Lewis Hamilton confirmed he will “definitely stay” with Mercedes when he renews his contract with the team he won six Formula 1 titles with, but now the question is: will it be worth $55-million per year that he has been accustomed to
For several years. Hamilton was the highest-paid F1 driver, but in 2022 Max Verstappen banked more than the Briton, the Dutch ace powering to his second world title and a cool $60-million according to Forbes.
Notably, at 25 years of age, Verstappen’s career is on a sharp rise and those earnings are likely to be upwardly mobile for some years to come; In contrast, Hamilton at 37, has arguably plateaued, begging the question: will Mercedes pay him the $55-million salary in 2023 and beyond?
Hamilton is adamant he will stay on with Mercedes and said as much recently when asked when a new deal would be inked: “It won’t be a very long time now, but I will definitely stay.”
He added in a separate interview: “I’ve had a pretty amazing 15 years, I am just living in gratitude. In 20 years’ time, I am not going to be whining about whether or not I won a race every single year. I will be thinking of the championships.
“I will be looking back and thinking how fortunate I was to work with great people, the success we had, the trials and tribulations. Those are the things I will be looking back on and I will not be whining about whether or not I won one race every season, or being the youngest. All these records will have zero meaning to me.
“It is more the journey, the times with the great people, the great friendships I have made, and the values that I have tried to stick to,” said Hamilton of his Mercedes team, he joined in 2013 after starting his F1 journey with McLaren, where he won his first world title in 2008.
Hamilton banked $55 million in 2022, teammate Russell took home $10 million
Replacing Michael Schumacher at Mercedes, Hamilton was paid $20-million which tied Fernando Alonso’s for the highest paid drivers on the grid that year. Since then, with six more titles to his CV, the Briton is now on $55 million per year.
This compares to his teammate George Russell who earned a fifth of that, $10-million to be precise, in his first year with the team, beating Hamilton in the F1 drivers’ championship standings and won one race, which Lewis failed to do for the first time in 2007, namely victory every year he has been in F1.
It won’t take an astute bean-counter at Merc to ask the question: Considering the value George brings to the team, does Lewis deserve to remain the 55-million-dollar-year-man?
Mercedes boss Toto Wolff is adamant the partnership will continue and said more than once: “Lewis is part of the team and the team is part of Lewis. There is no reason not to continue. I think one of his strengths is that he is always hungry, he is always eager.
“He is a great sportsman but he is also someone who is extremely driven and determined,” the Austrian maintained, assuming of course his salary stays the same.
Lewis: I feel like I can take the team to more championships
Of course, Hamilton’s thoughts on his future are bullish and told reporters in October: “I’m planning to do a multi-year deal with my team. I really don’t know what the next five years [hold] but I think we’re still trying to work on that. There are a lot of great things that are being put in place.
“It’s been lingering around, this whole narrative of me winding towards the end of my career. I’m sure for all of you, in your careers and your jobs, you probably have to analyze what’s next? Is there somewhere else you want to go? Is there somewhere higher you want to be? Is there room for growth in that role?
“I’m just in a happy place in my life, a lot more grounded. I’ve got my home that I get to spend time in, in the UK, when I come to see the team for example, and the family come down. So, it’s just a lot better set-up all around, and I feel like I can take the team to more championships,” Hamilton concluded.
Both Wolff and Hamilton have used the “decision in winter” deadline, which means anything between now and April when the northern hemisphere starts to thaw; in other words expect news when you see it, until then one has to wonder if money (or reduction thereof) will be s haggling point.
The top ten earners in F1 this past 2022 season:
- Max Verstappen: Salary $40-million plus $20-million bonus, totaling $60-million;
- Lewis Hamilton: Salary totaling $55 million;
- Fernando Alonso: Salary totaling $30-million;
- Sergio Perez: Salary $10-million plus $16-million bonus, totaling $26-million;
- Charles Leclerc: Salary $12 million plus $11 million bonus, totaling $23 million;
- Sebastian Vettel: Salary: $15-million plus $2-million bonus, totaling $17-million;
- Daniel Ricciardo: Salary: $15 million plus $2 million bonus, total $17 million;
- Carlos Sainz: Salary: $8-million plus $7-million, totaling $15-million;
- Lando Norris: Salary: $5 million plus $6 million bonus, $11 million;
- George Russell: Salary: $3 million, $7 million bonus, totaling $10 million.
Forbes F1 Driver Earnings Methodology Overview
With few Formula 1 driver salaries publicly available, Forbes generated its on-track compensation estimates in collaboration with the data firm Formula Money. The estimates are based on financial documents, legal filings and press leaks as well as conversations with industry insiders and are rounded to the nearest million.
Drivers typically receive a base salary plus bonuses for points scored or for race or championship wins. Off-track compensation, including endorsements, is not included in this ranking. Forbes does not deduct for taxes or agents’ fees.
