Formula 1 drivers are very well-paid for their participation in the sport. Here are the reported driver salaries for the 2023 F1 season.
A successful F1 driver can expect to earn several million dollars a year from their team, with most drivers aiming to score high-paying contracts with the teams most likely to give them the best chance at championship glory.
According to Spotrac.com, a leading sports business website focusing on sportspeople’s contracts, these are the earnings for each Formula 1 driver in 2023.
Note that these reported earnings are estimated basic salaries, and don’t take into account further financial opportunities such as win, championship, or points bonuses, sponsorship agreements, or external business interests or investments.
Who are F1’s highest-paid drivers?
Unsurprisingly, Formula 1’s highest-paid drivers are the drivers who are expected to bring home regular race wins and challenge for the World Championship titles if their machinery is up to task
Drivers who may be past their outright sporting peak may also be paid vast sums of money, due to their experience, knowledge, and marketability.
For now, driver salaries are not included in the Formula 1 budget cap, meaning teams can spend as much as they like in order to attract the best drivers in the world.
In 2023, reigning World Champion Max Verstappen is set to receive the highest salary in the field, with the Dutch driver set to pocket a cool $55 million as he aims to claim his third consecutive title.
Lewis Hamilton is up next, with the seven-time World Champion aiming to wrest away the title from Verstappen and claim a record-breaking eighth world title. For 2023, Hamilton is believed to be netting $35 million.
There are a small handful of drivers, who are not World Champions, who are claiming remuneration packages taking them into the double-digit millions.
Amongst them are Ferrari’s Charles Leclerc, who will pocket $24 million from the Scuderia in 2023. Alongside him, Carlos Sainz will take home $12 million in 2023.
Valtteri Bottas, who left Mercedes to join Alfa Romeo on a long-term deal at the end of 2021, is on $10 million a year, while Max Verstappen’s teammate Sergio Perez will be paid $10 million in 2023.
Out of all the double-digit earners, the youngest is also yet to win his first F1 race: Lando Norris is on a reported $20 million salary at McLaren for 2023
Who are F1’s lowest-paid drivers?
At the opposite end of the spectrum, F1’s least-experienced drivers are paid a paltry (by F1 standards) sum. While the likes of Verstappen and Hamilton command huge salaries due to the immense value they bring to a team, newcomers and those struggling to impress don’t have leverage over their teams to bump up their pay packets. Nor can they be sure of finding a seat elsewhere if they leave, meaning they tolerate their ‘lowly’ payslips.
Amongst F1’s lowest-paid drivers in 2023 are the rookie drivers: Logan Sargeant and Nyck de Vries are expected to bring home around $1 million each.
Fellow rookie Oscar Piastri has managed to secure a $2 million salary, but comes into F1 off the back of a contract war between Alpine and McLaren, as well as securing the 2021 Formula 2 title.
Zhou Guanyu will take home $2 million from Alfa Romeo, while Lance Stroll is also believed to be on a relatively lowly salary despite being the son of team owner Lawrence Stroll.
It’s Yuki Tsunoda who perhaps stands out the most towards the bottom of the earnings table – the Japanese driver remains on a rookie-level salary despite entering his third year in the sport. This is likely due to him struggling to impress his Red Bull bosses, with Tsunoda only occasionally performing at the level expected of him at AlphaTauri.
The complete list
Max Verstappen Red Bull $55 million
Lewis Hamilton Mercedes $35 million
Charles Leclerc Ferrari $24 million
Lando Norris McLaren $20 million
Carlos Sainz Ferrari $12 million
Sergio Perez Red Bull $10 million
Valtteri Bottas Alfa Romeo $10 million
George Russell Mercedes $8 million
Esteban Ocon Alpine $6 million
Fernando Alonso Aston Martin $5 million
Pierre Gasly Alpine $5 million
Kevin Magnussen Haas $5 million
Alex Albon Williams $3 million
Zhou Guanyu Alfa Romeo $2 million
Lance Stroll Aston Martin $2 million
Nico Hulkenberg Haas $2 million
Oscar Piastri McLaren $2 million
Nyck de Vries AlphaTauri $2 million
Yuki Tsunoda AlphaTauri $1 million
Logan Sargeant Williams $1 million