Formula 1 is one of the biggest global sports, with millions of race fans regularly turning out at the Grand Prixs that are held in various locations around the world. Its popularity can be evident in the fact that more races are continually being added to the schedule, with new tracks being added in cities and countries on occasion. The Las Vegas GP that is scheduled to take place in November is just one of the newest.
Of course, with the sport having eyes from all corners of the world on it, there is naturally a lot of money involved. Big brand companies are paying fortunes to teams in sponsorship money to advertise their company. This money can then filter down to the team and the drivers that they have.
Unsurprisingly, those who are in the hot seat can be paid a fortune, especially those who have been able to be successful over the years and have proved their worth. Teams are often willing to pay a premium if they believe the driver is able to bring success, which is only natural in professional sports nowadays.
How much are F1 drivers being paid in 2023?
According to data that has been released, which does contain estimates and approximations, it is now possible to have a greater understanding of what each driver is earning in terms of their salary.
It should not come as a surprise to see Max Verstappen and Lewis Hamilton lead the way in terms of being the highest earners, as they have both been the most successful in the last decade or so. Given their success, they have been popular drivers to keep an eye on, as they are often involved in podium finishes. Verstappen has already won the 2023 Championship, but the 2024 odds are already available at Sport Unibet, and these two men are set to be in contention once again.
If you take a look a little further down the list, there may be some surprise regarding how much some drivers are earning. Here is an approximate breakdown of each driver’s salary…
| Driver (Team) | Salary |
| 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 (Apline) | $6 million |
| Fernando Alonso (Aston Martin) | $5 million |
| Pierre Gasly (Alpine) | $5 million |
| Kevin Magnussen (Haas) | $5 million |
| Alexander Albon (Williams) | $3 million |
| Lance Stroll (Aston Martin) | $2 million |
| Nico Hulkenberg (Haas) | $2 million |
| Nyck De Vries (AlphaTauri) | $2 million |
| Zhou Guanyu (Alfa Romeo) | $2 million |
| Oscar Piastri (McLaren) | $2 million |
| Yuki Tsunoda (AlphaTauri) | $1 million |
| Logan Sargeant (Williams) | $1 million |
It should be noted that the figures to have been provided are not inclusive of any bonuses or endorsements that they might have, thus potentially making their yearly earnings even greater. The money that has been estimated above is solely for driving the car and getting around the track in the best position that they can with each GP that is competed in.
Huge pay differences between some
While it has already been noted that success will largely play a role in obtaining a higher salary and inexperience will naturally see drivers at the bottom of the pay scale, there is a huge difference. While many in the world would not turn down a $1 million salary, Yuki Tsunoda and Logan Sargeant are currently at the bottom of the list, with everyone else said to be earning at least double what they are.
Of course, both are fairly inexperienced at the F1 level and will likely see their pay packets increase in time if they are able to show they can remain at this level, but that might be the hardest part. Teams can often be cut-throat with their drivers if they need to be, as they want to continue to improve and get better. If a driver does not perform to the team’s expectations, they can often find themselves out, and find it very difficult to get back in.
