If you’re a fan of Formula 1, you know that the sport is all about speed, precision, and adrenaline-fueled excitement. But have you ever wondered what goes on behind the scenes, specifically when it comes to How Much Do F1 Drivers Make?
It’s no secret that Formula 1 is a highly lucrative industry, with millions of dollars invested in each team and race. But how much does a driver actually earn? And what factors determine their salaries?
In this article, we’ll take a peek behind the curtain and delve into the unseen world of Formula 1 driver salaries. From rookie sensations to veteran champions, we’ll explore the highs and lows of earning big bucks in one of the world’s most competitive and glamorous sports.
So buckle up and get ready to learn about the money side of Formula 1 that few fans ever get to see!
How Much Do F1 Drivers Make?
Based on some estimates, we can get a rough idea of how much money each of the Formula 1 Drivers will pocket this season.
F1 Drivers Salaries: The Top Earners
The highest-paid driver on the grid this season is none other than Max Verstappen. He is the reigning world champion and Red Bull’s star driver. The Dutchman is set to earn a whopping $55 million in 2023, which is about £45 million in British pounds.
This is a huge increase from his previous salary of $25 million in 2022. It reflects his dominant performance last year and his status as the main challenger to Mercedes.
Verstappen’s closest rival on the track and in the bank is Lewis Hamilton. The seven-time world champion and Mercedes’ lead driver.
The Briton will receive a salary of $35 million this season, which is about £29 million in British pounds. This is slightly lower than his previous salary of $40 million in 2022. It is still very impressive for a driver who is already one of the richest sportsmen in the world.
The third-highest paid driver this season is Charles Leclerc, Ferrari’s young talent and future leader. The Monegasque will earn $24 million this season, which is about £20 million in British pounds.
This is a significant raise from his previous salary of $12 million in 2022. It reflects his long-term commitment to Ferrari and his potential to bring them back to glory.
The fourth-highest paid driver this season is Lando Norris, McLaren’s rising star and fan favorite. The Briton will earn $20 million this season, which is about £17 million in British pounds. This is a massive increase from his previous salary of $4 million in 2022. It is a result of his impressive performance last year and his popularity among the fans and sponsors.
F1 Drivers Salaries: The Middle-Income Range
The next group of Formula 1 Drivers are those who earn between $10 million and $6 million this season. This is between £8 million and £5 million in British pounds. These are mostly experienced drivers who have proven themselves in F1 or newcomers who have joined top teams.
The first driver in this group is Carlos Sainz, Ferrari’s number 2 driver and Leclerc’s teammate. The Spaniard will earn $12 million this season, which is about £10 million in British pounds. It is a slight decrease from his previous salary of $15 million at McLaren in 2022. The salary is still respectable for a driver who has shown consistency and speed in F1.
The second driver in this group is Sergio Perez, Red Bull’s new recruit and Verstappen’s teammate. The Mexican will earn $10 million this season, which is about £8 million in British pounds. This is a significant increase from his previous salary of $6 million at Racing Point. It is still a modest amount for a driver who has won races and podiums in F1.
Valtteri Bottas Is In This Group
The third driver in this group is Valtteri Bottas, Alfa Romeo’s lead and former Mercedes driver. The Finn will earn $10 million this season, which is about £8 million in British pounds. This is a huge decrease from his previous salary of $30 million at Mercedes in 2022, but still a decent amount for a driver who has been a loyal teammate to Hamilton and won races and poles in F1.
The fourth driver in this group is George Russell, Mercedes’ new recruit and former Williams driver. The Briton will earn $8 million this season, which is about £7 million in British pounds. This is a massive increase from his previous salary of $1 million at Williams in 2022, but still a low amount for a driver who has been hailed as the next Hamilton and impressed everyone with his performance at Mercedes last year.
F1 Drivers Salaries: – The Lower Range
The final group of drivers are those who earn between $6 million and $1 million this season, which is between £5 million and £800,000 in British pounds. These are mostly rookies or drivers who have switched to smaller teams.
