How much do Formula 2 drivers make on average? All the facts and details

The Formula 2 is a single-seater racing category organised by the FIA. The emphasis is placed on the racer's talent compared to the racer's talent compared to the superiority of one racing car over others. As a second-tier feeder championship, it allows young, talented, experienced racers to progress to F1. How much do Formula 2 drivers make? Dig in for a snapshot of GP2 Series gains for young, up-and-coming racers.

How much do race car drivers make in a month? Racing is one of the highest-paying sports in the world, with racers receiving hefty salaries, bonuses and prize rewards. Dive into the world of racing and discover how much money Formula 2 drivers make in each season.

How much do Formula 2 drivers make?

Formerly known as the GP2 Series, the FIA F2 Championship is an open-wheel, single-seater racing competition that was confirmed in 2017. With seven active seasons since its inception, F2 has been a successful breeding ground for notable Formula One racers, such as Lando Noris, Guanyu Zhou, Mick Schumacher and George Russell.

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Various publications report that some Formula 2 racers make upwards of $100,000 annually while others receive varied compensation on a race-by-race basis. Sports Brief has compiled a detailed report on how much Formula 2 drivers make in a year.

Do Formula 2 drivers get paid?

The former GP2 Series Championship acts as a training ground for young competitors eager to proceed to higher echelons of racing. Reports suggest that racers in this series do not receive a salary from the teams they drive for. Instead, these junior contenders get by using personal funds, family funding or sponsorship.

How much does a Formula 2 driver make?

Although the category is highly competitive, its star drives receive lower compensation than F1. Junior racers in F2 are known to receive between $225 and $500 per day. Details of the rookie racer's earnings from team bonuses, business interests and investments have yet to be revealed to the public.

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How much do Formula 2 drivers make in merchandise and sponsorship deals?

Various sources suggest that junior competitors in F2 receive varying amounts of revenue in compensation, including a $5000 payment for a race. Sponsorship and promotion deals range between $54,000 and $163,000.

How much do Formula 2 drivers earn annually?

On average, competitors in FIA’s junior racing category earn an annual salary of $250,000. However, other publications suggest that this figure ranges between $100,000 and 190,000 and can go as high as $500,000.

How much do Formula 2 drivers get paid in prize money?

In 2012, a $210,000 prize fund was established to reward F3 champions and the runners-up advancing to the GP2 rookie category. Additionally, a $110,000 prize and an Under-21 trophy were introduced to award GP2 Series champions.

How much does it cost to be a Formula 2 driver?

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Unlike other major sports, talent alone may not get you far in motor racing. Racers often have to fund themselves as they advance from karting to junior and senior levels.

Sources such as Autosport report it costs aspiring contenders between $2.1 million and $3.2 million. However, different estimates suggest that it costs racers between $1.5 million and $2 million to participate in the FIA F2 championships.

In a 2015 interview with Forbes, Mercedes team principal Toto Wolff described the financial strain advancing in the career meant to aspiring competitors. He said

"If a racer is talented, they need to spend $1 million in karting through junior, senior and international races and at least a season in F4 or Formula Renault, which is another $350,000 if you do it properly. They need $1,300,000 for two F3 seasons, making it $2.6 million or $2.7 million, and they still need to do GP2 or World Series. They are at $3 million if they have extraordinary talent."

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He added,

"GP2 is another $1.5 million. If you want to be on the safe side, you need between $4.5 million and $5 million for one year of GP2. Before getting into F1, they need another $2 million to $3 million to get the drive. You are talking about $7 million to $8 million. Let us call it $8 million."

Frequently asked questions

The journey to the top of FIA F1 is a costly affair, with each prospect spending between $5 million and $8 million. On the other hand, Forbes classifies auto racing among the highest-paying sports, with top earners such as Lewis Hamilton and Max Verstappen receiving between $64 million and $65 million. Scroll down for details of earnings for contenders in various categories.

1. How much do F1 drivers make?

In the 2023 season, 19 Formula One racers are competing in ten teams. A November report listing the driver's earnings revealed that the highest-paid racer received $55 million annually while the lowest received $1 million. These figures did not include the amounts racers' received through sponsorships or endorsements.

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2. How much do F1 Esports drivers earn?

The FIA F1 Esports Series features competitors in various categories, from beginners to professionals. While any interested gamer can indulge in the e-sport, the series allows talented gamers to enter Pro exhibitions and Pro-Championship events where teams can win $750,000 in prize money.

3. How much do Formula E drivers earn?

The ABB FIA Formula E World Championship is a single-seater motorsport dedicated to electric-powered cars. On average, its racers receive approximately $800,000, with the highest-earning racers earning up to $3 million annually.

4. How much do Formula Drift drivers make?

The Formula D is an American motorsport competition reserved for professional drifting. In addition to experiencing the thrill of burnt rubber, drifters can earn handsomely through salaries, prize money and lucrative endorsement deals. According to Salary.com, an average drifter can earn about $87,000.

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5. How much do F3 drivers make?

Like F2, the FIA Formula 3 Championship is a single-seater competition offering up-and-coming racers the perfect training ground to become elite racers. Various publications estimate the F3 racers' earnings to be between $80,000 and $200,000.

Final lap

How much do Formula 2 drivers make? While this amount does not compare to earnings at the top of the Formula series, it is large enough to cover some of the costs required from prospective contenders, such as in the case of former F2 Champion Oscar Piastri.

READ MORE: How to become an F1 driver: Everything you need to know

Sports Brief published a comprehensive guide detailing the process of becoming an F1 driver. Racing in Formula One is one of the most lucrative careers in sports.

This report covers all the qualifications aspiring racers need to become professional competitors in Formula One. Click the link above to discover how to become a Formula One driver.