There are few things more insufferable than celebrities talking about financial injustice. And there may be no more insufferable version of that all-too-familiar pattern than legendary Formula 1 driver Lewis Hamilton.
Hamilton is a seven-time world champion. He’s one of the most famous racing drivers in the world, and has achieved such status that when he moved to the Ferrari F1 team from Mercedes, Ferrari’s stock price actually went up significantly.
As you’d expect, he’s also an extremely wealthy man. Estimates on his net worth vary, with some putting it at around $450 million, and others suggesting it’s as high as $580 million. Taking a somewhat conservative middle ground, we can estimate it at around $500 million.
He’s also being paid an exorbitant salary to race for Ferrari. Most estimates place his earnings, just from the racetrack, at around $60-80 million. $70 million being a reasonable middle ground. But as one of the most marketable athletes in sport, particularly in Europe, it’s estimated that he brings in well over $100 million per year when accounting for off-track income.
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Hamilton is also dating Kim Kardashian. The Kardashian family needs no introduction, but Kim’s net worth in particular has soared in recent years, with some saying she’s worth nearly $2 billion. Thanks in part to the success of her Skims clothing line.
Why is this relevant? Well, because in a resurfaced interview Lewis Hamilton, who again, is worth $500 million and dating a woman worth $2 billion, said there should be limits on what people can earn and how much money they have. Seriously.
‘If you could create one law that everyone in the world had to follow,” asked British author Jay Shetty, “What would it be?”
“One of the things that I struggle with every day, and it’s just how life is, and it’s been this way for thousands of years, is that there is such a disparity between the wealthy and the poor,” he responded. “When you drive around LA there’s still so many people living on the streets.
“You shouldn’t be able to have billions, right, I think there should be a limit to how much you can have because there’s enough to go around to everyone. So, somehow create a law that creates more equality and equal access for everyone.”
“Shouldn’t be able to have billions,” says Lewis Hamilton. Then starts a relationship with billionaire Kim Kardashian. “Should be a limit to how much you can have,” is worth about $500 million himself.
The absurdity doesn’t end there. Hamilton himself has engaged in behavior designed specifically to avoid as much of “his” money going to the government for the types of redistributive wealth he praises. Hamilton moved to Geneva, Switzerland, as far back as 2007 to avoid some UK taxes. He’s since added a home in Monaco, which famously does not collect personal income taxes, capital gains taxes or wealth or property taxes.
If he wants money from the rich to be given to the poor for “equality,” why does he not simply move back to the UK and pay the 60% marginal tax rates on all his income, instead of just some of it?
In 2017, Hamilton famously avoided paying 3.3 million pounds in UK value-added taxes when he bought his private jet for around $17 million. Why work so hard to avoid paying taxes when you want to redistribute money to the poor?
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His official website links to a drink company called “Almave.” Why is Hamilton, who’s already extremely wealthy, trying to increase his wealth with more new businesses? He’s now a part owner of the Denver Broncos. Why spend the money to buy a portion of an NFL team for $4.65 billion, instead of using that money to end homelessness and lift people out of poverty? He has a lifestyle apparel brand called +44, holds equity in TMRW Sports founded by Rory McIlroy and Tiger Woods. He has a film and television production company. He’s an investor in a “plant-based” burger company. Why spend money trying to grow his wealth when he could give it away instead?
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And again, he’s also now dating a billionaire, while bringing in around $100 million per year in earnings.
This is the issue with celebrity lectures. If that’s what the market says Hamilton is worth as a driver and spokesman, great, that’s how capitalism works. He should be able to buy a private jet and date whomever he wants, and it’s rational for him to leave the UK for Monaco to avoid taxes. But then don’t lecture anyone about the need for equality and the redistribution of wealth if you aren’t willing to follow through on what you say you believe.
Did he tell Kim that he believes she shouldn’t be allowed to have the money she has? Did he ask her to give her billions to the homeless in LA? Of course not.
Hamilton doesn’t actually care about these issues, he cares about getting praise from the “right” audience. Patting himself on the back for being such a wonderful, kind person. While not following through on the beliefs he claims to hold. Just like all the other celebrities.
