Why do F1 drivers live in Monaco?
Why Monaco boasts more Formula 1 drivers per square mile than anywhere else in the world.
It's a silly question really: why live in Monaco? A fleeting scan of Monte Carlo, overlooking the pristine harbour and glistening French Riviera, should be enough to convince anyone.
However, a nice view doesn't explain why Monaco boasts such an over-sized status in Formula 1, especially given the options available to drivers around the globe.
The principality, and sovereign city-state, is walled in by France on three sides and the great blue beyond sweeping down the south-eastern edge.
Monaco covers a total area of 0.8 square miles (2.08km²) yet 13 drivers call it home – that means on average you're never more than 0.06 square miles away from a Formula 1 driver in the territory!
RadioTimes.com rounds up why Formula 1 drivers are so drawn to Monaco.
Why do F1 drivers live in Monaco?
Let's cut to the chase: Zero. Personal. Income. Tax. That means no requirement to pay taxes on income, wealth, properties, capital gains or even local taxes.
It's undoubtedly a big draw for drivers considering almost every driver on the grid takes home at least $1 million per year before sponsorships, with Max Verstappen and Lewis Hamilton – both Monaco residents – pulling in salaries around the $60 million mark before endorsements and sponsor deals.
But why Monaco? There are other tax-friendly nations around the globe, so why do Formula 1 stars cram into the same square mile?
As we've alluded to, Monaco is a picturesque haven to look at. Nestled on the south eastern tip of France, several miles away from northern Italy, it boasts a year-round temperature over 16°c on average, with mild winters and warm summers, without pushing the mercury too high.
Its location also makes it ideal for drivers to scoot around the continent with 14 of this season's 24 races staged across the Middle East and Europe, including one in Monte Carlo.
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Many team bases are in the UK, meaning drivers can make a short hop north and touch down in less than two hours.
And then there's the fact that Monaco boasts a special place in the heart of every Formula 1 fan or driver thanks to the Monaco Grand Prix.
Since its first running in 1929, the Grand Prix has provided the ultimate collision of glamour and sport on an annual basis. A-list celebrities, racing legends, current drivers, members of royalty and humble fans alike rub shoulders as cars weave their way through impossibly narrow turns. There is nowhere on the Formula 1 calendar you can get this close to drivers in full flight.
As cars have expanded by all dimensions, calls to drop the race from the schedule have grown louder due to a perceived lack of action, but it remains the ultimate race to win. Every driver wants it.
Monaco is a lucrative, practical and all-round idyllic location for Formula 1 drivers to enjoy the full experience of being inside the sport.
How to watch the Monaco Grand Prix on TV
The Monaco Grand Prix will air live on Sky Sports F1 from 12:30pm.
All races will be shown live on Sky Sports F1 and Main Event throughout the season.
You can add Sky Sports channels from just £20 per month.
Live stream the Monaco Grand Prix online
Existing Sky Sports customers can live stream the race via the Sky Go app on a variety of devices.
You can watch the Grand Prix with a NOW Day Membership for £14.99, or a Monthly Membership for £29.99, all without signing up to a contract.
NOW can be streamed through a computer or apps found on most smart TVs, phones and consoles. NOW is also available via BT Sport.
Check out more of our Sport coverage or visit our TV Guide and Streaming Guide to find out what's on. For more from the biggest stars in TV, listen to The Radio Times Podcast.
Authors
Michael Potts is the Sport Editor for Radio Times, covering all of the biggest sporting events across the globe with previews, features, interviews and more. He has worked for Radio Times since 2019 and previously worked on the sport desk at Express.co.uk after starting his career writing features for What Culture. He achieved a first-class degree in Sports Journalism in 2014.
