The billion dollar Tiger: Woods is first sportsman to hit ten-digit earnings

Tiger WoodsTiger Woods has become the first billionaire sportsman, it was claimed yesterday.

The 34-year-old American golfer is said to have smashed the $1billion barrier - about £620million - thanks to sponsorship and golf course design contracts as well as his sporting success.

U.S. magazine Forbes said Woods reached the milestone with a $10million (£6.2m) bonus for winning the recent FedEx Cup.

By the beginning of 2009 his career earnings had stood at about $900million (£558m), but he is estimated to have made another $100million (£62m) so far this year.

Woods became the world's best paid sportsman in 2002 when he overtook Formula 1's Michael SchumacherMichael Schumacher, but since diversifying into golf course design his annual earnings have ballooned.

He has three courses under development and is being paid a reported $10million (£6.2m) a time.

Even more important are his earnings from his long-term partnership with the sportswear giant Nike.

Sales of Woods-branded golf products have reached more than $800million (£500m) a year.

For adding his name to them Woods is paid upwards of £20million a year.

Incredibly he has only been a professional for 13 years. Having recovered from career-saving knee surgery, he believes he has at least ten years of competitive golf left in him.

His earning potential was not discernibly harmed by the eight-month break he took after his U.S. Open win last June.

Despite being off the course for six months, he still managed to earn more than $100million in 2008, the third year in a row in which he earned a nine-figure sum.

He has continued to earn at an even higher rate this year despite initially being out of action.

With a lifetime of potential in designing courses, there may be more billions to come.

Fellow U.S. golfer Boo WeekleyBoo Weekley, who gave up being a factory worker to earn £3million in his first three years as a professional, says Woods's youthful, wholesome and attractive image is behind his financial success.

He said: 'If it wasn't for Tiger, there ain't no one could dream of winning that sort of money in a lifetime, never mind a few years.

'He started the whole cash explosion thing in golf and if anyone is worth a billion then it's sure got to be him.

'He's the reason there's so much money in the game and he's helping to make us all rich men.'

Woods himself insists it is not greed for money but lust for glory that drives him on.

Where the money comes from

Woods has earned total prize money on the golf course of around $100million (£62m) - averaging about $ 8million (£5m) a year.

Playing in specially staged tournaments such as those in the Arab Emirates or Shanghai can earn him $3million (almost £2m) for just a few days' work.

'Tiger Woods' branded courses are earning him a total of $ 30million (£18.6m), while companies seeking a high profile wholesome and successful image for their products have long been throwing money at him.

Nike pay him some $30million a year (£20million); Accenture management consultants pay $20million (£12m); Gilette shaving products pay $15million (£8m).

Gatorade sports drinks pay $10million (£6m); Electronic Arts video games pay $8million (£5m); and Tag Heuer watches pay $5million (£3m).