Formula 1 drivers are some of the highest-paid athletes in the world. Therefore it’s no surprise, where they choose to live.
F1 drivers live in some of the most glamorous places in the world. An expensive sport often comes with an expensive lifestyle. But where do all of the 2023 Formula 1 drivers live?
Monaco
Monaco holds a very important place in F1 history. It hosts one of the most iconic street circuit races in the world, the Monaco Grand Prix. Monaco is often referred to as the “playground for millionaires” or a “tax haven”. With over 27,000 millionaires, Monaco is the richest country in Europe per capita.
The primary reason why F1 drivers choose Monaco as their home is the zero income tax for residents. In other words, you get to keep all the money you earn. That’s the main aspect of what makes Monaco such a magnet for wealthy people in general.
It’s no secret that F1 drivers have a high income. If you take a look at the annual salary of Max Verstappen ($50m), Lewis Hamilton ($35m), and others, it’s logical for them to live in a place like Monaco.
Lando Norris is the most recent driver who moved to Monte-Carlo back in early 2022. In an interview he explained the reasons for his decision:
”The reasons why are very obvious. […] It’s something that obviously a lot of drivers do and especially, with how racing is, I think we’ve seen for other drivers how quickly things can also go downhill and so on. I have to look after my things for my future.”
Lando Norris announced yesterday that he is moving to Monaco, joining 12+ F1 drivers that currently live there.
If he stays there for 6 months & 1 day each year, Norris won't pay any income tax, capital gains tax, wealth tax, or inheritance tax.
Plus, it's safe & beautiful. pic.twitter.com/uyaunQtxDM
— Joe Pompliano (@JoePompliano) December 1, 2021
Monaco has always been a hotspot for F1 drivers, from Gerhard Berger to Mikka Hakkinen – a huge portion of drivers have lived or continue to live there. Almost half of the 2023 grid calls the principality their home. On the current grid, Charles Leclerc is the only one who holds Monegasque citizenship.
Apart from the financial aspect, its central location in Europe, makes traveling a lot more convenient for the drivers, considering most of the team’s headquarters are located in Europe.
Switzerland
There are numerous beneficial similarities between living in Monaco and Switzerland. However, the tax regime isn’t quite the same. Whilst you don’t pay any taxes at all in Monaco, Switzerland is not a tax-free nation. But still, compared to other European countries, Switzerland has a relatively low tax rate.
Again, same as Monaco, Switzerland has a central location in Europe. With seven international airports, traveling becomes more efficient and easier.
But still, there are a few drivers who chose not to live in either Monaco or Switzerland. One reason for this is, that some prefer to live close to their team’s headquarters. Some other drivers decided to just stay close to their families and live in their home country.
An overview of where all 20 F1 drivers live:
- Charles Leclerc: Monaco
- Lewis Hamilton: Monaco
- Lando Norris: Monaco
- Max Verstappen: Monaco
- Valterri Bottas: Monaco
- Alex Albon: Monaco
- Nyck de Vries: Monaco
- Nico Hülkenberg: Monaco
- Sergio Perez: Mexico
- George Russell: England
- Zhou Guanyu: England
- Oscar Piastri: England
- Logan Sargeant: England
- Yuki Tsunoda: Italy
- Pierre Gasly: Italy
- Kevin Magnussen: Denmark
- Carlos Sainz: Spain
- Fernando Alonso: Spain
- Lance Stroll: Switzerland
- Esteban Ocon: Switzerland
