That was $6m more than golf sensation Tiger Woods, who won three of the four major golf championships last year.
Woods made $9 million on the PGA Tour while his endorsements stretch his income to $53m.
Schumacher earns an estimated $35m from Ferrari while the German star is believed to net $50m in endorsements.
Heavyweight boxer Mike Tyson, who won three fights last year, is third with $48m. Almost half of that came from a $20m settlement of a conflict-of-interest lawsuit.
He was followed by retired former Chicago Bulls star Michael Jordan with $37m. His IMAX film grossed $15m in the United States.
Orlando Magic basketball star Grant Hill, who has missed almost all of the National Basketball Association season because of injury, is fifth at $26m.
Racing driver Dale Earnhardt, who was killed two weeks ago in the Daytona 500, came in sixth with $24.5m.
Completing the top 10 were Shaquille O'Neal of the Los Angeles Lakers basketball team ($24m); boxers Lennox Lewis and Oscar de la Hoya ($23m each); and Kevin Garnett of the Minnesota Timberwolves ($21m).
The top woman on the list is tennis star Martina Hingis of Switzerland, 22nd with $11m.
TOP TEN LIST
1 Michael Schumacher, F1, US$59m
2 Tiger Woods, golf, $53m
3 Mike Tyson, boxing, $48m
4 Michael Jordan, basketball, $37m
5 Grant Hill, basketball, $26m
6 Dale Earnhardt, Nascar, $24.5m
7 Shaquille O'Neal, basketball, $24m
8 Lennox Lewis, boxing, $23m
8 Oscar de la Hoya, boxing, $23m
10 Kevin Garnett, basketball, $21m
Formula One champion Michael Schumacher heads the American Forbes Magazine's list of the highest paid athletes for the year 2000 with US$59m in earnings.
