F1 2023 driver salaries revealed: How much do Formula 1 drivers make?

Max Verstappen, Lewis Hamilton and Charles Leclerc: Max Verstappen, Lewis Hamilton and Charles Leclerc: Amongst highest paid drivers

Max Verstappen, Lewis Hamilton and Charles Leclerc: Amongst highest paid drivers

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 RacingNews365.com, 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, believed to be netting a $40 million base salary before bonuses, but upon the signing of a new contract with Mercedes through to the end of 2025, that figure has now reportedly gone up to €50 million [$53.75m], to bring him in line with Verstappen.

PlanetF1.com recommends

Lewis Hamilton car collection: Take a closer look at his incredible private garage

Max Verstappen’s car collection: What cars does the F1 World Champion own?

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 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.

Daniel Ricciardo had commanded a salary in the sport’s top five before his time ended prematurely at McLaren, with a $15 million annual income. This has significantly reduced as part of his deal with Red Bull, which initially encompassed reserve and marketing duties for a reported $2.1 million, but it is not known whether that figure has increased now he is back behind the wheel.

The complete list

Max Verstappen Red Bull $55 million

Lewis Hamilton Mercedes $53.75 million [€50m]

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

Daniel Ricciardo AlphaTauri $2.1 million

Yuki Tsunoda AlphaTauri $1 million

Logan Sargeant Williams $1 million