Lewis Hamilton has a three year deal to remain with Mercedez worth $31 million a-year guaranteed salary plus up to $10 million in bonuses making him second highest paid driver in the sport, he also made it into the 2016 Britain’s richest list for his fortune which is estimated to be around $150 million.
But on paper Sebastian Vettel is the highest paid Formula 1 driver going into the 2016 F1 season with a record three year deal with Ferrari worth $150 million, excluding bonuses which make him one of the highest paid sports people in the world.
Others earning big bucks include:
Jenson Button signed a one year extension with McLaren-Honda to remain with the team in 2016 earning him around $12 million a year, which is a pay cut compared to 2013 when he was earning $17 million a year.
Fernando Alonso signed record three year deal (2015-2017) with McLaren-Honda with annual salary of $40 million a year, and has vowed to end his career with the Woking outfit despite the woeful performance of the team since their reunification with Honda.
Runaway championship leader Nico Rosberg, banks $15.5 million per year, is earning almost a third less than his Mercedes teammate Hamilton.
Formula 1 2016 drivers contract details:
| Driver | Team | Annual Salary | Contract | |
| 1 | Sebastian Vettel | Ferrari | $50 million plus bonuses | 3 years (2015-17) |
| 2 | Fernando Alonso | McLaren | $40 million including bonuses | 2 years (2015-17) |
| 3 | Lewis Hamilton | Mercedes | $31 million plus bonuses | 3 years (2015-18 |
| 4 | Kimi Raikonen | Ferrari | $28 million | 1 year (2016) |
| 5 | Nico Rosberg | Mercedes | $15.5 million | 3 years (2014-17) |
| 6 | Jenson Button | McLaren | $13 million | 1 year (2016) |
| 7 | Felipe Massa | Williams | $5 million a year | 1 year (2016) |
| 8 | Nico Hulkenberg | Force India | $5 million a year | 2 years (2016-17) |
| 9 | Romain Grosjean | Haas | $4.5 million plus bonuses | 1 year (2016) |
| 10 | Daniel Ricciardo | Red Bull | $4 million a year | 1 year left (2016) |
| 11 | Valtteri Bottas | Williams | $2.5 million a year | 1 year (2016) |
| 12 | Esteban Gutiérrez | Haas | $2 million | 1 year (2016) |
| 13 | Sergio Perez | Force India | $2 million | Multi-year contract |
| 14 | Kevin Magnussen | Renault | $900,000 | 1 year (2016) |
| 15 | Jolyon Palmer | Renault | $900,000 | 1 year (2016) |
| 16 | Daniil Kvyat | Red Bull | $850,000 | Unspecified |
| 17 | Carlos Sainz, Jr | Toro Rosso | $650,000 | Multi-year contract |
| 18 | Max Verstappen | Toro Rosso | $650,000 | Multi-year contract |
| 19 | Felipe Nasr | Sauber | $450,000 | 1 year (2016) |
| 20 | Marcus Ericsson | Sauber | $450,000 | 1 year (2016) |
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