Formula 1 is a sport that is shrouded in money. From the lavish lifestyle of the drivers to the team principals and their multi-million dollar salaries, F1 is not a cheap sport to be involved in.
Team principals are the key people in F1. They are responsible for the day-to-day running of the team, as well as making key decisions on things like strategy and driver lineup. So, how much do F1 Team Principals earn?
In this blog post, we have compiled a list of all the current Formula 1 team principals and their estimated annual salaries.
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Watch this video to see how much Formula 1 Team Principals (bosses) make.
How much do F1 Team Principal earn?
F1 team principals receive a salary anywhere from $1 million to $10 million per year. The amount they earn depends on a number of factors, including the team’s budget, results, and their own experience.
Since team principals are such a vital part of Formula 1, they are paid very well for their services. They are able to command such high salaries due to the important role they play in the sport.
The highest-paid team principal in F1 is currently Christian Horner, who earns an estimated $10 million per year. Team Principals can also earn bonuses and other benefits, which can increase their earnings even further.
Here are the key aspects related to F1 team principal earnings:
- F1 team principals can make anywhere from $1 million to $10 million per year.
- The amount they make depends on a number of factors, including the team’s budget, results, and their own experience.
- Team principals are paid very well for their services due to the important role they play in Formula 1.
- currently the highest paid team principal in F1, with an estimated annual salary of $10 million.
F1 Team principal salaries and net worths
Here is a list of all the current Formula 1 team principals and their estimated annual salaries and net worths:
|Team Principal||Team||Salary||Net Worth|
|Toto Wolff||Mercedes||$9.1 million||$580 million|
|Christian Horner||Red Bull||$10 million||$50 million|
|Mattia Binotto||Ferrari||$3 million||$5-6 million|
|Andreas Seidl||McLaren||$2 million||$6.5 million|
|Otmar Szafnauer||Alpine||> $1 million||> $1 million|
|Franz Tost||AlphaTauri||< $1 million||$1.5 million|
|Mike Krack||Aston Martin||< $1 million||$1 million|
|Jost Capito||Williams||< $1 million||$4-6 million|
|Frédéric Vasseur||Alfa Romeo||< $1 million||> $1 million|
|Guenther Steiner||Haas||< $1 million||$1-5 million
Toto Wolff's salary and net worth
Toto Wolff is one of the highest-paid team principals in Formula 1, with an estimated annual salary of $9 million. He also has a healthy net worth of $580 million.
Toto Wolff is the current team principal of Mercedes-AMG Petronas Motorsport. He has been in this role since 2013 and has helped lead the team to multiple constructors’ championships. He is also the part owner of the Mercedes F1 team.
Toto Wolff is also entitled to performance bonuses depending on Team Wins, championships, and so on. For example, Toto Wolff will receive a $200,000 bonus for every podium that a Mercedes driver achieves. A whopping $10 million bonus will be paid to Toto Wolff if Mercedes wins the Formula 1 Championship which is higher than his salary. Read more about Toto Wolff’s salary and net worth.
Christian Horner's salary and net worth
Christian Horner is the highest paid team principal in Formula 1 currently, with an estimated annual salary of $10 million. Additionally, he has a net worth of $50 million.
Unlike Mercedes’s team chief Toto Wolff, he doesn’t have any ownership stake in Red Bull Racing. Christian Horner is the current team principal of Red Bull Racing. He has been in this role since 2005 and has been highly successful for the team.
At the age of 36, Christian became the youngest team manager in Formula One history to win the Constructors’ Championship, thus solidifying his position in the pages of racing history. Red Bull has racked up a total of five World Drivers’ Championships as well as four World Constructors’ Championships under Christian Honner and he shows no signs of slowing down. Read more about Christian Horner’s salary and net worth.
Mattia Binotto's salary and net worth
Mattia Binotto is paid an annual salary of $3 million by Ferrari. This puts him amongst the highest-paid team principals in Formula 1. In addition to his salary, Binotto also has a number of other benefits and bonuses that can increase his earnings.
Binotto’s net worth is estimated to be between $5 and $6 million. This puts him amongst the wealthier team principals in F1.
