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F1 drivers' salaries for the 2022 season have been revealed, with Lewis Hamilton topping the charts. With expenditure caps in place for all teams, these numbers play a significant role in their resource allocation plans.
While it is no secret that drivers of the sport earn millions, the exact figures keep changing as per their performances year after year. Hamilton retains his place at the top of the list with €35 million in salary while reigning world champion Max Verstappen follows in second place with a remuneration of €21.9 million. The list of the top six drivers hasn't changed since last year despite Verstappen's world title victory. The six top-earning F1 drivers are:
- Lewis Hamilton — €35 million
- Max Verstappen — €21.9 million
- Fernando Alonso — €17.5 million
- Sebastian Vettel — €13.1 million
- Daniel Ricciardo — €13.1 million
- Charles Leclerc — €10.5 million
Ferrari driver Carlos Sainz breaks the trend of drivers earning more than €10 million by reportedly drawing €8.76 million in pay. He joins Valtteri Bottas, Lance Stroll, Sergio Perez and others who earn in a similar range.
At the bottom of the list, however, is rookie driver Yuki Tsunoda, who just finished his first year in the sport. The Japanese driver is set to earn €660,000 in 2022.
It is to be noted here that all figures quoted are rumored.
Many F1 stars live in Monaco to keep full salary
Many drivers such as Max Verstappen, Charles Leclerc, and now Lando Norris, live in Monaco to try and maintain their riches. Monaco is a tax haven — a country or region where taxes are levied at an extremely low rate. The principality's taxation laws help protect large sums of money.
Simply put, drivers will not be forced to pay any taxes on their salaries if they reside in Monaco. For example, Max Verstappen will maintain most of his €21.9 million under the Monegasque system of taxation, helping him secure his future after his racing career comes to an end.
Despite being a major reason why F1 drivers live in Monaco, it is not the only one. Monaco is located almost bang in the center of Europe, making it convenient for drivers to travel around the continent for the various Grand Prix events. Furthermore, drivers can fulfill another part of their residency requirements by purchasing property in the wealthy principality.
With the new season just around the corner, only time will tell whether drivers will be able to justify their ludicrously high salaries to the rest of the F1 fraternity through their performances.
