With few Formula 1 driver salaries publicly available, Forbes relied on financial documents, legal filings and press leaks as well as conversations with industry insiders and consultants to compile this list. Drivers typically receive a base salary plus bonuses for points scored or for race or championship wins, with the amount depending on the size of the team and the experience of the driver. Formula One drivers do not receive prize money; their teams pay their salaries. Generally, the drivers or the teams do not disclose their total earnings. The highest-paid F1 driver is Lewis Hamilton, who earned $65 million from his contract with Mercedes.
Leading the pack is Mercedes superstar Lewis Hamilton, who is on pace to earn $62 million on the track in 2021. That figure includes a $55 million base salary—more than double what his closest competitor is guaranteed—as well as a projected $7 million in bonuses for race wins. Beginning in this season, F1 teams are subject to a cost cap of $175 million per team. This cap limits expenditures on car performance but doesn't apply to marketing costs or driver salaries.
A successful driver in F1 can earn a lot of money, and reports showed in 2021, F1 earned more than $2 billion in revenue. F1 drivers receive additional bonuses through sponsorship opportunities and contractual agreements and endorsements rather than race prize money from F1. Formula One group placed a cost cap on each team in 2021 of $145 Million throughout the season.
This cost cap only applies to performance-based costs like building, optimizing engines, and car structuring, including salaries paid to engineers and other staff. The cost cap also applies to branding, bonuses, hotels, and travel expenses. Formula One driver salaries are not affected by the cost cap, and teams can pay their drivers as much as they like. Lewis Hamilton, who replaced Michael Schumacher at Mercedes in 2012, has become an icon on the same level as his predecessor.
Last year, Hamilton matched Schumacher's record with his seventh F1 drivers' championship, and he has dominated the competition with his earnings the way that Schumacher, the world's highest-paid athlete in 2000 and 2001, once did. The 36-year-old signed a two-year contract extension with Mercedes this summer, following up on a three-year, $140 million deal in 2015 and a two-year, $100 million extension in 2018. He is also the founder of X44, a team in the new off-road electric-SUV racing series Extreme E. Red Bull's Max Verstappen is cited as the second-highest paid driver in the sport with a total income of $42 million. Of that, his base salary is estimated as $25 million with a further $17 million expected from various contractual bonuses such as race wins.
His bonus is paid by contractual agreements and sponsorships rather than from F1. Verstappen is ranked number two on the Forbes list of highest-paid Formula 1 drivers. It's unclear what will happen with driver salaries next year under the budget cap, though despite their earnings are exempt, it may indicate an overall levelling out of money earned by the drivers at the top of the grid. However, it is likely that as long as Hamilton remains in F1, he will secure his place at the top of this particular list. An analysis of the recently announced list of F1 drivers' contracts and salaries shows that the 20 Formula 1 drivers participating in the 2017 season earn $176 million in total.
One of the most remarkable things about the Belgian is that in 2015 he became the youngest driver in the history of F1 and later the youngest to win a race. The Red Bull Racing team boasts an exceptional racer who is emerging as the next icon of the motorsports industry. For this year, Max projects total earnings of $ 42 million, which includes bonuses and his net salary of $ 25 million. Hamilton, who has four wins through ten races, still has time to overtake Verstappen, with the gap in the standings a mere eight points and 12 races remaining on the schedule . This is where NASCAR drivers can either make or break, particularly new ones with lower salaries.
The higher a driver places in each race, the more money they get to take home. Depending on the race, drivers who earn a top 3 finish can make north of $1 million, although in most cases the teams will take at least a 50% cut of the earnings. Still, drivers can pocket $500,000 or more for a single race, and there are 38 chances in each season for them to earn some of that cash. If you are a Formula 1 fan, then it's not surprising that F1 legend Lewis Hamilton is the highest-paid Formula 1 driver right now.
2021 has witnessed a few contract extension and increment in the F1 driver salaries. Unlike most professional sports in the United States, where agents and even teams regularly release contract figures, Formula 1 is still a rather closed society in that regard and actual figures are not released. In F1, drivers typically work for a base salary plus bonuses for wins and place in the final standings. Following 2016 champion Nico Rosberg's bombshell decision to leave his Formula 1 career behind, the face of various teams remaining in the race changed dramatically. Prior to the 2017 season, Rosberg's team changed out several team drivers, with the biggest change the signing on of Fin Valtteri Bottas to a Mercedes contract for a total of $8.5 million. A wretched final season at Ferrari has the four-time champion under pressure to deliver for Aston Martin in 2021.
Vettel's expected salary with his new team represents a huge drop from his £37m-per-year earnings with the Prancing Horse. He has not won a race since the Singapore Grand Prix in 2019 but, with a quick car at his disposal, hopes are high for a return towards the front rows of the grid. The figure includes a $55 million base salary and a projected $7 million in bonuses for race performances and wins. But with Hamilton currently only second in the drivers championship after ten rounds, the amount doesn't include a bonus for winning the championship. Lewis Hamilton In Formula 1 drivers typically work for a base salary, with added bonuses and wins for final place and standings. According to Forbes, the driver making most of the this is Lando Norris.
