FormulaE

· 21 Oct 2022

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Formula E Salaries

Heres a look at F1s five highest paid drivers, along with an overview of the grid. I am going to look at what F1 drivers earn, as well as how F1 teams, pit crews, and drivers from Esports make money. In this article, we are going to look at what we believe the drivers of Formula One earn, how they earn, and who are the richest drivers in history.


Michael Schumacher highest paid
Michael Schumacher is considered the most highly paid Formula One driver of all time, and also one of the most highly paid athletes in history. The title of the highest-paid F1 driver ever goes to Michael Schumacher, who earned a reported $1 billion over his career (including $30 million when driving for Mercedes from 2010-2012). Michael Schumacher is the driver for Mercedes.


Yuki Tsunoda
If you are looking for the short answer, an F1 drivers salary is in the range of $1-40 million, with Lewis Hamilton being the highest paid driver, earning an estimated $40 million per year. The highest-paid Formula One driver as of 2022 is Lewis Hamilton, earning $60 million annually. The lowest-paid F1 driver in 2022 is Yuki Tsunoda, who makes $750,000 annually.


22k to 18 Mio
Some estimate a driver could make just $22,000, while the top-paid drivers are reported to make as much as $18 million. However, F3 drivers are typically on the lower end, so a better estimate would be somewhere in the range of $80,000-$100,000. They do pay Esports drivers an annual salary as well, but I have no information about this.


Indy Car Salaries
Drop to mid-tier IndyCar salaries, and those are in line with the top-tiered ace of the DPi, which is $45,000-$50,000. Take a 17-race season for one or two of IndyCars highest earners, and they are making around $175,000 a race, all pre-tax. Do the math with this elite drivers income from the DPi, divided by their 10-race calendar, and we are looking at about $50,000 per race.


One of the listed exceptions to the expense limit is driver salaries and expenses. The drivers salary cap is seen as the next step to controlling the teams costs, following a cap on team expenses that was introduced last season. Formula One drivers salaries are still exempt from the budget cap, as are salaries for a number of other key members of a teams staff.

One Paddock
Leading drivers within the Formula One paddock are noticeably lacking enthusiasm for proposals that would impose a salary cap on the sport. With teams feeling extremely under pressure to comply with existing caps because of the global inflation rate that has skyrocketed, suggestions of where further cuts might be found has led to proposals for drivers salaries to be cut back. Teams supported the proposed $30m (PS24m) salary cap for both of their drivers when it was put forward to the 2020 F1 Commission meeting of officials, team principals and race organisers.

Annual Salaries
F1 drivers annual salaries may vary depending on bonuses awarded to them depending on where they finished in the race, such as at the Grand Prix or at other important events. The range of salaries for drivers in top-tier racing championships is $500k-$60m per year. While a NASCAR drivers salary is nice, it really pales in comparison to what an F1 racer might earn.

In sum, F2 drivers earn significantly less money than drivers from top-tier racing championships. Formula Two drivers earn about $225-500 per day, and they require a lot of assistance to be paid during a season. The average drivers salary in Formula 2 and Formula 3 racing is around $225-500 per day.

Formula EThe approximate average driver salary for Formula E is now believed to be around the EUR 750,000 mark. To enter F3, drivers must pay anywhere from $750,000-$1,000,000, almost half of Formula 2s entry fees. Unlike in Formula Racing, Formula Esports drivers are not required to pay huge entry fees.


Contracts
Formula 2 and 3 drivers are there to push towards their end goal, the premier racing championship in the sport of Motorsport, where they usually get the funds needed to keep on the journey of a professional career. Typically, these drivers seek out individual sponsorship deals to help finance their ventures into Formula 2. What may come as a surprise is not only are the drivers making a fraction of the money the drivers of top-level Motorsport Racing Championships earn, most must look to the leagues sponsors to finance them in order to continue to compete. In LMP2 - Pro-Ams highest prototype class - the majority of pros are reported to make an average of $200k-300k, according to a person who drives in the class, and another who has signed many professional drivers to LMP2 contracts.


Lando Norris
These figures, which are estimates of what a driver might make in F1, need to be taken with a significant grain of salt. Lando Norris is estimated to be earning similar wages as the 40-year-old, double-champion Fernando Alonso. Lando Norris was just one year older when Alonso made his Formula 1 debut, but is constantly being touted as one of the best talents on the current grid -- and has a pricetag reflecting it. Rising British star Lando Norris has moved into third place in the drivers highest-paid chart, earning $20m per year, following a new McLaren contract which keeps him at the team until the end of 2025.


Hamilton
Hamiltons Mercedes is estimated to make $40 million per year, which puts him in Forbes top-earning athletes list for 2022. Fernando Alonso, who has been the star driver in several Formula One championships, said that increasing demands for drivers time have justified keeping salaries uncapped.



Summary
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Cited Sources

https://www.racefans.net/2022/06/08/racefans-round-up-08-06-5/ 0
https://racer.com/2022/01/01/pruett-so-you-want-to-be-a-pro-driver-how-much-will-you-earn/ 1