F1 Salaries: How much do Formula 1 Drivers make?

F1 2022 Driver Lineup
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Have you ever wondered how much F1 drivers make? LWOS will give you a glimpse into the salaries of the grid in 2022.

Formula One drivers are reputed to earn a huge amount of money annually, but how much do they actually make? While exact figures are not made known to the public, the majority of the grid earns at least one million dollars per year, with nearly half the field making ten million dollars more. Here is a look at the top five salaries in F1, plus a rundown of the full grid.

Highest-paid drivers – Top 5

5) Sebastian Vettel (Aston Martin) – $15m

SPIELBERG, AUSTRIA – JULY 07: Sebastian Vettel of Germany and Aston Martin F1 Team talks to the media in the Paddock during previews ahead of the F1 Grand Prix of Austria at Red Bull Ring on July 07, 2022 in Spielberg, Austria. (Photo by Bryn Lennon/Getty Images)

F1 legend Sebastian Vettel picks up $15 million a year driving for Aston Martin. The German recently announced his retirement from Formula 1, leaving the sport with four world titles, 53 wins, 57 pole positions, and 122 podium finishes.

4) Fernando Alonso (Alpine) – $20m

BAHRAIN, BAHRAIN – MARCH 11: Fernando Alonso of Spain and Alpine F1 Team walks in the Paddock during previews ahead of Formula 1 Testing at Bahrain International Circuit on March 11, 2021 in Bahrain, Bahrain. (Photo by Mark Thompson/Getty Images)

Two-time world champion Fernando Alonso comes in fourth, earning $20 million a year. The 41-year-old is set to join Aston Martin on a multi-year deal from 2023, replacing the retiring Sebastian Vettel.

3) Lando Norris (McLaren) – $20m

MONTREAL, QUEBEC – JUNE 17: Lando Norris of Great Britain and McLaren talks to the media in the Paddock prior to practice ahead of the F1 Grand Prix of Canada at Circuit Gilles Villeneuve on June 17, 2022 in Montreal, Quebec. (Photo by Clive Rose/Getty Images)

Britain’s rising star Lando Norris climbed to third in the list of top-paid drivers with $20 million a year after signing a new McLaren deal that will keep him with the team until the end of 2025.

2) Max Verstappen (Red Bull) – $25m

ABU DHABI, UNITED ARAB EMIRATES – DECEMBER 13: Race winner Max Verstappen of Netherlands and Red Bull Racing celebrates on the podium during the F1 Grand Prix of Abu Dhabi at Yas Marina Circuit on December 13, 2020 in Abu Dhabi, United Arab Emirates. (Photo by Peter Fox/Getty Images)

The current championship leader, Max Verstappen, earns $25 million a year at Red Bull. After winning his first world title last season, the Dutchman was rewarded with an enormous new deal through 2028 rumored to be worth $55 million per year – a greater average pay than Hamilton. However, without that confirmed he slots in second at the moment.

1) Lewis Hamilton (Mercedes) – $40m

ISTANBUL, TURKEY – NOVEMBER 15: Race winner Lewis Hamilton of Great Britain and Mercedes GP celebrates winning a 7th F1 World Drivers Championship on the podium during the F1 Grand Prix of Turkey at Intercity Istanbul Park on November 15, 2020 in Istanbul, Turkey. (Photo by Bryn Lennon/Getty Images)

As many of you may have expected, seven-time world champion Lewis Hamilton is the highest-paid driver on the grid. The Mercedes driver is estimated to make $40 million a year, landing him on Forbes’ list of the highest-earning athletes for 2022. On July 2021, the Brit inked a two-year contract extension with Mercedes until the end of 2023.

How much do the rest of the drivers make? Let’s find out:

Driver   Team   Age   Country  Salary (USD $)  
Lewis Hamilton   Mercedes   37   United Kingdom  $40m  
Max Verstappen   Red Bull   24   Netherlands  $25m  
Lando Norris  McLaren 22   United Kingdom $20m  
Fernando Alonso  Alpine  41 Spain $20m  
Sebastian Vettel   Aston Martin   35  Germany  $15m  
Daniel Ricciardo   McLaren   33   Australia  $15m  
Charles Leclerc   Ferrari   24   Monaco  $12m  
Valtteri Bottas   Alfa Romeo   32   Finland  $10m  
Lance Stroll   Aston Martin   23   Canada  $10m  
Carlos Sainz Jr.   Ferrari   27   Spain  $10m  
Sergio Perez   Red Bull   32   Mexico  $8m  
Kevin Magnussen   Haas   29   Denmark  $6m  
Pierre Gasly   AlphaTauri   26   France  $5m  
Esteban Ocon   Alpine   25   France  $5m  
George Russell   Mercedes   24   United Kingdom  $5m  
Alexander Albon   Williams   26   Thailand  $2m  
Mick Schumacher   Haas   23   Germany  $1m  
Zhou Guanyu   Alfa Romeo   23  China  $1m  
Nicholas Latifi   Williams   27  Canada  $1m  
Yuki Tsunoda   AlphaTauri   22   Japan  $750,000  

Data collected from Spotrac.

Who is the highest-paid F1 driver of all time?

17 Mar 2002: Portrait of Ferrari driver Michael Schumacher before the Formula One Malaysian Grand Prix at the Sepang Circuit in Kuala Lumpur, Malayasia. Credit: Clive Mason/Getty Images

The F1 titan Michael Schumacher is not just the highest-paid F1 driver in history, but also one of the highest-paid sportsmen ever. He was named one of Forbes’ list of the highest-paid athletes of all time in 2017, placing fifth with a staggering $1 billion.