The Mercedes driver clocked in with an estimated $38M salary and $8m in endorsements, thanks mainly to L'Oreal, Monster Beverages and Bombardier.
Ham's revenue is still a far cry however from the earnings enjoyed by the man who heads the list, football player Cristiano Ronaldo who rakes in a $58M retainer from Real Madrid and a lavish $35M in endorsements.
Hamilton has two of his F1 colleagues on the Forbes list, with Ferrari's Sebastian Vettel sitting 14th and Fernando Alonso climbing to 20th.
Vettel's $38M salary at the Scuderia equals Hamilton's retainer at Mercedes, but the German earned just a measly $500,000 in endorsements last year.
Vettel is actually at the bottom of the endorsements list when looking at the top-30 athletes.
At the other end of the spectrum, tennis player Roger Federer comfortably leads the field with a gigantic $58M in personal sponsorship deals