As the Team Principal of Ferrari, Mattia Binotto is one of the most important and well-paid people in Formula 1. He has been with the team since 1995 and played a key role in their return to success in recent years. However, he became team principal in 2019. Read more about Mattia Binotto’s salary and net worth.
Otmar Szafnauer's salary and net worth
Otmar Szafnauer is the team principal of the Alpine F1 team. He joined the team in February 2022. Prior to joining Alpine, he was the CEO of the Force India F1 team and played an important role in the success of the team.
It is estimated that Otmar Szafnauer has a net worth of over $1 million. Having joined the Alpine F1 Team as team principal, the veteran with three decades of experience is sure to earn more millions.
His entrance into the Renault-owned F1 squad has the entire racing world buzzing since no one anticipated him to join the team. However, with Otmar accepting the deal for an unknown sum, the team may anticipate developing quickly under his direction. Read more about Otmar Szafnauer’s salary and net worth.
Franz Tost's salary and net worth
Franz Tost is one of the wealthiest and most popular engineers. According to Wikipedia, Forbes, and Business Insider, Franz Tost’s net worth is $1.5 million. In his current position, he is earning an annual salary of $1 Million as a team principal for AlphaTauri.
Franz Tost has been with the team since 2008 and has contributed a lot to the team’s success. Tost oversaw the Red Bull junior team, which included Sebastian Vettel, Daniel Ricciardo, Max Verstappen, and Pierre Gasly. Read more about Franz Tost’s salary and net worth.
Andreas Seidl's salary and net worth
Andreas Seidl’s net worth is around $6.500.000 and his salary from McLaren is $2.000.000 for his role as the Team Principal. He is among the most well-known and wealthiest engineers in Germany.
Read more about Andreas Seidl’s salary and net worth.
Mike Krack's salary and net worth
Mike Krack’s net worth is estimated to be between $1 and $5 million. His salary as team principal of Aston Martin is estimated to be around $1 Million. Krack formerly worked in Formula One for Swiss-based Sauber.
Mike Krack is the team principal of the Aston Martin Formula 1 team. He joined the team in 2022 after the departure of Otmar Szafnauer.
Aston Martin, owned by Lawrence Stroll, is one of the richest teams on the grid. The team is worth $3 billion, and Stroll has a net worth of $2.9 billion. Given these facts, it is safe to say that Mike Krack is surely going to earn millions if the team performs well under his guidance. Read more about Mike Krack’s salary and net worth.
Jost Capito's salary and net worth
Jost Capito’s net worth is estimated to be between $4 and $6 million. He earned his wealth through his career as an engineer and motorsport executive.
Jost capito was on the verge of retirement when he agreed to join Williams Racing as CEO in February 2021, consequently assuming the team principal position and F1’s “Piranha Club” membership.
As the team principal of Williams, Capito will be paid an annual salary of $1 million. In addition to his salary, Capito will also receive several other benefits and bonuses.
Having worked at BMW for four decades, Capito has held positions at Porsche, Ford, and Volkswagen in technical positions. Williams will be happy to have him on board and will be hoping he can bring his experience to help the team return to the front of the grid. Read more about Jost Capito’s salary and net worth.
Frédéric Vasseur's salary and net worth
Frédéric Vasseur’s net worth, it is estimated to be between $1 and $5 million. His salary as team principal of Alfa Romeo is estimated to be around $1 million.
The French engineer is undoubtedly one of the most well-known figures in motorsport paddocks throughout the world, and his success in managing teams in numerous championships speaks for itself.
He took over the role of team principal in 2017, and the team has noticed significant improvements since then.
He is regarded as easygoing and gets along well with the crew. In spite of the fact that he had studied aeronautical engineering, he saw that Formula One race vehicles were frequently contrasted with military aircraft. Read more about Frédéric Vasseur’s salary and net worth.
Guenther Steiner's salary and net worth
As the team principal of Haas, Guenther Steiner’s salary is estimated to be around $1 million. His net worth is estimated to be between $1 and $5 million.
