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Here’s What Your Favourite F1 Drivers Are Making This Year

by
Charisa Bossinakis
2 March 2021

It pays to drive fast. Pays even better to drive faster.

F1 is essentially a small economy in itself. With the annual cost of operating a mid-tier team expected to be around $120 million (US) – going toward designing, building and maintaining cars, it’s definitely one of the flashier sports. And with that in mind, it’s no surprise drivers are some of the highest-paid athletes in the world currently – not only earning handsome salaries from their respective teams but receiving mega endorsement and brand deals too.

And though their predecessors led a much more rock n’ roll lifestyle – James Hunt was known to race with a badge sewn onto his overalls that read, “Sex, the breakfast of champions,” F1 drivers today, are still synonymous with wealth and luxury.

But the game is changing slightly – with F1 proposing a $30 million driver salary cap to go head in 2023, teams will be discouraged from spending excess as it will be deducted from their annual budget cap.

The decision comes after the postposed 2020 season and with limited income generated by F1, stakeholders have now taken matters into their own hands and chosen to reduce future spending.

Though the salary cap aims to financially benefit the sport in the wake of the coronavirus crisis, it could alienate “superstar” drivers according to the Executive Director of Mercedes-Benz Todd Wolff.

“We have said we don’t want to lose the superstars out of this sport, so it needs to be a gradual introduction from 2024 onwards so that the future generations of drivers end up on a more sensible level, in considering that we have a cost cap on the team.”

Despite Hamilton being among one of the “superstar” drivers that could be affected by this proposed deal, the seven-time world reigning champion extended his Mercedes F1 team contract earlier this month, securing his title once again as F1’s highest-paid driver. But where do our other favourite drivers rank this season?

As they begin to rev up their engines and prepare to re-join the track in later March, let’s take a look at how much the most well-known F1 drivers will be making this year.

Note: *with option

1. Lewis Hamilton (Mercedes)