personal sponsorship deals. It appears that moving to Switzerland was a good idea for the youngster – had he stayed in his home town of Stevenage, he would be hit with a massive £28 million tax bill from the UK government.

However, Hamilton’s wage bill is still dwarfed by that of Kimi Raikkonen who is believed to be paid around $51 million (£25 million) by Ferrari each season. But then again, the 28 year-old Finn, is the reigning World Champion…

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