Sports are not only one of the popular sources of entertainment but also one of the biggest industries in the current era. As a result, they have become an integral part of the education system worldwide. The best sports people bring fame and a name for themselves and their countries while also securing the bag. Some of the highest-grossing sports are runners, swimmers, footballers and racing drivers. So, how much do F1 drivers make?
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Race winner Charles Leclerc and second placed Max Verstappen celebrate on the podium during the F1 Grand Prix of Austria. Photo: Bryn Lennon
Source: Getty Images
Formula One is already a wildly popular international sport with an innate sense of spectacle. In addition, the F1 business is booming, bringing more opportunities for every driver. Apart from salaries, they enjoy fantastic sponsorship deals, partnerships, and investments.
F1 drivers’ salaries
| full name | team | Age | salary | |
| 1 | Sir Lewis Carl Davidson Hamilton | Mercedes | 37 years (as of 2022) | $40 million |
| 2 | Max Emilian Verstappen | Red Bull Racing | 24 years (as of 2022) | $40 million |
| 3 | Fernando Alonso Diaz | Alpine Renault | 40 years (as of 2022) | $20 million |
| 4 | Lando Norris | McLaren Mercedes | 22 years (as of 2022) | $20 million |
| 5 | Sebastian Vettel | Aston Martin Mercedes | 35 years (as of 2022) | $15 million |
| 6 | Daniel Joseph Ricciardo | McLaren Mercedes | 33 years (as of 2022) | $15 million |
| 7 | Charles Marc Herve Perceval Leclerc | Ferrari | 24 years (as of 2022) | $12 million |
| 8th | Valtteri Viktor Bottas | Alfa Romeo Ferrari | 32 years (as of 2022) | $10 million |
| 9 | Lance Strulovitch | Aston Martin Mercedes | 23 years (as of 2022) | $10 million |
| 10 | Carlos Sainz Vázquez de Castro | Ferrari | 27 years (as of 2022) | $10 million |
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Top 10 F1 drivers’ salaries for 2022
Formula 1 is one of the biggest businesses in the United States. Every season, millions and millions of dollars are set aside for the exercise. For the drivers, every race gives them the chance to showcase their worthiness.
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1. Lewis Hamilton – $40 million
Source: Getty Images
Sir Lewis Carl Davidson Hamilton is a talented and well-established British racing driver. At the moment, he is competing in Formula One for Mercedes. Statistically, Lewis is the most successful F1 driver of all time.
Over the years, he has been featured among the highest-paid athletes. The 7-time world champion’s salary is $40 million. This huge sum of money comes from the numerous hot deals he receives. Some of Lewis Hamilton’s sponsors include:
- Tommy Hilfiger
- Sony
- Evil
- puma
- I.W.C
- Monster Energy
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2. Max Verstappen – $40 million
Source: Getty Images
Max is a Belgian-Dutch racing driver and the 2021 Formula One World Champion. The driver signed a new mammoth contract with the team after winning the 2021 championship. Max Verstappen’s salary is estimated to be between $40-50 million annually until the end of 2028. How much is Max Verstappen’s net worth? He has an estimated net worth of $60 million as of 2022.
3. Lando Norris – $20 million
Source: Getty Images
Lando is a Belgian-British driver who has established himself as one of the best on the grid. His first entry was with the 2019 Australian Grand Prix. Recently, he signed a new contract extension that will see him racing for the McLaren until 2025. His annual salary as per the new contract is $20 million.
4. Fernando Alonso – $20 million
Source: Getty Images
Fernando is from Spain but currently competing for Alpine in Formula one. He returned to the game in 2021 after taking a two-year-long hiatus, after which he immediately scored his podium in seven years. The player’s first entry was in 2003’s Hungarian Grand Prix, while his last was in 2013’s Spanish Grand Prix. He has an estimated salary of $20 million as of 2022.
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5. Sebastian Vettel – $15 million
Source: Getty Images
Sebastian is a player from Germany competing for Aston Martin in Formula One. Previously, he was driving for BMW Sauber, Toro Rosso, Red Bull, and Ferrari.
