Make no mistake Formula 1 is an expensive sport, even with a recent budget cap of $145 million, teams still have to find extra funds to pay the best drivers in the world some of the highest salaries among all sports stars.
Big salaries are relatively new, before the dominance of Michael Schumacher, Ferrari and Ross Brawn, drivers usually topped up their salaries with private sponsors. While this still happens today, the highest paid drivers earn ridiculous salaries in the tens of millions, more if they have a performance clause delivering “per race” bonuses. At his prime, Schumacher earned a reported salary of $30 million, barely half of the current biggest earners on the grid
Aside from race weekend, drivers do at least earn their money, team sponsors constantly wanting their big ticket investment to show up for publicity events, it’s not all driving fast cars.
10 Max Verstappen – $55 million (= 27,638,190 cans of Red Bull)
The inevitable finally happened in 2021, Max Verstappen and Red Bull Racing finally topped Mercedes run of dominance that had been in place since the modern turbo-hyrbrid era began. The RB16B powered Verstappen to 10 victories, securing the title in somewhat objectionable conditions at the season ending finale, engine supplier Honda going out in style.
The elusive no. 1 now adorns the nose of Verstappen’s 2022 challenger, success bringing a fresh level of intensity and pressure, and naturally a bigger pay check. Red Bull digging deep, to the tune of $55 million, securing Max’s talents through to 2028.
9 Lewis Hamilton – $40 million (= 14 Mercedes-AMG One’)
Statistically, the greatest Formula 1 driver ever, with a tally of race wins exceeding 100 and a record-equaling 7 driver’s titles, Lewis Hamilton, for the best part of the last decade, has been the benchmark all drivers aspire to. However, 2022 hasn’t gotten off to a great start, new regulations and a radical pod-less design has caused both Mercedes and Hamilton some sleepless nights.
Up until last season, and the loss of the driver’s title to Max Verstappen, Hamilton was the highest paid driver banking an impressive salary of $40 million, no doubt backed by a host of personal sponsorship deals.
8th Fernando Alonso – $20 million (= 234 Alpine A110s)
Fernando Alonso, at 40 years of age, takes over as Formula 1’s oldest current driver, having started his career at Minardi/Renault in 2001, switching teams and even racing series before making a comeback in 2021 with the rebranded Renault/Alpine team. Too old? Not a chance, even his rivals in the pit lane refuse to write off the former double world champion given the right machinery.
Even before the 2021 season kicked off, the Spaniard proved in pre-season testing he had lost none of his speed, ending the four-day session on top. A combination of mistimed team changes and uncompetitive machinery robbed Alonso of further title success, at $20 million a season until 2022, Alonso is one of the best value drivers on the grid.
7 Sebastian Vettel – $15 million (= 4 valkyries)
Unceremoniously dumped by Ferrari and looking to be off the grid in 2021, Sebastian Vettel landed a seat with the upcoming rebranded Aston Martin Racing. A growing team with big ambitions to climb the pecking order was enough to lure Vettel to Silverstone on a multiyear deal worth $15 million per season.
Regulatory chassis changes played a huge part in the 2021 season, Mercedes and Aston Martin initially coming off worse due to their low rake designs. By mid-season AMR looked to be bouncing back, Vettel claiming two second place finishes and a haul of 43 points, finishing 12th overall.
6 Daniel Ricciardo – $15 million (= 39 x 765LTs)
King of the late brakers, Daniel Ricciardo’s last-in first-out style of driving has contributed to the “honey badger’s” haul of 8 career wins, the last of which unexpectedly coming at Monza in 2021 with McLaren claiming first and second place.
An unexpected win brings out the trademark “shoey”, not only drinking champagne from his own race boat, but also encourage other podium attendees, drivers or not, to partake. So far 2022 has been less promising, McLaren like other teams struggling with porpoising and unreliability, Ricciardo two races in still on zero points.
5 Charles Leclerc – $12 million (= 23 x SF90s)
Stepping up from Ferrari’s driver academy testing role in 2019 to the sharp end of the grid, Charles Leclerc replaced Kimi Raikkonen alongside established teammate Sebastian Vettel. Few expected the Monégasque driver to be quite so quick early on, by mid-season Ferrari’s star driver in waiting out scoring Vettel 264 points to 240.
The following season, Leclerc, the unofficial team leader despite the SF100s performance deficiencies, managing to extract better performances. With Vettel’s much publicized departure leaving the way clear, Leclerc signed a multiyear deal worth $12 million per season through to 2024.
4 Carlos Sainz Jr. – $10 million (= 31 x 296 GTBs)
The Ferrari newcomer for 2021 is tasked with not only joining a new team but racing against a formidable young talent in the sister car. Carlos Sainz rose to the challenge, outscoring Charles Leclerc 164.5 to 159 points, consistency being the key.
Already a seasoned F1 racer with 7 seasons to his name, Sainz has yet to reach the podium’s top step at the end of a season, however it’s only a matter of time, in 2022 already twice a podium visitor, taking 1st and 3rd places in the opening rounds. With a new set of regulations in play, Ferrari is back at the sharp end of the grid with two upcoming future champions, on current form it could easily be Sainz’ first.
3 Valtteri Bottas – $11 million (= 125 x Quadrifoglios)
Making a break from a string of one year contract extensions at Mercedes, Valtteri Bottas’ arrival at Alfa Romeo not only secured a multi-year deal but comes with a welcome motivation boost that, so far in 2022, has seen the Finn outperform former teammate Lewis Hamilton.
Understandably, playing an unofficial “wingman” role limited Bottas’ race winning opportunities, even when stringing together some of his best performances, LH would frequently go one better. Regardless, Bottas’ career to date includes 10 race wins and 20 pole positions for his former team.
2 Lance Stroll – $10 million (= 68 x V12 Vantages)
Son of team owner Laurence Stroll, driving for Aston Martin was always going to raise questions of “pay driver” status, Lance Stroll in 2021 amassed 34 points across 21 races, one of the longest seasons in F1 history, finishing 13th overall.
Bagging himself a $10 million salary despite a lack of results, Lance Stroll’s best finish to date a brace of podiums while driving for Racing Point in 2020, Monza and Sakhir proving a lucky hunting ground.
1 Sergio Perez – $8 million (Err More Red Bull Anyone?)
Sergio Perez, the unsung hero in the Verstappen Vs Hamilton season decider, played the team game, holding up Lewis Hamilton’s charge long enough to bring Max Verstappen back into the title fight.
A veteran of eleven seasons heading in to 2022, having previously raced for Sauber, McLaren, Force India/Racing point before joining Red Bull Racing. Perez to date has just two wins under his belt, the more recent with Red Bull at the Azerbaijan grand prix in 2021 reinforcing his value to Red Bull with a salary of $8 million per season until 2022.
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About The Author
Jason Garbutt
(485 Articles Published)
Raised in a car-obsessed environment from an early age ensured a keen interest in anything car-related. first and foremost an F1 fan, but also an avid follower of other motorsports. Professional background working closely with a well established UK based Supercar manufacturer in recent years.
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