Formula One is one of the most expensive sports in the world. Expensive as it is to get into the sport, once you make it, you do reap the rewards of your hard work, one of which is a hefty paycheck.
In this article, we take a look at the annual salaries of the Formula One drivers on the grid in the 2022 season.
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We start off with defending Constructors’ champions Mercedes. The German team, who have one of the greatest drivers of all time in Lewis Hamilton leading the charge for them, have provided him a new teammate in George Russell for the new regulations era.
Given it is Russell’s first-ever season with Mercedes and a proper front of the grid team, the pay difference between the two is understandable. Seven-time World Champion Hamilton currently takes ahome a whopping US$40 million as part of his salary, which is incidentally the highest on the grid, while his compatriot and teammate Russell nets a handsome US$5 million.
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After finally producing a car worthy of a title, Red Bull have returned to the top of the grid following an eight-year gap. Having beaten Mercedes’ Lewis Hamilton for the Drivers’ title in 2021, Red Bull’s Max Verstappen is currently the sport’s golden child.
Verstappen’s current salary is an impressive US$25 million, with reports suggesting that it will only shoot up following his recent contract extension with the team, which sees him stay with Red Bull at least until the end of the 2028 season. Meanwhile, his teammate Sergio Pérez, who is in his second season with the team, enjoys a handsome US$8 million per year as his salary.
After dropping the ball in 2017 and 2018 and struggling to even fight for podiums in 2020, Ferrari have made a stunning comeback this season, and it is the first time since Sebastian Vettel’s 2018 title charge that they actually look like they could take home not just one but both the titles.
Charles Leclerc, who joined Ferrari in 2019, has clearly been looked as the one who will carry the Italian team’s hopes for the future, and given that he has a long-term contract with the Maranello outfit, it just confirms the same. The young Monégasque currently takes home a salary of US$12 million, while his Spanish teammate Carlos Sainz, who is in his second season with the Scuderia, nets a decent US$10 million.
Iconic French team Renault, who were rebranded to Alpine in 2021, have one of the all-time greats driving for them in Fernando Alonso. The double World Champion, despite being in his 40s, is still one of the most skilled drivers out there and is currently paid a handsome US$20 million.
Alonso’s teammate, Esteban Ocon, who is Formula One’s latest Grand Prix winner, takes home a commendable US$5 million, which will only increase given the promising talent of the young Frenchman.
McLaren, along with Ferrari and Williams, are one of the most iconic names in the world of Formula One. The Woking-based team currently have one of the most exciting driver pairings in Lando Norris and Daniel Ricciardo.
McLaren have invested heavily in the young Brit Lando Norris, who is the future of the team and is currently paid a handsome US$20 million, while his experienced teammate and winner of eight Grands Prix Daniel Ricciardo takes home US$15 million.
The iconic British car manufacturer returned to Formula One after a gap of more than six decades when Racing Point was rebranded to Aston Martin in 2021.
The Silverstone-based team have four-time World Champion Sebastian Vettel and owner Lawrence Stroll’s son Lance as their current drivers. Vettel, who took a massive pay-cut to join Aston Martin, currently takes home US$15 million, while Lance Stroll nets US$10 million.
The iconic Sauber team, who were rebranded to Alfa Romeo in the 2019 season, spent a couple of seasons in the lower midfield before making a resurgent comeback in 2022 to the top of the midfield. The Swiss team have been the launchpad for many drivers over the years and currently boast of a driver pairing of Valtteri Bottas and the rookie Guanyu Zhou, who is the first-ever full-time Chinese Formula One driver.
Bottas, who is a proven race-winner as shown during his time with Mercedes, takes home US$10 million, while Zhou, who comes with a lot of sponsorship backing, is set to earn a commendable US$1 million in his first season.
Formula One’s newest team Haas have had a rollercoaster 2022 season. After spending the entirety of 2020 and 2021 at the back of the field, the American team were hoping for a strong start to the new regulations era. Backed by Russian billionaire Dmitry Mazepin, whose firm Uralkali was the team’s title sponsor, Haas were finally hoping to move in the right direction. All of that changed quickly, however, as Russia invaded Ukraine in February 2022 and Haas consequently ended their partnership with Uralkali while also terminating the contract of Mazepin’s son Nikita, who was one of their drivers.
After a chaotic pre-season, though, Haas started the season brilliantly with a solid points finish in the opening race and have shown strong pace throughout the season. With Kevin Magnussen back in the team along with Michael Schumacher’s son Mick, who is in his second season with the team, Haas look to move back to the midfield. Magnussen is the lead driver of the team and is paid US$6 million, while the young Mick Schumacher takes home US$1 million.
For years, AlphaTauri were known as the junior Red Bull team and a launchpad for the Red Bull academy drivers. But in the past few seasons, with young Frenchman Pierre Gasly leading from the front, the team have shown that they are not just a junior Red Bull team but, on their day, can be just as good as Red Bull, if not better.
Gasly gave the Faenza-based team their second victory at the Italian Grand Prix in 2020. The Frenchman is one of the most consistent drivers on the grid and is currently paired with the talented youngster from Japan, Yuki Tsunoda, who is in his second season with the team. A proper midfield team who regularly score a good haul of points, AlphaTauri have come a long way from being under the shadow of the Red Bull team.
Gasly currently takes home US$5 million, while Tsunoda nets US$750,000.
One of the most iconic teams on the grid, British racing team Williams are also one of the most successful teams on the grid. With over a hundred race wins, nine Constructors’ titles and seven Drivers’ titles, they have cemented their place as one of the greats of the sport.
The Grove-based team have had a rough few years, however, and unfortunately have been stuck right at the back of the field for a couple of seasons now. They will be hoping that the new regulations help them get back to the front of the grid, where they belong.
The Williams team, having boasted some of the greatest names in the sport’s history to drive for them, currently have Alexander Albon and Nicholas Latifi on their books. While Albon takes home US$2 million, Latifi earns US$1 million.
Source – https://www.spotrac.com
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