The multimillion-dollar men of Formula 1: how much the top 10 highest paid drivers on the grid earned in 2022
The highest paid Formula 1 drivers of 2022
Forbes has released the salaries of the highest paid Formula 1 drivers up and down the grid.
1. Max Verstappen – Red Bull
Salary: $59.1 million
Bonuses: $29 million
Fresh off the back of his first Formula 1 world championship, Max Verstappen enjoyed a big boost financially.
In 2021, he earned a $36.9 million salary and $25.1 million in bonuses, putting him at $62 million all told.
He's enjoyed an even bigger pay packet in 2022, earning a $59.1 million salary and $29 million in bonuses.
Verstappen was the dominant force in Formula 1 this year, despite Ferrari being as quick, if not quicker on one-lap pace.
Verstappen took just seven pole positions to Charles Leclerc's nine.
However, all told, Verstappen won 15 of this year's 22-race schedule. In the second half of the season, the Dutch driver dominated winning nine of the 11 races.
1. Max Verstappen – Red Bull
The 2022 season marked Verstappen's eighth season in Formula 1.
His debut in 2014 came with plenty of conjecture as he became the youngest driver in the sport's history to participate in a grand prix weekend at just 17 years old.
The following year, he became the youngest driver to start a world championship grand prix when he debuted for Toro Rosso (now AlphaTauri).
Verstappen's meteoric rise to Formula 1 came after just one season of FIA European Formula 3 Championship competition, in which he finished third behind Frenchman Esteban Ocon and British-born, New Zealand-raised Tom Blomqvist – son of Stig Blomqvist.
Verstappen spent little more than a year at Toro Rosso. When Russian Daniil Kvyat was spectacularly dropped just four races into the season, Verstappen stood up.
Making his first start with Red Bull, he claimed a shock win in the Spanish Grand Prix – what was the first of 35 to date.
After nearly a decade of Mercedes dominance, Verstappen and Red Bull broke the stranglehold and won the 2021 title.
2. Lewis Hamilton – Mercedes
Salary: $81.2 million
Bonuses: $0
Lewis Hamilton continues to be one of the sport's high rollers.
However, with nothing to show for in terms of race wins, there are no bonuses for the seven-time champ in 2022.
The Brit earned $81.2 million in 2021 and an extra $10.3 million in bonuses. This year he made the same $81.2 million salary in what was a lacklustre year for Mercedes.
After scoring a podium in the opening Bahrain Grand Prix, Hamilton went on a seven-race dry spell before scoring five straight podiums. Hamilton was runner-up on five occassions.
In a career-first. Hamilton ended a 15-year run of claiming a win and a pole position in every season.
He also suffered his first DNF since the 2018 Austrian Grand Prix when his Mercedes F1 W13 cried no more in the Abu Dhabi Grand Prix – in many ways, that summed up his season.
The 37-year-old gladly said goodbye to his sluggish Silver Arrows car, ending the season sixth overall.
2. Lewis Hamilton – Mercedes
A prolific kart racer, Lewis Hamilton became the youngest British cadet karting at 10 years old.
Upon approaching McLaren boss Ron Dennis at the Autosport Awards for an autograph, the youngster said he'd like to drive one of the team principal's Formula 1 cars.
"Phone me in nine years, we'll sort something out then," he wrote.
It wasn't long before Dennis and McLaren had Hamilton signed to its development program and set him on the way to an eventual Formula 1 debut.
In 2007, Hamilton looked like he would achieve the unthinkable and win the title in his first season.
He went into the finale with a five-point lead over teammate Fernando Alonso and Ferrari's Kimi Raikkonen.
In the end, Hamilton was only seventh in the Brazilian Grand Prix, which was dominated by Raikkonen who claimed what is still the most recent Formula 1 title for the Scuderia.
3. Fernando Alonso – Alpine
Salary: $44 million
Bonuses: $0
Fernando Alonso remains one of the highest paid Formula 1 drivers despite his last title coming more than a decade ago.
The two-time champion who raced for Alpine this year wound up ninth in the drivers' championship.
The Spaniard was a regular points finisher, only finishing outside the top 10 on eight occasions in the 22-race season.
Alonso's $44 million pay packet in 2022 is up from his 2021 earnings of $36.9 million.
The Formula 1 circus was thrown into chaos when Alonso announced his departure from Alpine for Aston Martin, triggering a chain of events that led to Oscar Piastri joining McLaren.
3. Fernando Alonso – Alpine
A prodigious talent, Alonso made his Formula 1 debut in 2001 with Minardi and endured a tough first season where 10th was his best finish.
He sat on the sidelines for 2002 but joined Renault in the meantime. His first start with the team in 2003 drew points, finishing seventh in the Australian Grand Prix.
Alonso quickly found success, winning the 2005 and 2006 titles to end a period of dominance by Michael Schumacher.
However, his career could have looked a whole lot different had he opted to join Jaguar in 2002.
He tested with the British team at Silverstone alongside German driver Andre Lotterer and Australian James Courtney, the latter who went on to win the Supercars Championship.
4. Sergio Perez – Red Bull
Salary: $14.7 million
Bonuses: $23.6 million
Sergio Perez was the perfect rear gunner for Max Verstappen in 2022.
After making $7.3 million in 2021 and playing a key role in Verstappen's title win that year, the Mexican was given a big boost to his paycheque.
All told, Perez made $14.7 million and another $23.6 million in bonuses.
Perez took two victories this year, winning the prestigious Monaco Grand Prix and the Singapore Grand Prix.
He narrowly missed out on second in the drivers' championship, falling just short of Charles Leclerc.
4. Sergio Perez – Red Bull
Sergio Perez spent just two seasons in GP2 (now Formula 2) before stepping up to Formula 1 with Sauber.
It was a near-dream debut for the Mexican, who finished seventh ahead of his teammate Kamui Kobayashi at the 2011 Australian Grand Prix.
However, both drivers were disqualified after a technical infringement was discovered.
Perez spent two years at Sauber. He nearly won the Malaysian Grand Prix in 2012 but was just pipped by Fernando Alonso.
A horrendous season at McLaren followed in 2013 before a lengthy spell at the team now known as Aston Martin from 2014 to 2020, finally winning in his second-to-last race with the team.
5. Charles Leclerc – Ferrari
Salary: $17.7 million
Bonuses: $16.2 million
What a disappointment 2022 was for Charles Leclerc.
Ferrari looked to have nailed the new regulations after Leclerc and teammate Carlos Sainz finished first and second.
However, the tide quickly changed and Red Bull's Max Verstappen walked away with the title.
Leclerc undoubtedly had pace, taking the most pole positions of the year. However, mistakes of his own and poor strategy ultimately kept him out of the hunt.
Last year, Leclerc earned a $17.7 million salary and no bonuses. However, this year he almost doubled his salary in bonuses alone to the tune of $16.2 million.
The Monegasque will no doubt he'll be hoping the Scuderia sort out its strategy faux pas in 2023.