Vettel made his first entry at the 2008 Italian Grand Prix, while his last was the 2019 Singapore Grand Prix. His salary took a turn after leaving Ferrari for Aston Martin. Unfortunately, he was out of the first two 2022 season races after being diagnosed with COVID-19. His current salary is $15 million.
6. Daniel Ricciardo – $15 million
Source: Getty Images
Daniel is the only Formula One racer currently driving under the Australian flag. The player’s first entry occurred in 2014 at the Canadian Grand Prix, while his last was in 2021 at the Italian Grand Prix. He recently signed with McLaren but nearly missed the 2022 season-opening after contracting COVID-19. Daniel Ricciardo’s salary is $15 million.
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7. Charles Leclerc – $12 million
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Charles is a talented Monaco-born racer racing for Ferrari in Formula One. He attained his first entry at the Belgian Grand Prix in 2019, with his last at the Australian Grand Prix in 2022. How much is Charles Leclerc’s salary? He makes around $12 million. Some of his major wins include:
- The GP3 Series championship in 2016
- The FIA Formula 2 Championship in 2017.
8. Valtteri Bottas – $11 million
Source: Getty Images
Bottas is a Finnish racing driver. He is currently riding for Alfa Romeo in Formula One. He signed the deal with Alfa Romeo after competing for Mercedes from 2017 to 2022. His first entry was in the Russian competition in 2017, with his last in the Turkish Grand Prix in 2021. However, he has emerged runner-up in the drivers’ championship on two occasions. His salary is $11 million as of 2022.
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9. Lance Stroll – $10 million
Source: Getty Images
Lance is also amongst the highest-earning racing drivers, with a salary of $10 million as of 2022. The Canadian-Belgian racer was the youngest player to finish a Formula One race on the podium in their rookie season while he was racing for Williams in 2017
He bagged his first entry in 2017 in Australia with his last in 2022 at the Emilia Romagna. The Aston Martin has retained him for the second year with an adjoining salary bump of more than $8 million.
10. Carlos Sainz Jr – $10 million
Source: Getty Images
Carlos is a Spanish racer for Scuderia Ferrari in Formula One. The talented player hails from a family of racing champions. His father, Carlos Sainz, is a double World Rally Champion, while his uncle, Antonio Sainz, is a reputable competitor.
His first entry was at the 2015 Australian competition, with his last being at the 2022 Emilia Romagna. Recently, he signed a two-year deal extension with Ferrari. Therefore, he will remain with the racing team until 2024, earning a salary of $10 million.
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Frequently asked questions
- How much does Lewis Hamilton make? The well-recognized British racer takes home around $40 million every year as salary.
- Do F1 drivers get paid per race? Unfortunately, no. The racers and winners are not paid per race as the money earned goes to the racing teams, which in turn pay the driver’s salaries.
- Do F1 drivers get paid for wins? No, they don’t. Unlike many other sporting activities, Formula One drivers don’t get any prize money from winning particular races.
- How much do the F1 pit crew get paid? The amount earned varies from one racing team to another. However, the amount is approximately $2,500 per race and $90,000 per year. They also get $250 as a winning bonus.
- How much does Max Verstappen make? He makes around $40 million every year. The racer signed a new deal with Red Bull worth between $40 and $50 million a year until 2028.
- How much is Toto Wolff’s net worth? The Austrian investor and former professional racing driver has an estimated net worth of $450 million as of 2022.
- Which factors affect F1 driver’s salary? The salary is affected by contracts, performance-based bonuses and endorsement deals.
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How much do F1 drivers make? They make millions of dollars thanks to the amount of talent and skills they possess behind the steering wheels. However, apart from their talents, their salaries are determined by several other factors. For instance, sponsorships and popularity play a huge role in determining the drivers’ salaries and contracts.
Yen.com.gh shared an interesting article about the richest footballers in the world. The past few years have seen an incredible rise in footballers’ salaries. The upward revision of their salaries has resulted from the sport’s fan base and revenue collection growth.
The richest football players in Ghana have not only made significant sums of money but have also earned a name for themselves and their countries. They earn this money as wages from their teams in addition to different business interests and endorsement deals.
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