Since its inauguration in the 1950s, Formula 1, shortly known as F1 has shown incredible growth with more than 445 million fans in The Monaco Grand Prix. The racing competition has become the most popular type of motor racing that has hosted the most successful and unforgettable drivers. Being the greatest Formula 1 driver means having powerful sponsors and earning potential.

The British racing driver, Lewis Hamilton has won a joint-record seven World Drivers' Championship titles with Michael Schumacher in Formula 1. Since the 38-year-old F1 driver is considered the greatest F1 driver ever, he is Britain's richest active sportsman earning around $40 million annually.

The twice-Formula One World Champion in 2021 and 2022, Max Verstappen is the youngest driver to compete in Formula 1. The Dutch driver ranks at the top of the drivers’ salary charts with $25 million per year.

Fernando Alonso is a Spanish racing driver competing in F1 and other competitions who won the series' World Drivers' Championship in 2005 and 2006 and other awards. Fernando Alonsoearned around $20 million in endorsements and a salary.

The former Formula 1 driver Sebastian Vettel is one of the most successful drivers in history winning four World Drivers' Championship titles. The German racing driver earned $15 million.

The 33-year-old Italian-Australian racing driver Daniel Ricciardo achieved 8 Grand Prix victories in F1. His net worth is $15 million making him one of the F1 top earners.

The Belgian-British Lando Norris started his racing career at an early age and he has competed in F1 under the British flag. Lando Norris collects multiple awards for exceptional achievements so he is building a fortune with a net worth estimated at $20 million.

Valtteri Bottas is a Finnish racing driver competing in F1 and other championships for Alfa Romeo. The 33-year-old driver who has collected multiple awards has a net worth of $10 million annually.

The German racing driver Mick Schumacher began his career in karting in 2008 and competed for Haas F1 Team in the 2021 and 2022 seasons. With his $6 million salary, Mick Schumacher ranks on the list of top earners.

Charles Leclerc is one of the greatest Monégasque racing drivers who achieved 18 pole positions in Formula One. His net worth is $12 million.

The 28-year-old racing driver Carlos Sainz Jr. has a successful career path in racing as his father Carlos Sainz Sr. The Spanish racing driver is reported to earn a salary of $10 million.

Pierre Gasly is one of the successful French racing drivers who has competed in Formula 1 for Alpine. Gaslyis one of the highest-paid drivers, earning $5 million from Alpine.

Lance Stroll is a young Canadian–Belgian racing driver who recorded numerous race and championship wins. Stroll has driven for Aston Martin which has paid him up to $10 million.

Kevin Magnussen is one of the recognised nouns in Formula One who has re-joined Haas on a multi-year deal. The Danish racing driver is reportedly to earn $6 million.

The Mexican racing driver Sergio Pérez won his first Formula One Grand Prix in 2020. Sergio Perez’s salary is revealed to be around $8 million.

One of the French racing drivers who experienced a successful junior career is Esteban Ocon. The 26-year-old F1 racing driver earns an annual salary of $5 million from his contract with Alpine Renault.

Alex Albon is a Thai-British racing driver competing for Williams Racing in F1. He has competed under the Thai flag with a salary of $2 million from Williams Racing.

The British racing driver George Russell began to compete in Formula One in 2015. He is one of the best-paid racing drivers earning $5 million from Mercedes and endorsements.

Zhou Guanyu is the first Chinese driver to compete in F1 who started karting at the age of eight in China. Guanyu competes for Alfa Romeo, which pays him a salary of $1 million.

The Canadian racing driver Nicholas Latifi made his Formula 1 debut in 2020 competing for Renault and now for Williams. Latifiis estimated to earn $1 million per year.