Kimi Räikkönen break all records in 2007 after signing three years contract deal with Ferrari F1 team. He earns $51 million per year his contract worth of ($153 million) which bring his name among the highest paid drivers and athletes worldwide in 2009. A news website in 2018, revealed the Formula 1 drivers salaries.
The professional drivers in Formula sign new deals and shuffle from one team to another with 1st driver opportunity. According to public report in 2019, formula 1 drivers salaries 25% increase in past five years. Lewis Hamilton currently highest earning Formula 1 driver on annual base salary. In 2018, Hamilton signed two years contract deal with Mercedes Meclarn F1 for ($51 million a year) $100 million total value of contract.
FORMULA 1 DRIVERS
SALARIES 2020 (CONTRACTS DETAILS
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DRIVERS
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ANNUAL SALARY
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F1 TEAM
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CONTRACT
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$60 Million
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Mercedes F1
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2020
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$40 Million
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Ferrari F1
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2020
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$30 Million
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Ferrari F1
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2024 (Extended)
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$34 Million
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Renault F1
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2020
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$12.5 Million
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Red Bull F1
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2023
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$8.5 million
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Alfa Romeo F1
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2020
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$350,000
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Alfa Romeo F1
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2020
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$1.2 million
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Alpha Tauri F1
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2020
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$500,000
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Alpha Tauri F1
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2020
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$2.5 million
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Haas F1
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2020
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$1.5 million
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Haas F1
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2020
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$500,000
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McLaren-Renault
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2022
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$500,000
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McLaren-Renault
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2021
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$1.5 million
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Racing Point F1
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2022
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Valtteri Bottas
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£6.5 million
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Mercedes
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2020
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Nicholas Latifi
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$500,000
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ROKiT Williams
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2020
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George Russell
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$350,000
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ROKiT Williams
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2020
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$350,000
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Renault F1
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2020
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$650,000
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Red Bull
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2020
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Nico Hülkenberg
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$5.5 million
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N/A
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Contract Ended
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Robert Kubica
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$3.5 million
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N/A
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Contract Ended
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$750,000
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Racing
Point F1
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2020
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Lewis Hamilton ($60 million) annual salary remain the highest paid driver in F1 2020 season. Some drivers did not signed extension contract and after 2020 they are looking for better deals. Max Verstappen driving the last season for the Red Bull racing team.
Lewis Hamilton Annual Salary ($60 Million):Lewis Hamilton six times world champion currently best paid driver in the world. According to news sources in 2019, his contract deal is upto 2020 and his annual salary estimated upto ($60 million).
Sebastian Vettel Annual Salary ($40 Million):The four time world champion finished at 5th place in 2019 F1 standings. Currently he is working hard to get a better contract. His team mate Charles Leclerc earn (3 year contract) deal from Ferrari and joined the best paid drivers list. Vettel facing pressure and we might see him in a different f1 team upcoming year.
Charles Leclerc Annual Salary ($30 Million):Charles Leclerc signed a new three years deal with Ferrari F1 untill 2024. This means his wages improved with new contract extension currently no-official details revealed about his wage scale improvement but according to (GPRacing) he earn $30 million a year.
Daniel Ricciardo Annual Salary ($34 Million):This might be Daniel Ricciardo last season with Renault F1 his salary reported to (£26.5 million) a year according to UK news sites in 2019. Currently no official confirmation about his extension of contract with team released.
Max Verstappen Annual Salary ($12.5 Million):In 2018 Max Verstappen salary reported (£3.5 million) news sources. In 2019, a website revealed the salaries of Formula 1 drivers according to them he earn ($12.5 million) a year contract till 2020. He did not extended his contract with Red Bull F1 team but hopeful to win Formula drivers championship 2020 season.
The finiancial information of all drivers salaries and contract extension collected from top sources of Formula 1. There might be changes to the drivers line-up as some team prefer to give rest to F1 driver and called third drivers for the grand prix. Any major changes to salaries or contract updated here.
References: The Sun, Motor Sports Magazine, Forbes Magazine, Business Insider, GP Racing, Formula Forums, TSM Sports, Bleach Report