Formula 1 has always been an expensive sport where having deep pockets usually leads to greater success. But just how wealthy are the fathers of today‘s top F1 drivers? Let‘s take an in-depth look at which drivers have the richest dads backing their careers.
The staggering cost to reach F1 fuels the need for wealthy benefactors
Before analyzing the individual cases, it‘s important to understand just how much it costs to climb the ladder to Formula 1. Buying a competitive seat in something as humble as entry-level karting requires around $15,000 per year. Moving up into car racing sees costs quickly escalate into the hundreds of thousands.
The total outlay from karting to F1 for a driver without significant sponsorship is estimated at a staggering $15 million or more. For context, the overall budget of smaller F1 teams like Williams can be around $175 million per year.
This is where having a rich and supportive dad makes the difference between stalling out in lower junior categories vs actually reaching Formula 1. The motorsport dream without huge financial backing from family or sponsors is usually just that – a dream.
Lando Norris‘ father is worth £200 million
British driver Lando Norris has been able to count on the support of his extremely wealthy father Adam Norris throughout his career. Adam Norris built his sizeable fortune through the investment company Hargreaves Lansdown, of which he remains a majority shareholder.
His net worth has been estimated by the Sunday Times Rich List at £200 million – equating to over $250 million. This enormous wealth has enabled Adam Norris to fund Lando‘s career from karting to F1, providing the best cars, teams and coaching.
It‘s highly unlikely that 22-year-old Lando would be competing in F1 today without his father‘s financial backing. Coming from a family with money to burn provides a massive head start.
Nikita Mazepin‘s billionaire oligarch father funded his F1 seat
Russian driver Nikita Mazepin may have had a short-lived F1 career, but he still serves as an example of a father‘s money opening doors. Nikita‘s dad is Dmitry Mazepin, an oligarch billionaire with an estimated net worth of $1.3 billion.
Dmitry Mazepin‘s company Uralkali sponsored Nikita heavily during his junior career, and then struck a title sponsorship deal with the Haas F1 team estimated at $20 million for 2021. This money secured 21-year-old Nikita an F1 seat alongside Mick Schumacher.
Though Mazepin was ousted over Russia‘s invasion of Ukraine after just one season, it was his father‘s deep pockets that even got him through F1‘s door.
Other drivers who had motorsport dads help their progression
While their fathers may not be billionaires, having a dad immersed in motorsport provides junior drivers an advantage. Three prominent examples are:
| Driver | Racing dad |
|---|---|
| Carlos Sainz Jr | Carlos Sainz (rally champion) |
| Max Verstappen | Jos Verstappen (F1 driver) |
| Sergio Perez | Antonio Perez (racing driver, politician) |
Racing dads pass on their wealth of experience and connections which smooths the path to F1 for their sons. A motorsport education from childhood clearly helps.
Lawrence Stroll‘s billions spearheaded Lance‘s F1 arrival
Canada‘s Lance Stroll owes his place on the F1 grid to the enormous wealth and ambition of his tycoon father Lawrence Stroll. With an estimated net worth of $2.6 billion, Lawrence Stroll went on a motorsport spending spree to help his son.
After financing Lance‘s junior career, in 2018 Lawrence Stroll led a consortium that bought the struggling Force India F1 team for $117 million and rebranded it as Aston Martin. Having your billionaire dad buy you an F1 team is quite the luxury.
Estimated net worth of the richest F1 dads
To put the wealth of some of these fathers in perspective, here is a comparison of their estimated net worth in 2022:
| Driver | Father | Est. Net Worth (USD) |
|---|---|---|
| Lance Stroll | Lawrence Stroll | $2.6 billion |
| Nikita Mazepin | Dmitry Mazepin | $1.3 billion |
| Lando Norris | Adam Norris | $250 million |
| Max Verstappen | Jos Verstappen | $25 million |
This table illustrates just how astronomical the money is for the likes of billionaires Lawrence Stroll and Dmitry Mazepin compared to even the very rich Adam Norris.
Drivers who reached F1 from humble beginnings
While coming from a loaded racing family is the norm, some drivers serve as reminders that you can still make it on talent alone.
Kimi Raikkonen grew up with limited means in rural Finland but possessed immense natural ability. After impressing in testing, Peter Sauber funded Kimi‘s F1 debut in 2001 despite no prior experience.
A young Fernando Alonso also had to work hard with no rich backers, borrowing money to finance a junior career that led to his F1 titles.
So F1 success without wealth does happen, but it requires luck and supreme talent.
Monaco‘s tax appeal attracts the rich driver dads too
The tiny principality of Monaco holds a strong allure for many F1 drivers thanks to its famous tax haven status. Top racers like Lewis Hamilton and Max Verstappen who earn over $50 million per year enjoy the following perks:
- No personal income tax – Keep an extra 10-15% of income
- No capital gains tax – No tax on investments and assets
- No wealth tax – Not taxed simply for having high net worth
In addition to the tax perks, Monaco also provides an exclusive luxury lifestyle for the rich and famous. Several wealthy F1 dads also take advantage of Monaco‘s tax policies.
Is Formula 1 now only for the kids of the filthy rich?
The eye-watering costs of progression from karts to F1 certainly make it extremely tough for those from middle class families to break into the top level of racing. Having a father who can spend millions without blinking makes an enormous difference.
Some have argued that F1‘s pay driver situation has gone too far. At the same time, exceptional talents like Fernando Alonso and Kimi Raikkonen show it‘s still possible, if increasingly unlikely, for more modest backgrounds to succeed.
There are no easy answers on how to make F1 more accessible. Perhaps regulations limiting driver salaries could improve competitiveness on the track rather than wealth. But for now, expect the rich kids with even richer dads to dominate the grid.
