June 14, 2024
Max Verstappen

Red Bull Racing star driver and World Champion Max Verstappen.LAPRESSE

The financial powerhouses of Formula 1: Unveiling the wealthiest drivers

Formula 1 drivers live on the edge with their high-speed races, and the rewards can be just as exhilarating. Max Verstappen, the reigning F1 champion, secured a jaw-dropping $110 million following his dominant performance in the 2023 season, winning an astounding 86% of the races. With bonuses and endorsements factored in, Verstappen’s net worth soared to approximately $165.5 million. According to Forbes, his annual contract with Red Bull alone amounts to a staggering $43 million. But despite Verstappen’s immense wealth, he’s not the richest F1 driver in history.

Max Verstappen’s achievements on the track translate into substantial financial success off it. Forbes estimates his 2023 earnings, including salary and bonuses, at a remarkable $70 million, solidifying his status as the wealthiest current F1 driver for the second consecutive year. With an estimated net worth of $90 million, Verstappen’s dominance extends beyond the racetrack into the realm of wealth accumulation.

Lewis Hamilton, a British racing icon, may not hold the title of the richest current F1 driver, but his financial prowess is undeniable. With an estimated $55 million earned on the track in 2023 and a staggering net worth of $285 million, Hamilton’s legacy in the sport transcends mere victories. Seven world championships and numerous endorsements have propelled Hamilton into the upper echelon of F1 wealth.

Who is the richest F1 driver?
For all of Max Verstappen’s earnings, the 2023 F1 championship winner is surprisingly not the richest driver – Michael Schumacher is. An era-defining driver for many fans of motorsport, the seven-time F1 champion was named the highest-paid athlete by Forbes in 1999 and 2000 and even predicted to be the first billionaire athlete in 2005.

In 2017, he was named as the fifth-highest athlete of all time in terms of career earnings, but he has not been seen publicly since his life-changing skiing accident in 2013.

The German was well-known for his charitable donations, including a $39.5m donation to UNESCO during his final five years of racing. Predictably, Schumacher and his family have a worldwide real estate portfolio, while Schumacher also earned a staggering amount through brand endorsements, including a $8.5m deal to wear a shell hat and show its logo in nearly all public appearances.

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