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Lewis Hamilton Is The Highest Paid F1 Star

The 2021 season will pay Hamilton more than double that of his closest competition - Fernando Alonso. - by Jess Campbell
  • 15 Feb 2021
Lewis Hamilton Is The Highest Paid F1 Star
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If, like millions of people around the world, you binge-watched Netflix’s Formula 1: Drive to Survive series, it’s likely you would have approached the sport with newfound reverence. For the uninitiated, racing might seem like nothing more than strapping into the driver’s seat and plonking the foot firmly on the accelerator, but the reality is far more intense, far more dangerous, and far more physically demanding. When you take all of that into consideration, the exorbitant salaries the world’s top drivers are pocketing seems less ridiculous as it does necessary. 

Take Lewis Hamilton for instance. The seven-time world champion and knighted sports star has once again topped the list of highest earners on the F1 circuit, raking in a staggering US$80 million in the 2020 season. But with the global coronavirus pandemic still threatening to derail the sporting calendar, data released by Spotrac outlining the salaries of F1 drivers, indicates that Hamilton and his colleagues are set to experience quite the pay cut. Even so, Hamilton will still be paid more than double his closest competition - Fernando Alonso, who recently signed on to the rebranded Alpine F1 team (formerly Renault) for US$20 million.

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Just recently, Red Bull chief Helmut Marko came out and said drivers like Hamilton are too expensive for F1. Amidst multiple discussions surrounding drivers’ salaries and the proposed budget cap, Marko told RTL/ntv that “Hamilton is simply too expensive for Formula 1. This is why we need the pilots’ salary to be included in the budget ceiling.”

Marko added, “Given that in 2021 we will see the introduction of the budget ceiling for the first time in the history of Formula 1, the meeting raised several questions about cost control and how we can achieve this goal in the coming years.”

“As part of that, a working group will be created that will include the drivers to discuss the point of the driver contracts and the team managers.”

It’s a view backed up by Alpha Tour team principal Franz Test, who has long been an advocate for the need for salary caps. Tost recommended that a driver should not be paid more than $10 million a year, a figure that is more than four times less than what Hamilton makes in a year at Mercedes. 

The F1 is breaking new ground this year, implementing the first-ever set of Financial Regulations, which includes a cost cap aimed at delivering a more competitive championship. The cap will limit the amount of money a Formula 1 team can spend during a calendar year, relating specifically to costs that impact a race car’s performance and is set at US$145 million for the 2021 season. Following such a decision, a committee is now looking to make a vote on whether further cost controls should be added to driver salaries and those of senior management, which currently sit outside the cap.

“As 2021 sees the introduction of a cost cap for the first time in Formula 1, various topics around controlling costs and how this overall objective can be achieved over the coming years were tabled during the meeting,” said F1 and the FIA in a statement. “As part of this, a working group will be cerated - including the drivers themselves - to discuss the topic of driver and senior management contracts.”

It makes the 2021 salaries outlined by Spotrac all the more interesting. To see who ranks among the top-earners on the F1 circuit, read on below. 

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  1. Lewis Hamilton – US$55,000,000
    Mercedes
  2. Fernando Alonso – US$20,000,000
    Alpine
  3. Max Verstappen – US$20,000,000
    Red Bull
  4. Sebastian Vettel – US$17,000,000
    Aston Martin
  5. Daniel Ricciardo – US$17,000,000
    McLaren
  6. Valtteri Bottas – US$11,000,000
    Mercedes
  7. Charles Leclerc – US$11,000,000
    Ferrari
  8. Kimi Raikkonen – US$7,525,000
    Alfa Romeo
  9. Carlos Sainz – US$6,840,000
    Ferrari
  10. Esteban Ocon – US$4,650,000
    Alpine
  11. Sergio Perez – US$3,420,000
    Red Bull
  12. Lance Stroll – US$1,915,000
    Aston Martin
  13. Pierre Gasly – US$1,915,000
    AlphaTauri
  14. Lando Norris – US$1,915,000
    McLaren
  15. George Russell – US$958,000
    Williams
  16. Nicholas Latifi – US$958,000
    Williams
  17. Antonio Giovinazzi – US$684,000
    Alfa Romeo
  18. Yuki Tsunoda – Unknown
    AlphaTauri
  19. Mick Schumacher – Unknown
    Haas
  20. Nikita Mazepin – Unknown
    Haas
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Jess Campbell
Jess Campbell is an avid runner you can find on turf or tarmac. It's this love of distance running that has provided her with a lens to view the unseen perspectives in the world around her. Passionate about health and wellness, Jess is a writer devoted to sharing the human stories that lie at their apex.

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