American open-wheel racing is a male-dominated sport but a few women have competed in it over the years. However, none of them have matched the success of Danica Patrick, regarded as the most successful woman in the history of the sport. In over two decades in the game, she recorded victories that many believed was out of the reach of women. Thus, it is no surprise that this reputation and accomplishments have helped Danica Patrick to an enviable net worth of $60 million.
We take a look at the individual factors that contributed to Danica Patrick’s net worth. Check it out below.
How Danica Patrick Achieved her Net Worth
People transforming their hobbies into mega sources of income is a story that has defined some of the wealthiest people on the planet, and Danica Patrick is not exempt. She started life as a racer by racing go-karts. Fun, sweet family time for many became the foundations of international success for Danica, and the setup for a life with a net worth of $60 million.
From her go-karting years to retiring after more than two decades as a pro-racer, three things have been responsible for her wealth – her salary as a racer, sponsorship and endorsement deals, as well as business investments.
Her Salary as a Racer
Unlike other sports like the NBA or the NFL, where salaries are a part of the mainstream conversation, the story is a little different when it comes to professional car racing.
We know that at the twilight of her career, Danica Patrick was earning as much as $6.4 million in salary, a figure that made her one of the highest-paid racers in NASCAR. In addition to her salary which she earned regardless of where she finished in her races, she also gets money via her winnings. In 2011, at the peak of her career, Danica Patrick earned as much as $12 million in salary.
According to the public information about average NASCAR winnings, race winners can make up to $1 million for winning a race, with other positions earning marginally lower down to the finish list. Considering Danica Patrick regularly finished among the best throughout her career, there is no doubt that she racked in millions each year in winnings, outside of her standard salary.
Throughout her career, she competed in various open-wheel racing competitions, such as the NASCAR Cup Series, the NASCAR Xfinity Series, and the IndyCar Series. She achieved the record of becoming the first woman to win a Cup Series, one among many other records in her racing career.
Aside from her salary and winnings as a racer, Danica Patrick further earned her $60 million net worth via endorsement and sponsorship deals. Open Wheel Racing, while popular, does not compare to the popularity and financial clout of the NFL or NBA.
As a result, drivers tend to have sponsors who pay to advertise on their uniform and their car. During her career, Danica Patrick had several sponsors, like Ford, Premium Motorsports, Chevrolet, Coca-Cola, Go Daddy, Nationwide Insurance, Peak Antifreeze, and several others.
It is unknown how much she made from each endorsement and sponsorships. However, in the twilight of her career, she still earned up to $6.5 million in licensing and endorsements, according to Forbes Magazine.
If she could pull up to $6.5 million in 2018, when she was partly retired from the sport, one imagines she earned a lot more when she was still an active and full-time competitor in the sport.
While she no longer has racing uniforms and cars to earn from for endorsement deals, her transition into a media personality keeps the endorsement income coming. She currently makes up to $5 million per year in endorsements.
She works as an actress, podcast host, model and has modeled for magazines like Sports Illustrated, FHM, ESPN: The Magazine.
Lastly, and perhaps the most significant contributor to her net worth since she retired from open-wheel racing is Danica Patrick’s business investments.
Her $60 million net worth is maintained and grown with investments such as her wine vineyard, Somnium, which produces Somnium Wine. She also has a clothing collection designed for athleisure, Warrior by Danica Patrick.
This, combined with her earnings from a long and successful career, as well as income from lucrative sponsorship and endorsement deals, is how Danica Patrick achieved her $60 million net worth.