Lewis Hamilton joining Ferrari in 2025 has been the biggest build-up narrative heading into the new season. It is the union of two of F1’s biggest names — the most successful driver and team ever.
Commercially, it is expected to be the biggest driver move in the sport’s history, with the Briton’s arrival already having a positive impact on the Italian company’s stocks. In the short-term too, Hamilton is expected to reclaim the title of F1’s highest-paid driver from Max Verstappen.
Verstappen signed a contract with Red Bull in 2022, that promised him $60 million in base salary with $15 million in bonuses, per Forbes. Recently, the same source has stated that Hamilton will likely be earning a figure north of $75 million in the red overalls of Ferrari.
| Forbes expects Lewis Hamilton to become the highest-paid driver in Formula 1 in 2025, after his move to Ferrari, setting a new salary record above the $75m of Max Verstappen in 2024.
— Ferrari News (@FanaticsFerrari) January 7, 2025
AS reported that taking the base pay, sponsors, rights, and bonuses into account, Hamilton’s yearly salary will be around $100 million, making him the highest-paid Ferrari and F1 driver of all time.
Hamilton’s popularity, and what he could bring to the team — in terms of talent, experience, and his larger-than-life personality — makes this seem like a reasonable amount for Ferrari to have agreed to. A lot of it also has to do with F1’s growth as a whole, with driver salaries having seen an upward trajectory over the last few years.
One of the biggest benefactors of this has been Lando Norris of McLaren.
Why is there an increase in the salaries of F1 drivers?
Norris, although not F1’s biggest name yet, has become increasingly popular over the years, and coupled with his talent behind the wheel, he has become an invaluable asset to McLaren. The Bristol-born driver likely knew that before he started contract negotiations with McLaren in 2022, which saw his salary increase from just over $20 million to around $35 million currently.
Other drivers like Charles Leclerc, Carlos Sainz, and George Russell too, have had bumps in their paychecks with recent contracts signed, because teams want drivers who are marketable and compensate those who seem worthy accordingly.
The amount of money has increased because of F1’s commercial appeal as a whole. The sport is more popular than ever today because of social media and the popularity of the show Drive to Survive.
Plus, the drivers’ salaries are not a part of F1’s budget cap, which makes it easier for teams to offer huge amounts to entice them. With F1 getting bigger and bigger every year, this amount is also expected to increase even further.
