Formula 1 Driver Salaries in 2023: Who Earns the Most?

Formula 1 has always been synonymous with high-stakes competition and extravagant salaries. In this article, we delve into the salaries of Formula 1 drivers in 2023, revealing the financial rewards bestowed upon these elite athletes and highlighting the top earners in the sport.

The Current Ranking of Formula 1 Driver Salaries

Let’s explore the current standings of F1 driver salaries for the 2023 season, taking into account the contractual agreements and remuneration packages of these exceptional talents. The following list showcases the top-paid drivers in Formula 1:

  1. Max Verstappen (Red Bull): €50 million
  2. Lewis Hamilton (Mercedes): €32 million
  3. Charles Leclerc (Ferrari): €22 million
  4. Lando Norris (McLaren): €18 million
  5. Carlos Sainz (Ferrari): €11 million
  6. Sergio Perez (Red Bull): €9 million
  7. Valtteri Bottas (Alfa Romeo): €9 million
  8. George Russell (Mercedes): €7.5 million
  9. Esteban Ocon (Alpine): €5.5 million
  10. Fernando Alonso (Aston Martin): €4.5 million
  11. Pierre Gasly (Alpine): €4.5 million
  12. Kevin Magnussen (Haas): €4.5 million
  13. Alexander Albon (Williams): €2.75 million
  14. Zhou Guanyu (Alfa Romeo): €1.8 million
  15. Lance Stroll (Aston Martin): €1.8 million
  16. Nico Hulkenberg (Haas): €1.8 million
  17. Oscar Piastri (McLaren): €1.8 million
  18. Nyck de Vries (Alpha Tauri): €1.8 million
  19. Yuki Tsunoda (Alpha Tauri): €900,000
  20. Logan Sargeant (Williams): €900,000




Verstappen and Hamilton: The Titans of F1 Salaries

Two names dominate list of Formula 1 driver salaries: Max Verstappen and Lewis Hamilton. Not only did these formidable competitors engage in a captivating battle throughout the previous season, but they also command the highest paychecks in the sport. Verstappen leads the pack with an astounding annual salary of €50 million, while Hamilton follows closely behind, earning a handsome €32 million each year.

For his part, Verstappen has committed long-term to the Red Bull team by signing a contract that runs until 2027 at his current wage. This lucrative agreement, coupled with potential bonuses, ensures his loyalty to the Milton Keynes-based stable and shields him from potential attempts by rival teams to poach him in the coming years.

The current status of Hamilton’s contract with Mercedes is that it will expire at the end of 2023. The seven-time world champion now 38 years old, is at a crossroads in his career and may decide to retire at the end of this season. One thing is certain, though: if Mercedes gives him a car that can keep up with the rest of the competitors, the British driver will try his hardest to break the record he shares with the legendary Michael Schumacher and win an unprecedented eighth world championship.

The Teams with the Most Lucrative Contracts

Unsurprisingly, Red Bull and Mercedes lead the pack in terms of wage bills, primarily due to their star drivers. In addition to Verstappen and Hamilton, Red Bull boasts two other remarkable talents, Sergio Pérez and George Russell, on their payroll. Combined, these salaries amount to a staggering €59 million for the Red Bull team. Meanwhile, Toto Wolff’s Mercedes team shoulders a total salary burden of €39.5 million.

Alpine, McLaren, Aston Martin, and Ferrari trail behind, with seasoned campaigner Fernando Alonso, at the age of 41, commanding one of the highest contracts among all Formula 1 drivers. Lando Norris, who was born in 1999, is notable because he has quickly become the McLaren team’s top driver despite his tender years.

To conclude, the teams with the highest salaries are Alfa Romeo, Haas, Alpha Tauri, and Williams. Noteworthy is Valtteri Bottas, whose salary with Alfa Romeo nearly matches the figures from his previous contract with Mercedes, when he served as the second driver alongside Lewis Hamilton.

In the exhilarating world of Formula 1, both the drivers and teams strive for excellence, and the salaries reflect the immense talent, dedication, and prestige associated with this captivating sport. Seeing how these highly paid athletes perform and how their skills convert into on-track success will be intriguing to watch as the 2023 season progresses.