Over his nearly 30-year racing career, Guenther Steiner, team principal of the Haas F1 Team, has accepted this challenge several times. He joined Haas as the team principal in 2014, the same year as the team’s inception.
Steiner began his career in motorsport as a mechanic and worked his way up the ranks. The team has seen some success under his leadership, but there’s still a long way to go. Read more about Guenther Steiner’s salary and net worth.
Who is the highest paid Formula 1 Team Principal?
The highest-paid Formula 1 Team principal is Christian Horner, the team principal of Red Bull Racing. His annual salary is $10 million.
Horner’s net worth is estimated to be around $50 million. He has been with the team since 2005 and has helped them win five World Drivers’ Championships as well as four World Constructors’ Championships.
Horner is one of the most experienced team principals on the grid and his wealth of knowledge has helped Red Bull become one of the most successful teams in recent years.
He is also a very hands-on team principal and is often seen in the pit lane giving instructions to his drivers. So, it is no surprise that he is the highest-paid team principal in Formula 1. Red Bull is surely getting its money’s worth out of Horner.
Who is the lowest paid Formula 1 Team Principal?
According to various reports, it is believed that the lowest-paid team principal in Formula 1 is Otmar Szafnauer of Alpine. His annual salary is less than $1 million.
Otmar joined Alpine in 2022 and has since been working hard to try and turn the team around. His efforts have slowly started to pay off as the team has shown some improvement after he joined the team.
However, there is still a long way to go for Alpine and it will be interesting to see how Szafnauer fares in the coming years. Nonetheless, he is one of the most experienced team principals on the grid and is certainly capable of getting the job done.
You never know, maybe in a few years’ time we could see Szafnauer earning more than $1 million per year. After all, Formula 1 is a highly competitive and demanding sport, so team principals need to be paid well for their efforts.
How much do F1 Team Principals earn compared to drivers and pit crews?
Team principals have a very demanding job. They are responsible for the overall performance of their team and need to make sure that everything is running smoothly.
They also have to deal with the media, sponsors, and other important stakeholders. So, it is no surprise that they are paid well for their efforts.
Now, if we compare the salaries of team principals to F1 drivers and pit crews, we can see that they’re paid more than the pit crew members but less than that drivers. For example, Lewis Hamilton, one of the best drivers in Formula 1, is paid around $40 million per year. And their team principal Toto Wolff is paid $10 million. Read our article about F1 Drivers salaries.
|#||Read more about the drivers salary and net worth||Team||Salary (USD $)||Salary (EUR €)|
|1||Max Verstappen||Red Bull||$55m||€51.67m|
|6||Sergio Perez||Red Bull||$10m||€9.39m|
|-||Valtteri Bottas||Alfa Romeo||$10m||€9.39m|
|10||Fernando Alonso||Aston Martin||$5m||€4.69m|
|14||Lance Stroll||Aston Martin||$2m||€1.9m|
|-||Nyck De Vries||AlphaTauri||$2m||€1.9m|
|-||Zhou Guanyu||Alfa Romeo||$2m||€1.9m|
Pit crew members, on the other hand, earn an average salary of $60,000 per year. Their highest-paid member is the crew chief who earns $1 million per annum. Read our article about pit crew members salaries here.
|Pit Crew Member||Per Race||Annual Salary||Race Winning Bonus|
|Crew Chief||$10,000||$1 Million||$5,000|
|Fire Extinguisher Man||$500||$30,000||$250|
It does make sense that team principals are paid more than pit crew members but less than drivers. After all, drivers are the ones who actually compete in the races and bring home the trophies. Team principals play an important role but they don’t take part in the races.
Pit crew members are also very important as they help the drivers during pit stops. However, their salaries are lower than team principals because they don’t have to deal with the media or sponsors. They also don’t have as much responsibility as team principals.
Frequently asked questions
Team principals play an important role in Formula 1 teams. They are responsible for the overall performance of their team and need to make sure that everything is running smoothly.
Hence, it is no surprise that they are paid well for their efforts. We hope you found this article informative and that it has helped you understand more about the role of team principals in F1.