Formula 1 drivers are bonded by contracts with their respective teams where they earn a basic salary for every race weekend and their achievements on the track are rewarded with hefty bonuses. The deal is agreed upon by the signing of a contract and the bonus is also decided at the same time. The top earners in Formula 1 drivers also include F1 Driver Sebastian Vettel, who has signed a record deal with Aston Martin F1 and has an annual salary of $23 million per year. Max Verstappen has extended his contract with the Red Bull till 2023 and will receive a base salary of $23.5 million per season. As explained on Motorsport Tickets' Driven blog, performance-based bonuses can amp up an F1 driver's salary.
Kimi ended up scoring 390 championship points over those two years, netting him bonuses of €19.5 million, or about $22 million. Undoubtedly, the first place on this list should belong to the best runner of the last decade. The Briton last year equaled Michael Schumacher's record of seven F1 drivers' championships, also dominating the competition in terms of earnings. His salary for 2021 is 55 million dollars, which added to the bonuses would generate an approximate total of 62 million. The Mercedes driver is, without a doubt, the franchise athlete of motorsport.
The salary of an F1 race car driver depends on the contract he signed with the team and bonuses and points earned during the season. Most of the contracts of Formula 1 drivers include performance-based bonuses wherein they will get an amount based on winning a race and also scoring points over and above the threshold level agreed mutually. Most F1 drivers do not boast about their earnings however they don't stop the press from speculating either. Still, the drivers' salaries should continue to make up for the marketing gap. Lewis Hamilton remained stuck on his seven world titles in 2021 after Max Verstappen can now call himself reigning world champion. The titles remain the same, but the Mercedes driver's salary has dropped slightly in 2021.
It is estimated that Hamilton earned about 27 million euros in 2021 without sponsor money. Through deals with Tommy Hilfiger, Monster Energy, L'Oreal Paris and Hugo Boss, among others, he can add about 10 million euros to this, while he earned about 50 million euros in 2020. Aside from the top 3, which consists of drivers from the dominant Mercedes, McLaren and Ferrari teams, the annual salaries are significantly lower.
The fourth place is for Finnish Ferrari driver Kimi Räikkönnen with a $17 million salary of which $7 million is fixed. The Ice Man, as the Fin is also known, extended his contract with Ferrari for 1 year, but had to sacrifice a considerable chunk of his salary to stay on. The top 5 is rounded off by Australia's Daniel Ricciardo, who drives for Red Bull Racing, earning up to $10 million, including bonuses, this year.
A Formula 1 driver's salary is spread across an entire season, rather than simply race by race. If the pay was per race, Lewis Hamilton's £39.7 million contract would earn the driver £1.8 million each time he competes. This figure is based on the scheduled 22 races for the 2021 F1 season. The two-time world champion is back in Formula 1 after a two-year absence. Fernando Alonso is estimated to be earning £15m for his comeback season with Alpine, who have rebranded from Renault.
The 39-year-old will be expected to help his new team win the midfield battle after a fifth-place finish in the 2020 constructors' championship. Pierre Gasly, who used to own that second Red Bull seat, is just behind the Mexican. Since his unexpected win at Monza last season, the Frenchman has gone from strength to strength, being one of the most consistent drivers in the F1 grid alongside the likes of Verstappen, Norris, and Hamilton. Pierre Gasly earns £3.65m in base salary every year, and with his contract set to expire at the end of this season, he is expected to be rewarded with a bumper offer in the coming months. F1 drivers have huge salaries, as well as payouts from sponsorship deals and advertising. Lewis Hamilton is dominating the salary leaderboard - earning up to 60 times more than other drivers - a chart has revealed.
Full list of 2021 contract deals, including for Max Verstappen, Daniel Ricciardo, and George Russell. According to Forbes, Lewis is the highest-paid Formula driver with a salary of $55 million and $62 million of projected on-track earnings for this year. The magazine adds that Lewis recently signed a two-year contract extension with Mercedes, which comes after a $140 million-contract in 2015 and a $100-million contract extension in 2018. Being a tremendously popular rider and the oldest of the current season places him on the podium as one of the best paid.
Although he was two years away from the F1 tracks, the Spaniard returned from the hand of the Alpine team, where he will receive a single salary of 25 million without bonuses. It is worth remembering that Alonso won two championships with Renault , has competed in the Indianapolis 500, in the Dakar Rally, and triumphed in the 24 Hours of Le Mans and 24 Hours of Daytona races. With a top team you generally earn more than in midfield, but experience and world championships can quickly add up. Fernando Alonso and Sebastian Vettel prove that, who earn more than ten million euros a year in midfield. Drivers such as Daniel Ricciardo also earn a nice living driving in F1. It is estimated that Hamilton earned around 27 million euros in 2021 without sponsor money.
