It is no surprise that Lewis Hamilton remains F1’s top earner, having penned a two-year deal with Mercedes last July that runs until the end of 2023.
Despite reports suggesting he had taken a pay cut, the BBC reported that the seven-time world champion’s salary is back to pre-Covid levels, earning him £40m a year before his many endorsements are taken into account.
Earlier this year, Max Verstappen signalled his commitment to Red Bull by signing the longest F1 deal on the grid, a five-year contract extension reportedly worth as much as £40m a season.
The Dutchman was rewarded for winning the 2021 F1 title with what is one of the most lucrative contracts in F1 history. The deal will keep Verstappen at Red Bull until the end of 2028.
It puts Verstappen, 24, in the same ballpark as the salary earned by Hamilton.
In a bid to ward off interest from F1 rivals Mercedes, Red Bull and Ferrari, McLaren tied Lando Norris down to a new bumper, long-term deal in February.
Just nine months after his last extension, Norris agreed another fresh contract that will reportedly see him earn £20m a year over the course of four years.
The 22-year-old rising British superstar, regarded as one of the hottest talents in F1, is now set to stay in Woking until the end of 2025.
Fernando Alonso remains one of the highest-paid drivers in F1, with Spanish newspaper Marca reporting the two-time world champion’s salary is approximately £15m ($18-20m) a year as part of his current contract.
The 41-year-old will switch to Aston Martin on a multi-year deal at the end of 2022.
Four-time world champion Sebastian Vettel was earning a fortune – thought to be £32m a year – during his time at Ferrari and was ranked 18th on the Forbes list of highest-paid athletes in 2017.
But the German took a significant pay cut to stay in F1 and join Aston Martin. Vettel is understood to be earning £12.2m ($15m) a year, excluding bonuses and sponsorship deals. He will retire at the end of 2022.
Like Vettel, Daniel Ricciardo also took a pay cut when he left Renault after just two years to join McLaren for the 2021 F1 season.
The Australian’s current deal is understood to run until the end of 2023 and sees him earn less than his younger teammate Norris, though he still sits in the upper tier of F1 salaries.
Current F1 world championship leader Charles Leclerc is next up on the list, earning £9.8m ($12m) a year at Ferrari.
The Monegasque was handed a new five-year contract with the Italian outfit following an impressive first season at Maranello after replacing Kimi Raikkonen in 2019 and comfortably beating then-teammate Vettel.
Ahead of the Emilia Romagna Grand Prix in April, it was announced that Carlos Sainz had signed a new contract with Ferrari until the end of 2024 as reward for a strong first season at the team and forming a highly-rated partnership with Leclerc.
The 27-year-old now holds a contract as long as that of his teammate. According to Italian newspaper Corriere dello Sport, Sainz’s new deal puts him into the same pay bracket as Leclerc.
After winning the F1 Monaco Grand Prix, Red Bull announced that Perez had signed a new two-year deal worth £8.6m per season, according to Sportune.fr.
Despite switching from Mercedes to Alfa Romeo, Valtteri Bottas will earn the same money as he did last year. The Finn sealed a multi-year deal with the Swiss team that reportedly includes a salary worth £8.1m ($10m) a year.
Lance Stroll (Aston Martin) – £8.1m **
Lance Stroll’s contract is believed to run until the end of 2022 but the Canadian’s seat is pretty safe given his father Lawrence is in charge of Aston Martin. Stroll’s earnings put him inside the top 10 drivers on the grid.
F1’s comeback star, Kevin Magnussen, is believed to earn £5m in his multi-year deal with Haas. The Dane only signed for the American outfit on the eve of the 2022 season after Haas terminated Nikita Mazepin’s contract following Russia’s invasion of Ukraine.
F1’s newest grand prix winner Esteban Ocon is reportedly on a £4.1m ($5m) a year salary at Alpine, having signed a new deal to stay with the Anglo-French operation until 2024 last year.
Fellow race-winner and Frenchman Pierre Gasly also earns the same amount at AlphaTauri. Gasly has committed to the team for 2023.
George Russell is believed to have a contract with Mercedes that mirrors teammate Hamilton’s in terms of length, and the 24-year-old is thought to take home five million a season, a significant increase compared to what he earned at Williams.
Alex Albon (Williams) £1.6m *
New Williams recruit Alex Albon is next up on the list, with the Anglo-Thai pocketing a seven-figure salary upon his return to the F1 grid this year.
Nicholas Latifi is among the lowest-paid drivers on the grid, with the Canadian thought to be on a salary of $1m, matching that of F1 rookie Guanyu Zhou and Haas driver Mick Schumacher.
Guanyu Zhou (Alfa Romeo) £816,000 *
It is no surprise to see Zhou featuring towards the bottom of this list considering he is F1’s newest driver, having earned graduation from F2 to become teammates with Bottas at Alfa Romeo this year.
Mick Schumacher (Haas) £816,000 *
The son of legendary seven-time F1 world champion Michael Schumacher has a similar salary to his fellow drivers at the back of the grid. The German is part of Ferrari’s junior programme and could yet emulate his father by driving for F1’s most famous team in the future.
Yuki Tsunoda (AlphaTauri) £615,000 *
At the bottom-end of the list is AlphaTauri’s Yuki Tsunoda. The 22-year-old Japanese racer, now in his sophomore F1 campaign, is believed to earn just short of one million a year.
* Figures according to Spotrac
** Figures according to RacingNews365.com