The German racing ace has accrued $810.7 million over the journey, missing out on the top spot to Tiger Woods' $856 million.
The scale of the duo's earnings are put into some perspective when compared with the takings of other highly successful sportspeople like Michael Jordan ($508.2m), Roger Federer ($311.3m) and David Beckham ($254m).
Other Formula One counterparts of Schumacher had varied results with two other World Champions, Ferrari's Fernando Alonso and Lotus driver Kimi Raikkonen, netting around $158.6 million each, ahead of British McLaren teammates Lewis Hamilton ($87.7m) and Jenson Button ($83.7 m).
Former drivers like David Coulthard and Nigel Mansell both totalled $78.8 million, more than Sir Jackie Stewart's $66 million.
All in the racing fraternity pale into insignificance though when Formula One boss Bernie Ecclestone enters the fray with his estimated $3.9 billion.
Despite the seemingly significant figure, Ecclestone didn't even make it onto the overall world's richest list, which sounds odd until you take into account the world's top earner, Mexican businessman and Sauber investor Carlos Slim, and his $70 billion tally – that's a lot of pesos.