Here's Why 9 Formula 1 Drivers Live In Monaco

With Monaco behind us, we now are headed to Spain for a little back-to-back racing weekend.

Here’s what we got this week:

• 🇲🇨 | Monaco Millionaire Saver: There are three reasons drivers take up residence in Monaco

• ♻️ | Seb’s Return: The former champion may be rejoining F1 in a new role

• 🇪🇸 | Spanish GP: Alonso eyes home win as fans back him

• Standings: Monaco is won on Saturday

PLUS: Ferrari making sidepod updates, F1 is boosting Aston Martin sales big time, Watch Alonso’s greatest Spain start

🇲🇨 Monaco Millionaire Saver

Monaco is not only the host of one of the most iconic races on the Formula 1 calendar, but also the home of many of the sport's stars. In fact, 9 out of the 20 current F1 drivers live in the tiny principality on the French Riviera. They are:

Lewis Hamilton, Max Verstappen, Charles Leclerc, Lando Norris, Valtteri Bottas, Sergio Perez, Nico Hulkenberg, Nyck de Vries, Alex Albon

So what makes Monaco so attractive for F1 drivers? Here are three main reasons:

1. Taxes

Monaco is famous for being a tax haven, where residents pay no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax. This is a huge incentive for F1 drivers, who earn millions of dollars every year and can save a lot by living in Monaco. For example, Lewis Hamilton reportedly earns $55 million per year from his Mercedes contract and endorsements. If he lived in his native UK, he would have to pay 45% income tax on his earnings above £150,000, which would amount to about $22 million. By living in Monaco, he can keep all of his income.

2. Privacy

Monaco is also a place where F1 drivers can enjoy a relatively normal life without being harassed by fans or paparazzi. The principality has a population of about 38,000 people, of which 12,000 are millionaires. This means that F1 drivers are not seen as celebrities, but as ordinary residents who blend in with the wealthy crowd. Monaco also has strict laws that protect the privacy of its inhabitants. For example, professional photography is prohibited without written permission from the government. This makes it harder for paparazzi to stalk and snap pictures of F1 drivers.

3. Location

Monaco is conveniently located near the Nice airport, which is only 15 miles away and offers direct flights to many destinations around the world. This is especially important for F1 drivers, who have to travel over 75,000 miles this year alone to compete in 23 races across five continents. By living in Monaco, they can reduce their travel time and jet lag, and enjoy more time at home between races. Monaco is also close to many other F1 venues in Europe, such as France, Italy, Spain, and Belgium.

Of course, there are other factors that make Monaco appealing for F1 drivers, such as the weather, the views, the lifestyle, and the prestige. But these three reasons are probably the most significant ones that explain why so many of them choose to live in this small but glamorous place.

♻️ Seb’s Return

Sebastian Vettel, who retired from F1 in 2022, is rumored to return to the sport as its Sustainability Manager. F1 CEO Stefano Domenicali offered him the role to promote F1's environmental goals, such as becoming carbon neutral by 2030.

Vettel is passionate about sustainability and has invested in a German sailing team that uses wind power. While in the F1 paddock in Monaco he met with his former teams and rivals. Vettel's comeback is seen as a positive move for F1 and its green agenda. He could also have more influence in F1's management and decision-making in the future. I don’t know about you but I’m still holding out hope he’ll make a return to the grid. Maybe on Aston Martin, have him and Alonso taking shots at podiums.

🇪🇸 Spanish GP

Fernando Alonso is back in his home country and excited to race in front of his fans at the Spanish GP. The Aston Martin driver is third in the drivers’ standings, with five podiums this season. Alonso has not won a race since 2013, in Barcelona… 🧐

“It’s always special to race at home,” Alonso said. “The fans are amazing, they give me a lot of energy and motivation. I hope I can give them a good show and a good result.” It’s going to be tough getting past Verstappen, who won the Spanish GP last year. Read More

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💨 Hot Laps

• 🐎 | Ferrari is making a big update on their sidepods ahead of the Spanish GP.

• 💰| Lawrence Stroll, the owner of Aston Martin F1 team, said that F1 has boosted the car company’s sales by 70% and helped sell over 300 Vantage F1 edition cars worth $60 million.

• 🚀 | Watch Alonso’s 2011 Spanish GP start, it’s one of the all-time starts in Spain.

Standings

Any hopes of Checo taking the lead in the championship were killed with his crash in qualifying. Monaco is very qualifying-heavy, pretty much you win the race on Saturday. Max just edged out Alonso to take pole. It would have been interesting to see Alonso start with the lead. Check out this video which shows the comparison between Max and Alonso in qualifying.