The F1 World Championship prize

The F1 World Championship prize is one of the most sought-after titles in motorsport, with the best drivers in the world competing to be crowned champion.

Being the most famous and greatest racing sport in the world, and seeing how top contenders for the crown will be at each other’s throats throughout the race series, one might wonder what could be the ultimate prize. Where with so much tenacity, and sometimes going to extremes, risking their lives, giving thrilling yet unforgettable, bizarre performances, what could lifting the world championship trophy mean?

To begin with, a drivers` world champion will never receive any kind of prize money directly from Formula One. F1 Teams do not only fight for points but also prize money as a result of their position in the constructors` championship. Winning the driver's championship will punch the driver’s name into the Hall of Fame, but that comes with just the prestige and history-making moment alongside names like Michael Schumacher, Luada, and Stewart, however, there is absolutely no money that is won by the driver directly from F1. 

The money that the F1 drivers win emanates from the Constructors World Championship, where both the two drivers of the team have to score a high number of points across all the races in the series. The more points the drivers get, the more of money they will get from the Constructors' Championship. At the end of each season, the constructors will get a prize money fund on the basis of how they finish in the constructor’s points table.

The prize money is distributed based on a number of different factors, such as a team’s performance in the Constructors` Championship, the number of points scored by the team’s drivers, and the number of pole positions and fastest laps achieved by a team. The Constructors Champions will therefore earn the most prize money for example, in the 2022 edition, Max Verstappen and Sergio Perez’s Red Bull defeated Ferrari with 759 points to 554 points by the Ferrari’s drivers, Charles Leclerc as well as Carlos Sainz. Red Bull, as a result, won the prize money as a result of that.

The total pool of revenue raised by F1 is split between two parties. Most of it goes to F1 itself, and shareholders, but the rest is handed out to the teams in two different categories. Every team is paid about $35 million for being in the championship, then the second category is actually the prize money received on the basis of the standings of the team. F1 drivers can earn bonuses for winning titles and these will be based on the contracts they have with their respective teams, which will vary according to the interest of the individual team or the driver. The main prize money is roughly equivalent to 47.5% of F1`s net profits. Ferrari gets the extra 2.5% of the prize money because of their special contract with Formula One.

Red Bull won the 2022 World Constructors` Championship by winning 17 out of the 22 races, Sebastian Vettel is the highest-paid F1 driver after the 2021 and the 2022 seasons with an approximate net worth of $511.9 million followed by Lewis Hamilton who is sitting at $449. 6 million.

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