Formula 1 is known as one of the most expensive sports in the world, especially for drivers. The cost of entry can be astronomical, estimated at over $10 million dollars, which includes the expenses of karting, racing in lower formulas, and personal training. However, once a driver is signed by a team within the sport, the salaries offered to Formula 1 drivers are exceedingly high. The top drivers can earn tens of millions of dollars annually, and even the middle-tier drivers can expect to make several million.
In 2021, Lewis Hamilton was reportedly the highest-paid driver on the grid and earned almost double that of his rival Max Verstappen. Hamilton’s earnings were around £43 million(base), which is significantly higher than Verstappen’s £19.5 million (base). However, recent news suggests that there may be changes to this situation right now and the last two years have cut almost £30 million off the Brits paycheck.
How Max Verstappen forced Lewis Hamilton to say goodbye to £30million payday
Drivers have the potential to earn bonuses on top of their regular salary based on the points they accumulate. The amount of the bonus varies depending on the driver’s contract and team. For instance, Max Verstappen, the reigning world champion, reportedly receives a base salary of £45-50 million annually from his team, Red Bull, and reportedly, they give him a £1 million bonus for each race he wins. If he were to win all 22 races in the 2023 season, he could earn upward of £72 million in total.
The bonus could be increased if a driver wins the championship too, like according to Express, Hamilton also received an added bonus of £15m for each year that he wins the F1 world championship.
In the 2021 season we saw Hamilton narrowly lose to Verstappen in a controversial final race held in Abu Dhabi. Hamilton had been fiercely competing against the Red Bull car and was looking forward to continuing the rivalry with Verstappen over the next two seasons. However, things did not go as planned and Red Bull emerged as the top team for the following two years.
This led Verstappen to win the 2022 title and he is looking likely to win his third title this season. Resulting in the Mercedes driver, missing out on a total of £30 million in these two years.
Top five F1 incomes are led by Max Verstappen
It’s worth noting that Lewis Hamilton is still the second highest-paid driver in the current grid, despite a £30 million decrease. It’s not surprising that Formula 1 drivers are among the most well-compensated athletes worldwide. Hamilton was even once included in the list of the top highest-paid athletes at number 20, which speaks to the level of prestige and recognition that these drivers command.
Here is a list of the Top 5 highest paid drivers on the grid today
📰: Max Verstappen tops the list of F1's five highest earners (annually):
1. Max Verstappen $60 million
2. Lewis Hamilton $55 million
3. Fernando Alonso $30 million
4. Sergio Pérez $26 million
5. Charles Leclerc $12 million #F1#AbuDhabiGP pic.twitter.com/aKgjoqSIFZ— F1 Naija 🇳🇬 (@f1_naija) November 23, 2022
Max Verstappen tops the list with $60 million in his bag. What do you think about the bonuses? and who do you think is the highest-paid diver of all time, tell us in the comments down below.
