Formula 1

F1 driver salaries

Published

5 months ago

04/01/2023

What is the worth of F1 driver salaries in 2022, including the compensation of racers like Lewis Hamilton, Max Verstappen and Lando Norris?

What are the salaries of Formula 1 drivers, including Lewis Hamilton, Max Verstappen, and Lando Norris?

It is widely known that Formula 1 is a lucrative sport, with many of the largest automobile brands competing and securing lucrative brand deals. This results in substantial financial investments in the top tier of racing. This financial investment is reflected in the salaries of Formula 1 drivers.

Only 20 drivers make it to the top of motorsport and are considered the elite among drivers. Despite the quality of a vehicle’s mechanics, it is the driver who truly has the greatest impact on a race’s outcome.

And this is why they receive high salaries. But what is the exact income of Formula 1 drivers? This article will examine the estimated earnings of F1 drivers, the sources of their income, and the wealthiest drivers in the sport’s history.

Lewis Hamilton and Max Verstappen are the top-earning Formula 1 drivers, but what are the reported salaries of the rest of the racers on the grid?

The salaries of all F1 drivers

Lewis Hamilton (Mercedes) – £33.1 million ($40 million)

It comes as no surprise that Lewis Hamilton holds the highest salary in Formula 1, having signed a two-year contract with Mercedes in July that will last until the end of 2023.

This salary does not include the income from his numerous endorsement deals.

Max Verstappen (Red Bull) – £29m ($35m)

Earlier this year, Max Verstappen solidified his commitment to Red Bull by signing the longest Formula 1 contract on the grid, a five-year extension.

Max Verstappen was awarded a highly profitable contract, one of the most lucrative in Formula 1 history, after winning the 2021 F1 championship. This five-year deal will keep Verstappen with Red Bull until 2028.

This places Verstappen, at 24 years old, in the same salary range as Lewis Hamilton.

Fernando Alonso (Alpine) – £16.5m ($20m)
The two-time world champion was in his last year with Alpine before moving to Aston Martin for 2023.

Sebastian Vettel (Aston Martin) – £12.4m ($15m)
In his final season in Formula 1, the four-time world champion received a substantial salary, ranking as the joint fourth-highest earner. He plans to retire after the conclusion of the 2022 season.

Daniel Ricciardo (McLaren) – £12.4m ($15m)
The experienced Australian is a joint fourth-highest earner but his contract with McLaren has been terminated ahead of schedule and he will not be racing in 2023.

Lando Norris (McLaren) – £12.4m ($15m)

The highly regarded British young driver signed a long-term contract with McLaren and is considered one of the brightest prospects in the sport.

Charles Leclerc (Ferrari) – £9.9m ($12m)
After a successful first season at Maranello, the Monegasque driver was awarded a new five-year contract with the Italian team. He replaced Kimi Raikkonen in 2019 and outperformed his then-teammate, Vettel.

Carlos Sainz (Ferrari) – £8.2m ($10m)
In April, it was announced that Carlos Sainz had signed a new two-year contract with Ferrari until 2024 in recognition of his strong first season with the team and his highly regarded partnership with Leclerc. The 27-year-old now has a contract of the same length as his teammate.

Valtteri Bottas (Alfa Romeo) – £8.2m ($10m)
After leaving Mercedes, Bottas signed a multi-year contract to become the lead driver for Alfa Romeo.

Sergio Perez (Red Bull) – £8.2m ($10m)
After winning the 2022 Monaco Grand Prix, Verstappen’s teammate extended his contract to stay with Red Bull.

George Russell (Mercedes) £4.1m ($5m)
Russell’s first season at Mercedes resulted in a significant pay increase compared to his time at Williams. This amount will continue to rise if he is able to fulfill his potential in the future.

Esteban Ocon (Alpine) £4.1m ($5m)
Race winner Ocon earned $15 million less than his Alpine teammate, two-time world champion Alonso.

Pierre Gasly (AlphaTauri) £4.1m ($5m)
As the leader of the AlphaTauri team, Pierre Gasly received a $5 million salary. It is rumored to increase to $15 million annually when he transitions to Alpine.

Kevin Magnussen (Haas) £4.1m ($5m)
It was reported that Magnussen earned $5 million as salary when he returned to Formula 1 with Haas in 2022.

Zhou Guanyu (Alfa Romeo) £828.5k ($1m)
The only first-year driver in F1 in 2022 received a salary of $1 million while driving for Alfa Romeo, which is equal to that of Schumacher and Latifi.

Schumacher (Haas) £828.5k ($1m)
Latifi (Williams) £828.5k ($1m)
Tsunoda (AlphaTauri) £621.5k ($750k)

Tsunoda received the smallest amount of any F1 driver in the 2022 season, earning a salary in the six-figure range.

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