How Much Money Do Formula 1 Drivers Make?

How much money do Formula 1 drivers make
How much money do Formula 1 drivers make

While we know that F1 superstars like Lewis Hamilton and Max Verstappen are some of the highest-paid athletes on the planet, just how much money do Formula 1 drivers make up and down the grid?

Just like the cars being separated by seconds from the front of the grid to the back, salaries are the same, with 7-Time World Champion Lewis Hamilton pulling in $40 million a year, while Yuki Tsunoda is on a mere $750k a year at Scuderia AlphaTauri. 

Then we need to take into account pay drivers such as Lando Norris, Lance Stroll, and Nicholas Latifi who bring money to the team while also drawing a salary. 

As well as salaries from their teams, drivers can also earn additional income based on results as well as personal sponsorships.

How much money do Formula 1 drivers make? 

While the exact amount Formula 1 drivers make isn’t made known to the public, Spotrac places Lewis Hamilton’s salary at $40 million a year, with newly-crowned World Champion Max Verstappen just behind at $35 million.

Two-time World Champion Fernando Alonso rakes in a cool $20 million from Alpine, while four-time champion Sebastian Vettel pockets $15 million a year from Aston Martin. 

Interestingly Valtteri Bottas, who made what could be considered a ‘step down’ after moving from Mercedes to Alfa Romeo, maintained his $10 million a year salary. 

Below is a list of driver salaries for the 2022 Formula 1 season, in US dollars. 

2022 Formula 1 Driver Salaries

Driver Team Salary ($ million)
Lewis Hamilton Mercedes 40
Max Verstappen Red Bull 35
Fernando Alonso Alpine 20
Sebastian Vettel Aston Martin 15
Daniel Ricciardo McLaren 15
Charles Leclerc Ferrari 12
Carlos Sainz Ferrari 10
Valtteri Bottas Alfa Romeo 10
Lance Stroll Aston Martin 10
Sergio Perez Red Bull 8
Kevin Magnussen Haas 6
George Russell Mercedes 5
Lando Norris McLaren 5
Esteban Ocon Alpine 5
Pierre Gasly AlphaTauri 5
Alexander Albon Williams 2
Guanyu Zhou Alfa Romeo 1
Mick Schumacher Haas 1
Nicholas Latifi Williams 1
Yuki Tsunoda AlphaTauri 750k

Are F1 driver salaries included in the new cost cap?

Formula 1 introduced a new cost cap concept in 2021. Teams were required to keep costs under $145m, with limited exceptions. In 2022, this figure was reduced to $140m, and in 2023, it will be $135m.

The list of exceptions to the cost cap includes racing driver salaries and fees. Teams are therefore free to pay their star drivers whatever they can afford, which is more than enough for many F1 drivers to live in Monaco.

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