The four-time F1 champion is one of the most successful drivers in racing history. The 66-year-old is the oldest driver on the top earner list with an estimated net worth of $185 million. The highest-paid driver is Lewis Hamilton, who earned $65 million with Mercedes, while Max Verstappen earned $23.5 million with Red Bull. Lewis Hamilton's salary is $65million a year, and his 3-year contract with Mercedes is worth $200 million. Sebastian Vettel won four straight championships with Red Bull from 2010 to 2013 before jumping to Ferrari, a stint that ended with a disappointing 2020 for both the driver and the team.
After two years away from the F1 track, Fernando Alonso is back with Alpine. The 39-year-old, once at the center of the series' Spygate and Crashgate scandals, has rebuilt himself into a tremendously popular driver, in part by broadening his auto-racing horizons. In recent years, he has competed in the Indianapolis 500, entered the Dakar Rally and won the endurance races 24 Hours of Le Mans and 24 Hours of Daytona. The Spaniard won the drivers' championship in 2005 and 2006 with Renault—an earlier incarnation of his current team.
Lewis Hamilton is projected to earn $7M in bonuses this year on top of his $55 million salary. He recently signed a two-year contract extension with Mercedes Benz. He's projected to earn a whopping $17 million in bonuses this season. Verstappen sits above Lewis Hamilton in points at the moment with 185 points to Hamilton's 177. Drivers earn money through a combination of salary, bonuses and sponsorship. The better a driver performs, the more they can earn through bonuses and sponsorship.
Some drivers even 'pay' for their racing seats by bringing in sponsorship revenue to their teams. For instance, Max Verstappen is projected to earn £12.29 million in bonuses this season if he wins the World Drivers' Championship. Like most bonuses, these aren't guaranteed so drivers have to fight hard for every WDC point.
The seven-time world champion is officially out of contract with Mercedes, but all the signs are pointing towards a new deal being signed. Hamilton earned around £40m per season under his previous terms and is surely gunning to win an unprecedented eighth crown. One of the hottest prospects in the field, the Ferrari star earned a respectable eighth-place finish in 2020 despite driving a sub-par Ferrari car. It's likely to be another slog for the Italian team so Leclerc will have to be at the top of his game to improve on his two podium finishes last season. Lewis Hamilton signed a new contract with Mercedes in 2021, pledging his future to the Silver Arrows until the end of 2022 season.
The 35-year-old Englishman's last contract cements his status as Britain's biggest sporting earner as well as the best-paid driver in Formula 1 history. In total, the top ten are estimated to be on course to earn a collective $211 million in 2021. Although teams are now operating under a spending cap of $145 million per team in 2021, the limit doesn't currently cover driver salaries.
Alonso is third on the list, matching Verstappen's annual salary with $25 million from Alpine F1. Surprisingly, Sergio Perez is the fourth best paid driver despite receiving a mere $5 million salary from Red Bull, thanks to an estimated $13 million from bonuses. That leaves us with six drivers who are paid substantially less than the drivers at the top of the grid. The Haas duo of Mick Schumacher and Nikita Mazepin, the Williams duo of George Russell and Nicholas Latifi, and Antonio Giovinazzi of Alfa Romeo are on a similar pay grade.
These five drivers earn a base salary of £0.73m every year, while Japanese sensation Yuki Tsunoda earns the least among all drivers with an annual base salary of £0.365m. That leaves one final driver who earns more than a million a year. Esteban Ocon, the French driver from Alpine who recently extended his contract with the team for another three years. Ocon will be earning £3.65m on base salary this season, while the financial details of his new contract haven't been made public yet.
Next on the list is the rookie that has impressed the most since Verstappen's entry into the sport. Next on the list, and maybe a surprise to a few, is two-time world champion Fernando Alonso, earning a whopping £14.6m every season since his return to F1 with Alpine. After a difficult first few races where the Spaniard looked rusty and out of sync with his car, Alonso has been consistently finishing in the points-scoring places, justifying the gamble Alpine took with the 39-year-old.
Current championship leader Max Verstappen, who signed a new contract with Red Bull at the start of the 2020 season, will be taking home £18.25m base salary every year. The Dutchman is at the peak of his powers and in the driving seat to win his first-ever Driver's World Championship title. In 2021, the sport set a budget cap of $US145 million - though not a true cap, because many aspects are excluded, including salaries for the drivers and the team's three highest-paid employees. Lewis Hamilton is the highest-paid driver in Formula One, according to research. A deal with Ferrari worth $65 million guaranteed per year excluding bonuses, which makes him one of the highest-paid sportsperson in the world. The Red Bull driver reportedly earns a base salary of 23m euros, but that could reach 37m euros with all the bonuses of this long season.
As recently published by Forbes, the top ten highest-paid drivers are expected to have a collective income of $ 211 million in addition to the customary bonuses for racing victories. As many know, Formula 1 is an industry that moves a lot of money, since they need to invest exponentially in order to get good dividends to all those involved at the end of the season. The number six position on our list of top F1 earners goes to Irish driver Eddie Irvine who had a successful ten-year F1 racing career with Ferrari, Jaguar, and Jordan during the 1990s.
