THE BUSINESS OF BEING OSCAR PIASTRI
Formula 1 may be the world’s most glamorous sport, but for Oscar Piastri, it’s also one of the most lucrative. At just 24, Australia’s highest-paid athlete is earning more than US$40 million a year.
3 min
In the high-octane world of international sport, homegrown Formula 1 star Oscar Piastri is big business. After a trailblazing 2025 season, Piastri is on track to be one of our most successful athletes ever. Almost certainly, he’ll be the richest.
The 24-year-old Melbourne-born driver inked a lucrative deal with McLaren reportedly worth US$41 million a year, making him Australia’s highest-paid athlete. Not bad for a Brighton boy who left home at 14.
Driving all the way to the bank
When Piastri lines up on the F1 grid at Melbourne’s Albert Park this year, the world’s eyes will be on him as he attempts to achieve what no other Australian driver has by winning the Australian Grand Prix. Football might have the most fans (an estimated 3.5 billion), but F1 still commands around 430 million devoted followers.
According to F1 owner, US giant Liberty Media, the motorsport generated a whopping US$3.65 billion in 2024. While some of that revenue comes from ticket sales, media rights account for roughly a third of the pie. These include broadcasting deals with television networks that know the adrenaline-charged drama of F1 racing translates into ratings-winning viewing.
Adding to the fascination is the Netflix docuseries “Formula 1: Drive to Survive,” which tracks the lives of drivers, managers, and team owners both on and off the circuit. The big screen joined the party in 2025 with F1: The Movie, starring Brad Pitt as an ageing driver attempting a comeback, which proved a hit with cinemagoers, grossing US$624 million (A$946 million) worldwide.
Much like Grand Slam tennis, which counts Rolex and Emirates among its sponsors, F1 attracts prestigious brands such as Louis Vuitton, Moët & Chandon and TAG Heuer. It’s no surprise F1 drivers can command enviable salaries.
At the end of Piastri’s second season with McLaren, in 2024, the Aussie is reported to have pocketed US$34.5 million, including a base pay of US$7.8 million plus US$26.7 million in bonuses. His current deal with McLaren will see him in the team’s famous papaya orange colours until at least 2028.
Piastri also benefits from team sponsors such as Mastercard, as well as personal deals with companies including Quad Lock, software group Dubber, burger chain Grill’d and his father Chris Piastri’s automotive software company HP Tuners.
Piastri is undoubtedly a champion in a cut-throat sport where split-second decision-making at more than 300 km/h can mean the difference between a chequered flag and crashing out. But it’s his future marketability and brand potential where the young driver could outshine his rivals.
It may not, however, be as simple as saying more wins equal more money, according to Hans Westerbeek, Professor of International Sport Business at Victoria University.
“In modern F1, the financial equation is far more complex,” Westerbeek says. “A driver’s value to a team and to sponsors isn’t just measured by podium finishes. It’s about their ability to generate global attention, connect with fans, and represent the brand values of their team and sponsors.”
In the age of “algorithmic fandom”, Westerbeek says digital engagement through social media matters just as much.
“A spectacular overtake that goes viral on TikTok may deliver more commercial value than a quiet second place,” he argues. “Teams and sponsors now monitor real-time sentiment data on how fans react online to every race weekend, and this affects negotiations and commercial deals.
“So, Oscar’s growth in earning potential depends on a combination of performance and digital visibility.”
When Piastri crashed out in the Azerbaijan Grand Prix in September, he was understandably deflated, telling Sky Sports F1 the race was “not my finest moment”. And yet Piastri’s first-lap exit drew most of the headlines, not rival Max Verstappen’s win.
“In many ways, F1 drivers are no longer just athletes; they’re content creators,” Westerbeek says. “An unexpected post-race interview that resonates globally might drive as much sponsor interest as a podium finish.
“The sport’s economics are shifting from pure sporting results to a hybrid model of performance plus digital storytelling.”
Read the full story here.
Formula 1 may be the world’s most glamorous sport, but for Oscar Piastri, it’s also one of the most lucrative. At just 24, Australia’s highest-paid athlete is earning more than US$40 million a year.
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Capital Haus has snapped up Adelaide stalwart Baker Young, lifting its funds under management beyond AUD$1 billion and signalling a generational shift in the advice industry.
3 min
Capital Haus has moved to expand its national presence with the acquisition of Adelaide advisory firm Baker Young, one of Australia’s longest-standing private wealth practices.
The deal will see the combined group’s funds under management exceed AUD$1 billion, as adviser numbers and client coverage grow across the country.
Founded more than 40 years ago by Alan Young and David Baker, Baker Young today serves over 6,000 clients and manages AUD$700 million in assets.
Under the agreement, the Baker Young brand will be retained, and senior principals including Young and Baker will continue in active advisory roles.
Capital Haus will also migrate its existing clients to the refreshed ‘Baker Young, a Capital Haus company’ banner, which becomes its flagship advisory business.
A new offering for ultra-high-net-worth clients, Baker Young Private, will be introduced, providing access to wholesale opportunities, global private credit financing and capital raises.
Both firms’ clients will continue working with their current advisers, while gaining access to broader group-level capability, including global research, multi-asset solutions and cross-border services. Baker Young will also gain upgraded institutional-grade infrastructure and portfolio management systems.
The acquisition adds further momentum to Capital Haus’ expansion. Established in Sydney in 2019, the company has since launched offices in Dubai and Zurich and acquired practices in Townsville and Bateman’s Bay.
With the addition of Baker Young’s team, plus new managers from RiverX Investment Management and Active Super, the group now employs 41 advisers and support staff.
Brendan Gow, Founder and CEO of Capital Haus Group, said: “Baker Young has been a cornerstone of South Australia’s advice community for four decades, built on deep relationships and trust. We feel privileged to be the next custodian of that legacy.
“By moving our existing client base across to the Baker Young brand, as well as launching the new Baker Young Private service, this deal represents more than just a passing-the-torch moment. We’re combining heritage and innovation to set a new standard for financial advice at a time when the industry needs it most.”
The acquisition lands at a pivotal moment for the sector. Adviser numbers have halved since 2018, falling from around 28,900 to fewer than 15,300 as at September 2025, even as demand surges.
More than 10.2 million Australian adults were seeking financial advice in 2024, driven in part by intergenerational wealth transfer and growing expectations from Millennials and Gen Z for both trusted relationships and digitally enabled service.
Alan Young, Co-Founder and Joint MD of Baker Young, said: “For 40 years, our focus has been simple: put clients first and build relationships that span generations. Capital Haus shares that philosophy.
“We are planning for the long term – for our clients, our team and our brand. Becoming part of the Capital Haus Group means our legacy will endure, while also providing stability for clients, as well as access to exciting new opportunities. It is the right succession step for our practice and a positive evolution for our clients.”
David Baker, Co-Founder and Joint MD, added: “We’ve spent four decades building Baker Young on a foundation of trust, personalised service, and consistent performance. We’re energised by the shared vision Capital Haus is pursuing and we’re proud to be part of it.”
Gow said: “We believe the future of advice belongs to firms that can combine old-fashioned relationship banking with modern, global wealth capabilities. By bringing Baker Young into the Capital Haus family, we’re preserving one of Australia’s great advisory brands while building a platform that can serve the next generation of investors.”
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