F1 drivers salaries have been revealed—find out who the highest paid F1 drivers are and how much they’ll get paid in 2020.
The reputation of Formula 1 as the most prestigious highest class of single-seater auto racing is one which was earned by the world-class and outstanding performances put up by exceptional race car drivers.
As with any sport, the vast portion of the financial success has gone to the Formula One drivers who have achieved great success on the tracks.
In this article, we’ll review and rank the top-10 highest paid F1 drivers salaries in the world based on the major contracts agreed, as of the 2020 season.
The Highest Paid F1 Drivers Salaries in 2020
10. Esteban Ocon
Salary: €1.5 Million
A beneficiary of the Mercedes drivers development program, Ocon is relatively one of the new and young drivers in Formula 1. The 23 years old F1 driver debuted in Formula 1 at the Belgian Grand Prix in 2016, while driving for team Manor. His search for success in Formula 1 has seen him drive for four teams since his debut in the F1.
Some may say he probably has a commitment issue, but Ocon, who will be racing for Renault in the 2020 season, is the 10th highest paid F1 driver. His huge contract is perhaps because of his youthful vigor, and his hunger for success may translate to wins in the nearest future. As of 2020, Esteban Ocon’s salary is €1.5 million.
9. Sergio Pérez
Salary: €3 Million
Nicknamed The Mexican Wunderkind as a result of his early performance in Formula 1, Sergio Pérez is one of the recognized F1 drivers. However, he may not be popularly known to the media since he has not won any race in the F1. Pérez debuted in the 2011 Australian Grand Prix, and since then, has gone on to feature in 179 races. He is most recognized for his 2012 Malaysian Grand Prix run, where he took his first Podium in the Formula 1.
It’s no surprise that Pérez is among the highest paid, as he is known for signing lucrative deals such as his €15 million Force India deal in December 2013. Driving for Racing Point as of 2020, Sergio Pérez’s salary is €3 million.
8. Carlos Sainz Jr.
Salary: €3.5 Million
The Spanish Formula 1 driver has a family background deeply rooted in Motorsports racing. Sainz Jr.’s father raced in the World Rally Championship and emerged champion twice. Walking in his father’s footsteps, he chose a career in motorsports racing. He competed in Formula 3, GP3, and Formula Renault 3.5 before debuting in Formula 1 in 2015 at the Australian Grand Prix.
Unlike his father, Sainz Jr has not won a championship in the Formula 1 or any of the racing tournaments he has raced. Despite that, his driving skills have earned him one of the most lucrative contracts. Driving for team McLaren as of 2020, Carlos Sainz Jr’s salary is €3.5 million
7. Kimi Räikkönen
Salary: €4 Million
Though the Finnish driver has not seen success in recent years, he is undoubtedly one of the best F1 drivers in the world right now. The man dubbed the Iceman debuted in the 2001 Australian Grand Prix and reached the peak of his career after winning the 2007 Formula 1 Championship.
But after failing to defend his championship two years after his win, he went on sabbatical to the World Rally Championship before returning to F1 in 2012. He is the most successful Finnish F1 driver ever. Kimi Räikkönen’s salary is €4 million, racing for Alfa Romeo for the 2020 season.
6. Valtteri Bottas
Salary: €7.5 Million
Another Finnish Formula 1 driver, Botta’s fame in the Formula 1 doesn’t match that of Räikkönen, but his salary outweighs Räikkönen’s. Bottas, who debuted in the 2013 Australian Grand Prix for team Williams, competed with the team until 2016.
He made a move to Mercedes and teamed up with Formula 1 Champion, Lewis Hamilton. His move to Mercedes was beneficial as he grabbed his first victory before gaining six more. As of the 2020 season, Bottas’ salary is as much as €7.5 million.
5. Charles Leclerc
Salary: €9 Million
New to Formula 1, Charles Leclerc is an exceptional Motorsport racer. Before his stint in Formula 1, Leclerc competed in the GP3 Series Championship, which he won in 2016, and the FIA Formula 2 Championship, which he also won in 2017. Following his success at those tournaments, he proceeded to Formula 1, where he made his first entry in the 2018 Australian Grand Prix.
He went on to win the 2019 Belgian and Italian Grand Prix races, which led him to emerge 4th in the F1 Championship, an impressive performance for a driver new to Formula 1. For his fantastic performance, Leclerc was rewarded with a lucrative contract by Ferrari in December 2019. In the 2020 season, Charles Leclerc’s salary is a massive €9 million.
4. Max Verstappen
Salary: €18 Million
Dutch Formula 1 driver, Max Verstappen, had been rolling with the big boys in Formula 1, even before he became an adult legally. The 22 years old racing driver holds the record for being the youngest driver to race in Formula 1. Max Verstappen was just 17 when he debuted in the 2015 Australian Grand Prix, and he has already shown great promise in racing. Before his Formula 1 debut, Max had already won the European Formula 3 Championship.
In his debut season in the F1, he received the FIA Rookie of the Year award. He has since won seven races in the Formula 1 Championship since his 2015 debut. In 2019, he emerged third in the Formula 1 Championship and also won the FIA Action of the Year award. Max Verstappen’s salary for the 2020 season is €18 million racing for Red Bull.
3. Daniel Ricciardo
Salary: €18 Million
A talented driver, Daniel Ricciardo, is probably the best Formula 1 driver from Australia at the moment. Since he debuted in the 2011 British Grand Prix, he has been on an incredible run in Formula 1. In his first three races in Formula 1, he emerged third but struggled to see any victory.
It was until the 2014 Canadian Grand Prix that he claimed his first victory in Formula 1. Daniel Ricciardo has won 7 races since his debut in Formula 1. As of the 2020 season, Daniel Ricciardo’s salary racing for Renault is €18 million.
2. Sebastian Vettel
Salary: €42 Million
An established figure in Formula 1, Sebastian Vettel is one of the best drivers in Formula 1, and only a few can rival his reign. Vettel, who first debuted in Formula 1 in the 2007 US Grand Prix, has won 53 races in Formula 1 and has also won 4 Formula 1 Championship, all consecutively.
Vettel, who has been in a tense rivalry with Formula defending champion Lewis Hamilton since the departure of Nico Rosberg in 2016, holds several records in the F1 Championship, such as the record for most successive wins in a season.
As of the 2020 season, Sebastian Vettel’s salary is €42 million racing for Ferrari, making it the second highest paid F1 driver salary in the world.
1. Lewis Hamilton
Salary: €48 Million
Not surprising, as Lewis Hamilton has been on a terrific run in F1 since he debuted in the Championship in the 2007 Australian Grand Prix. Hamilton, who has shown great promise since he was a boy, first tasted victory in the Formula One in the 2007 Canadian Grand Prix.
His first Formula One Championship then came in the 2008 season. He, however, struggled to find another Championship win until the 2014 season. Since then, aside from the 2016 Championship, he has won all editions of the Formula One Championship.
Lewis Hamilton, who is lauded as the greatest race car driver in Formula One, holds several records in the Championship. As of the 2020 season, Lewis Hamilton’s salary racing for Mercedes is a massive €48 million. His annual pay ranks as the highest paid F1 driver salary in the world right now. So far, Hamilton’s total career earnings are well around $500 million.
Conclusion
As Formula One lives up to the incredible reputation which it has earned across the world, the financial success has made the sport a lucrative venture.
The gainful rewards are evidenced in the highest paid F1 drivers salaries listed above. That is a result of the tremendous attention that the sport receives globally.
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