Kimi Antonelli was crowned Formula 1 world champion last Sunday with a third-place finish at the Mexican Grand Prix.

But what does this achievement actually mean for the 20-year-old Italian superstar in terms of prize money from F1 itself?

In F1, the distribution of prize money works differently compared to many other global sports. The end-of-season pot is divided among the constructors (teams) based on their final standings.

Basically, this means drivers get zilch, nada, nothing - at least directly from the sport.

"F1 drivers don’t get prize money for winning, though they’ll likely also receive a nice financial bonus on top of the base salary they’re paid by their team," states the official Formula 1 website regarding the sport’s financial structure.

Million-dollar bonus for Antonelli at Mercedes

When signing his contract with Mercedes, Antonelli included performance-based clauses that reward podium finishes and winning the world championship.

Now that the title race has officially ended in Mexico, those bonuses are being paid out. While Mercedes has not disclosed the exact figures, several European media outlets have made estimates.

According to the German newspaper Bild, the newly crowned champion will receive close to a €10million (£8.3m) bonus on top of his roughly $2m (£1.67m) base salary. Italian outlets like Sport e Finanza estimate his total bonus earnings to be €12m (£10m).

This massive payout is a reward for an utterly dominant season, in which Antonelli has accumulated 380 championship points so far, with nine wins and sixteen podiums. The Mercedes driver has built an insurmountable lead over his closest rivals, Max Verstappen (261 points) and Lewis Hamilton (259 points).

Mercedes also dominates the constructors’ championship, sitting comfortably with 630 points and twelve victories. Ferrari follows with 504 points, and Red Bull Racing trails with 382 points.

Despite clinching the championship, the teenager has already announced he will not race with the No.1 plate next season, choosing instead to keep his regular No.12.

A historic milestone in Mexico City

To secure the title at the Mexico City Grand Prix, Antonelli only needed to finish third. Starting the race from fourth on the grid, he achieved just that, despite a dramatic red flag caused by a heavy crash involving Valtteri Bottas.

After the restart, leaders Verstappen and Hamilton briefly collided at the first chicane.

In the closing stages, the Ferrari driver gave chase to Verstappen but ultimately came up short. Verstappen took the win ahead of Hamilton, while Antonelli calmly steered his car to the final podium position.

As the chequered flag fell, emotions ran high for the new champion. “Thank you, truly. We did it. We did it,” he said with a mix of laughter and tears.

At exactly 20 years and 68 days old, Antonelli became the youngest world champion in F1 history.

This record had stood since 2010, previously held by Sebastian Vettel, who won his first title aged 23 years and 133 days.

Additionally, Antonelli is the first Italian to win the F1 world championship since Alberto Ascari, who took the title in 1952 and 1953 driving for Ferrari.

The fresh world champion will make his debut on the grid with this new status at the Brazilian Grand Prix, scheduled from Friday, November 6 to Sunday, November 8.