How much do Formula 1 drivers earn 2024? (all F1 drivers salaries)

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When you think of the world’s top racing drivers, names like Michael Schumacher, Lewis Hamilton and Sebastian Vettel come to mind.

These drivers have achieved legendary status in the world of motorsports, and their skills behind the wheel are awe-inspiring. We even have some of these names on the top list of the best Formula 1 drivers ever.

But what about their salaries? 

How much do F1 drivers earn, and what kind of money can they expect to make outside of Formula 1?

Keep reading to see a full salary top list.

Table of Contents

Who is the highest paid F1 driver in 2022?

Lewis Hamilton is the highest-paid driver in Formula One for 2022. The seven-time world champion pocket an estimated $40 million from his salary and endorsements. He is followed by Max Verstappen with $25 million and Fernando Alonso with $20 million.

F1 drivers' salaries 2022

Below you can see all F1 drivers’ salaries for 2022. The sums are estimates produced from the analysis service Spotrac.

#Read more about the drivers salary and net worthTeamSalary (USD $)Salary (EUR €)
1Max VerstappenRed Bull$55m€51.67m
2Lewis HamiltonMercedes$35m€32.88m
3Charles LeclercFerrari$24m€22.5m
4Lando NorrisMcLaren$20m€19m
5Carlos SainzFerrari$12m€11.27m
6Sergio PerezRed Bull$10m€9.39m
-Valtteri BottasAlfa Romeo$10m€9.39m
8George RussellMercedes$8m€7.5m
9Esteban OconAlpine$6m€5.63m
10Fernando AlonsoAston Martin$5m€4.69m
-Pierre GaslyAlpine$5m€4.69m
-Kevin MagnussenHaas$5m€4.69m
13Alex AlbonWilliams$3m€2.8m
14Lance StrollAston Martin$2m€1.9m
-Nico HulkenbergHaas$2m€1.9m
-Oscar PiastriMcLaren$2m€1.9m
-Nyck De VriesAlphaTauri$2m€1.9m
-Zhou GuanyuAlfa Romeo$2m€1.9m
19Logan SargeantWilliams$1m€950,00
-Yuki TsunodaAlphaTauri$1m€950,00

F1 drivers’ salaries depends on bonuses

While we have no doubt that the basic pay of Formula One drivers are more than enough to support some people for a lifetime, they only present a partial picture. 

F1 drivers’ salaries are usually determined by how much their team is willing to pay them, as well as any bonuses or prize money they may receive. For example, Lewis Hamilton’s salary is largely based on the bonus he receives for winning races and championships.

The amount of money that F1 teams are willing to pay their drivers also depends on the team’s budget. For example, Ferrari and Mercedes are two of the richest teams in Formula One, and as a result, they can afford to pay their drivers more money than other teams.

Outside of their salaries, F1 drivers also have the opportunity to earn additional income through endorsements and sponsorships. For example, Hamilton has deals with IWC Schaffhausen, Monster Energy, and Puma. These deals are worth millions of dollars and help to supplement his income.

It’s clear that racing in Formula One can be a very lucrative career. With the right team and sponsorships, F1 drivers can earn millions of dollars each year. 

You can also compare F1 drivers salaries to F1 Team Principals net worth and salaries.

 

Who is the richest Formula 1 driver?

Michael Schumacher is the richest formula one driver in the world with a net worth of US$600 million. 

He is followed by Lewis Hamilton with a net worth of US$285 million and Fernando Alonso with a net worth of US$260 million.

When he retired in 2012, the 53-year-old German held nearly every Formula One record, including seven world titles and 91 victories. During his peak, Michael Schumacher made up to $100 million a year, earning more than $1 billion in career earnings.

Even while he wasn’t racing, “The Red Baron” earned more than $50 million a year in sponsorships from companies like Shell, Mercedes-Benz, Ferrari, and Vodafone.

FAQ - Frequently asked questions about F1 drivers salaries

Who is the lowest paid F1 driver?

The lowest earning driver on the grid is Alpha Tauri's Yuki Tsunoda, who brings in an estimated $750,000.

Do Formula One drivers get paid every race?

No. F1 drivers are given a salary for the season, which includes all races as well as any testing and promotional appearances on behalf of their team.

Do F1 reserve drivers get paid?

There is a salary for F1 reserve drivers. Reserve drivers for Formula 1 teams are also part of the team and thus earn a salary. It is unclear how much a reserve driver earns since the team typically doesn't disclose their salaries.

Conclusion

Formula One drivers are some of the highest paid athletes in the world. With salaries and bonuses that can reach into the millions of dollars, as well as endorsements and sponsorships, it’s no wonder why people aspire to be F1 drivers. If you have the talent and drive to be a Formula One driver, then go for it! 

The driver is nothing without his pit crew. Read more about how high the F1 pit crew salaries are.

Article sources

Anton Gustafsson
Anton Gustafssonhttps://formulapedia.com
Anton is a Swedish Formula One expert and he is the co-founder of Formulapedia.com. He is a big fan of Formula 1 and he cheers for the Italian team Scuderia Ferrari. Anton has not missed a single Grand Prix since he started following F1 a few years ago.

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