It’s no secret that Formula 1 is a high-stakes, high-reward world. But just How Much Do Grand Prix Drivers Earn? Figuring out the exact figures is a complex task, as teams are often tight-lipped about official salaries. Performance bonuses and lucrative sponsorships further complicate the equation.
With the world’s biggest car manufacturers competing and incredibly valuable brand deals at play, the money in F1 can be truly staggering. Let’s dive into the world of F1 driver salaries, exploring figures like Max Verstappen’s earnings, the top-paid drivers, and the details surrounding major deals like Hamilton’s move to Ferrari.
F1 Driver Salaries: The Top Earners
Max Verstappen currently tops the list of F1’s highest-paid drivers. Lewis Hamilton’s move to Ferrari places him in second, while several rookie signings fill out the lower end of the salary table.
It’s important to remember that the figures below are estimates and do not include performance-based bonuses, which can represent a large chunk of a driver’s overall earnings.
| Pos | Driver | Team | Age | Salary (USD $) |
|---|---|---|---|---|
| 1 | Max Verstappen | Red Bull | 27 | $65m |
| 2 | Lewis Hamilton | Ferrari | 40 | $60m |
| 3 | Charles Leclerc | Ferrari | 27 | $34m |
| 4 | Fernando Alonso | Aston Martin | 43 | $20m |
| – | Lando Norris | McLaren | 25 | $20m |
| 6 | George Russell | Mercedes | 27 | $15m |
| 7 | Carlos Sainz | Williams | 30 | $10m |
| – | Pierre Gasly | Alpine | 29 | $10m |
| 9 | Alex Albon | Williams | 28 | $8m |
| 10 | Nico Hülkenberg | Sauber | 37 | $7m |
| – | Esteban Ocon | Haas | 28 | $7m |
| 12 | Oscar Piastri | McLaren | 23 | $6m |
| 13 | Lance Stroll | Aston Martin | 30 | $3m |
| 14 | Yuki Tsunoda | Racing Bulls | 24 | $2m |
| – | Kimi Antonelli | Mercedes | 18 | $2m |
| – | Gabriel Bortoletto | Sauber | 20 | $2m |
| 17 | Oliver Bearman | Haas | 19 | $1m |
| – | Liam Lawson | Red Bull | 23 | $1m |
| 19 | Jack Doohan | Alpine | 22 | $0.5 – 1m |
| – | Isack Hadjar | Racing Bulls | 20 | $0.5 – 1m |
Estimated Formula 1 driver salaries for 2025
The Challenges of Estimating F1 Driver Salaries
F1, while a thrilling sport, is also a business, so transparency regarding finances is limited. Teams and their management closely guard driver salary information. With drivers constantly in negotiations and exploring opportunities with different teams, the exact figures remain confidential.
According to Martin Brundle, a former F1 driver and current Sky Sports commentator, salary reports in the press are often inaccurate. Even with these challenges, estimates offer an idea of what top drivers might be earning.
Lewis Hamilton’s Ferrari Deal: A Deep Dive
Lewis Hamilton’s move to Ferrari for the 2025 season sent shockwaves through the Formula 1 community.
Adding to the surprise was speculation that Hamilton accepted a pay cut to join Ferrari. La Gazzetta dello Sport, an Italian publication, estimates Hamilton’s salary at around $55 million. They also reported that Hamilton’s first year with Ferrari would see him earn around $53.9 million – a $1.1 million annual reduction.
The announcement of Hamilton joining Ferrari led to a 6% increase in Ferrari’s share price, resulting in a staggering $6.12 billion increase in the company’s value. This illustrates the significant financial impact a star driver can have on a team.
The Importance of Bonuses in F1 Driver Earnings
Base salaries provide F1 drivers a comfortable living, but they represent only part of the total compensation package. The complex world of motorsport contracts uses performance-based bonuses to determine a significant portion of a driver’s final wage.
Kimi Raikkonen’s return to Formula 1 in 2012 with Lotus is a prime example. Lotus offered Kimi a substantial €50,000-per-point bonus as part of a two-year deal.
What team principal Gérard López didn’t anticipate was Kimi’s performance. After both preceding seasons resulted in zero points, Kimi scored 207 points and finished third in the drivers’ championship in his first year. He earned 183 points in his second year, bringing his bonus to €19.5 million.
Drivers also increase their income with brand deals, investments, corporate appearances, and merchandise sales. Lando Norris, for instance, is the CEO of Quadrant, an entertainment company. Lewis Hamilton has a diverse investment portfolio and was considered as a contributor to a bid for Chelsea Football Club.
Are F1 Driver Salaries Factored into the Cost Cap?
Formula 1 introduced a cost cap concept in 2021. Teams were required to keep costs under $145 million, with a few exceptions. This figure decreased to $140 million in 2022 and to $135 million in 2023, remaining in place for the 2024 and 2025 seasons.
Driver salaries and fees are explicitly excluded from the cost cap. This allows teams to pay their top drivers as much as they can afford.
The Richest F1 Driver in History
Michael Schumacher is considered the highest-paid Formula 1 driver ever and one of the highest-earning athletes ever.
Schumacher dominated the sport in the early 2000s, winning five consecutive titles and a record-setting seven championships.
In 2017, Forbes ranked Schumacher fifth on their list of highest-paid athletes of all time, with lifetime earnings of $1 billion. He was the highest-ranking non-American on the list.
Conclusion: The High-Earning World of F1
Formula 1 driver salaries reflect the immense skill, risk, and entertainment value these athletes bring to the sport. While base salaries are substantial, performance-based bonuses and endorsements can significantly increase a driver’s earnings. As F1 continues to grow in popularity, the financial stakes are likely to rise even further.
