What is the prize money for F1 constructors championship?
The earnings, per place it the F1 constructors' championship, were estimated by Autosport based on an overall pot of $1 billion: 1st: $140m - Red Bull have dominated the season and won the constructors' championship. They will earn approximately 14% of the overall pot.
Well money of course! The constructors' title is one where every position matters… to the tune of millions. The F1 prize pot is usually around 45 per cent of the revenue made across the season.
F1 prize money
Nowadays, the champions get about 14% of the pot, while those who are 10th still get 6%. Although the exact payouts are not known, from interviews and analysis it is still possible to make a good estimate of this year's prize money.
Due to inflation over the past 10 years, the figure has risen and now stands at $657,837 for the base fee, plus $6,575 per point, with the constructors' champion paying $7,893 per point.
Prize money is split based on how well teams do in the Constructors' Championship. While drivers don't get direct prize money, they often receive bonuses when they win. Just like any other sport, the best driver tends to earn the most money.
- Race Car Driver. Salary range: $24,000-$32,000 per year. ...
- Formula 1. Salary range: $35,500-$62,500 per year. ...
- Formula 1 Pit Crew. Salary range: $35,000-$51,500 per year. ...
- Formula 1 Hospitality. Salary range: $30,000-$42,000 per year. ...
- Formula One Racing Team. ...
- F1 Visa. ...
- F1 Marketing. ...
- Haas F1.
On average, F1 pit crew members can earn anywhere from $30,000 to $1 million per year, with the crew chief earning the most, as per Formulapedia.com. Pit crew members' salaries can be heavily influenced by the success of the team, the performance of the car, and the overall budget of the team.
The team's single biggest source of revenue is Red Bull itself which plasters its logos on the sides of Toro Rosso's cars as well as on their front and rear wings. In the year to 31 December 2018 Red Bull poured $82.9 million (€74.4 million) into the team in return for this exposure.
Who is the richest F1 driver?
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.
What is the cost of an F1 car? The exact cost of an F1 car is hard to confirm, but they come to a sum of approximately $15 million USD (€15.8 million) each, according to Red Bull. For the 2024 season, teams are allowed to spend a maximum of $135 million (€128m) on materials and activities related to car performance.
Long-term F1 contracts
Qatar pays $55 million per year for its contract, which is the highest amount on the list of contract costs. Others to spend this much include Saudi Arabia and Azerbaijan, whilst China, Abu Dhabi, Bahrain and Russia also all pay a sizeable amount of money.
The Bonus Point
Understandably, this requirement is to safeguard against any of the drivers outside of the top 10 pitting for fresh tires in the last few laps of the race in an effort to set the fastest lap, which in turn would compromise race integrity.
In total, the hosting fees came to about $711 million per year (£583 million, at the time of writing), with this money formulating most of the chunk of F1's yearly revenue.
As of 2023, Wolff's net worth is estimated at US$1.6 billion.
| Rank | Name | Salary |
|---|---|---|
| T-11. | Pierre Gasly | $6 million |
| T-11. | Oscar Piastri | $6 million |
| 14. | Kevin Magnussen | $5 million |
| T-15. | Alexander Albon | $3 million |
The F1 wage payers are often reluctant to reveal the official figures. Then there are performance bonuses and sponsorships to factor in. With some of the biggest car brands in the world competing with lucrative brand deals, the money involved in the pinnacle of racing is dizzying.
Who is the lowest paid F1 driver in 2023? Three drivers reportedly will make $1 million in 2023 – Haas' Nico Hülkenberg, AlphaTauri's Yuki Tsunoda and Williams' Logan Sargeant. While they all have the same salary, they are in three completely different eras of their respective careers.
How rich is Max Verstappen?
Estimates for the Red Bull driver's actual net worth vary extremely widely, with some websites such as placing it around the $90million mark, as per CelebrityNetWorth.com, going up to as much as $210million as of December 2023, per CAKnowledge.
F1 drivers are the highest-paid athletes in motorsports, taking home $11.4 million on average across all 20 drivers on the 2022 grid – a figure set to slightly reduce this year with high-earners Sebastian Vettel and Daniel Ricciardo stepping away.
This move solidifies his role as a central figure in Ferrari's future plans. Financial Upswing: The new agreement elevates Leclerc's annual earnings to $30 million, a notable increase from his previous $25 million.
As of Mar 24, 2024, the average annual pay for a F1 Engineering in the United States is $123,399 a year. Just in case you need a simple salary calculator, that works out to be approximately $59.33 an hour. This is the equivalent of $2,373/week or $10,283/month.
Some drivers stay in hotels rather than at the circuit. There are usually reserved car parks near the main entrance for owners of the most prestigious parking passes. This includes the drivers.
