Formula One involves huge sums of money. Even the smallest components of Formula One cars cost hundreds of thousands of dollars, and races are held in some of the richest cities in the world.
Formula One drivers are also paid significant sums of money. Teams prefer to keep their drivers salaries a secret, however estimates are available. As the 2022 Formula One season starts, we look at the Top 5 Highest Paid Formula One Drivers in 2022 put together by Now Loan.
Max Verstappen (Red Bull) - $43 million
Fresh from winning the 2021 Formula One Championship, Red Bull's Max Verstappen is the best paid Formula One driver in 2022. In 2015, Verstappen became the youngest driver to compete in a Formula One event at the tender age of 17. Six years later Max Verstappen became the 2021 Formula One World Champion in the most dramatic and controversial circumstances, overtaking Lewis Hamilton on the final lap of the final race of the season at the Abu Dhabi Grand Prix. Verstappen won the most races, had the most pole positions and led the most Grand Prix's in 2021. As Verstappen won the 2021 Formula One World Champion, he chose the number 1 to have on his car for the 2022 season.
To reward his new World Champion status, Verstappen was offered a five-year contract extension with Red Bull at $43 million a year. His previous deal was due to expire at the end of next season (2023), but given their success in 2021, both Verstappen and Red Bull were keen to extend the successful partnership until at least 2028. Given their success in winning the world championship, combined with Max Verstappen's young age (24 years old) and the potential retirement of Lewis Hamilton in a few years, who can blame Red Bull for paying top dollar to secure their top talent for a number of years to come.
Lewis Hamilton (Mercedes) - $40 million
Beaten into second place in 2021 Championship, Verstappen's new contract also beats Lewis Hamilton into second place in the contract standings. The seven time world champion, has been with Mercedes since 2013. Hamilton is often considered to be one of the best Formula One drivers of all time, with a record number of pole positions, record number of Formula One wins, and a joint record seven world championships.
Hamilton's current contact thought to be worth $40 million a year, is due to expire at the end of the 2023 season. It is reported that after the controversial end to the 2021 Formula One Championship, Hamilton took some time to decide his Formula One future. Having had some time off, Hamilton and Mercedes have apparently come into the 2022 Formula One season more determined than ever to win the world championship. It has also been reported that this is Hamilton's last Formula One contract, meaning that he plans to retire at the end of 2023.
Hamilton is thought to be the most marketable driver in Formula One, meaning that advertisers are keen to pay him large sums of money to promote their products and businesses. He also has a number of business interests outside of Formula One, meaning that his total earnings are far in excess of his $40 million contract. Forbes magazine estimated that in 2021 he had earnings of $82 million.
Fernando Alonso (Alpine) - $20 million
The ever popular and well respected, but fiercely competitive, Fernando Alonso is third on the list of highest paid Formula One drivers. With Renault, the Spanish Formula One driver dethroned legendary Formula One driver Michael Schumacher, by winning back-to-back world championships in 2005 and 2006. Alonso signed for Alpine (the rebranded Renault team) in 2021 for a huge sum of money, after taking a two year sabbatical from Formula One, which includes winnings two Le Mans races.
Making Alonso the third highest paid driver was a huge statement of intent by Alpine, however Alonso and the Alpine team had a disappointing 2021 season. In his first race under Alpine, Alonso had to retire during the race, due to problems with his car. This disappointment carried throughout the season, with Alonso finishing in 10th position in the drivers standings and only having one podium finish in the whole season. Alonso's contract is due to expire at the end of the 2022 Formula One season.
Sebastian Vettel (Aston Martin) - $15 million
Four time world champion, Sebastian Vettel signed for Aston Martin in 2021 and encountered a frustrating 2021 season. His four world championships, include an incredible three world championships in a row between 2010 and 2013. Vettel is known in racing circles for his pure racing pace, and a one-fingered victory salute. His $15 million a year contract, which reportedly expires in 2022, makes him the joint 4th highest paid Formula One driver in 2022.
In his first race with Aston Martin, Vettel received a grid penalty at the 2021 Bahrain Grand Prix, meaning he would start the race in last place. Vettel finished the season in 12th position in the drivers standings, with a second-place finish at the Azerbaijan Grand Prix a highlight of the year. Vettel was absent from the 2022 Bahrain Grand Prix which opened the 2022 season as he tested positive for Covid-19.
Daniel Ricciardo (McLaren) - $15 million
Australian Formula One driver Daniel Ricciardo signed for the McLaren team in 2021, from Renault. Ricciardo features heavily in the Netflix Formula One documentary, Drive to Survive, which includes coverage of his controversial move from Red Bull to Renault. Ricciardo had a mixed 2021 season, which included winning the 2021 Italian Grand Prix.
His $15 million a year contract means he is the joint 4th highest paid Formula One driver in 2022. Daniel Ricciardo is the highest paid Formula One driver who hasn't won a World Championship.
As you can see above, Formula One drivers are paid huge amounts of money. In return for these large contracts, the drivers must make huge sacrifices. They can reach speeds up to 370km/h and need to be at the peak physical fitness to compete at the top.