The first driver in this group is Esteban Ocon, Alpine’s French driver and Gasly’s teammate. The 26-year-old will earn $6 million this season, which is about £5 million in British pounds. This is a slight increase from his previous salary of $5 million in 2022, reflecting his solid performance last year and his long-term contract with Alpine.
The second driver in this group is Kevin Magnussen, Haas’s Danish driver and former McLaren and Renault racer. The 30-year-old will earn $5 million this season, which is about £4 million in British pounds. This is a significant decrease from his previous salary of $10 million at Alpine in 2022, but still a fair amount for a driver who has shown speed and aggression in F1.
Fernando Alonso Joined This Group In 2023
The third driver in this group is Fernando Alonso, Aston Martin’s Spanish driver and two-time world champion. The 41-year-old will earn $5 million this season, which is about £4 million in British pounds. This is a huge drop from his previous salary of $20 million at Alpine in 2022, but still a generous amount for a driver who has returned to F1 after a two-year hiatus.
The fourth driver in this group is Alex Albon, Williams’ Thai-British driver and former Red Bull racer. The 26-year-old will earn $3 million this season, which is about £2 million in British pounds. This is a slight increase from his previous salary of $2.5 million at AlphaTauri in 2022, reflecting his comeback to F1 after a year as Red Bull’s reserve driver.
The fifth driver in this group is Zhou Guanyu, Alfa Romeo’s Chinese driver and the first from his country to race in F1. The 23-year-old will earn $2 million this season, which is about £1.6 million in British pounds. This is a standard amount for a rookie driver who has impressed in Formula 2 and has strong backing from his home market.
Lance Stroll Is In This Group
The sixth driver in this group is Lance Stroll, Aston Martin’s Canadian driver and son of the team owner Lawrence Stroll. The 24-year-old will earn $2 million this season, which is about £1.6 million in British pounds. This is a modest amount for a driver who has been racing in F1 since 2017 and has scored three podiums and one pole position.
The seventh driver in this group is Nico Hulkenberg, Haas’s German driver and former Renault and Force India racer. The 35-year-old will earn $1 million this season, which is about £800,000 in British pounds. This is a low amount for a driver who has been racing in F1 since 2010 and has scored 10 podiums and one pole position.
The eighth driver in this group is Oscar Piastri, McLaren’s Australian driver and the reigning Formula 2 champion. The 21-year-old will earn $2 million this season, which is about £1.6 million in British pounds. This is a standard amount for a rookie driver who has shown great talent and potential in the junior categories.
The ninth driver in this group is Nyck de Vries, AlphaTauri’s Dutch driver and the reigning Formula E champion. The 27-year-old will earn $2 million this season, which is about £1.6 million in British pounds. This is a standard amount for a rookie driver who has proven himself in electric racing and has strong support from Honda.
The Only Japanese Driver Is In This Group
The tenth driver in this group is Yuki Tsunoda, AlphaTauri’s Japanese driver and former Red Bull junior. The 22-year-old will earn $1 million this season, which is about £800,000 in British pounds. This is a low amount for a driver who has been racing in F1 since 2021 and has scored two points finishes.
The eleventh and final driver in this group is Logan Sargeant, Williams’ American driver and former Formula 3 racer. The 22-year-old will earn $1 million this season, which is about £800,000 in British pounds. This is a low amount for a rookie driver who has made history as the first American to race in F1 since Alexander Rossi in F1.
F1 Drivers Salaries: How Much Do They Make Per Win
There is no payment negotiated at the FIA level between the drivers for each win they receive.
At the team level there may be a variety of incentives that are paid out if the driver achieves specific milestones. These may include a bonus for the following.
- The number of front row grid placings
- The number of prodium finishes
- The number of 1st place finishes
- Being the winner of teh fastest lap award.
As mentioned, if these bonus’s are in place, it will be in terms of the rivers employment contract wit the team.
The Conclusion
As we can see, there is a huge gap between the highest-paid and the lowest-paid Formula 1 Drivers, with some earning more than 50 times as much as others. However, money is not everything in F1, as drivers also need to have talent, skill, luck and a competitive car to succeed.
The 2023 season promises to be an exciting one, with new faces, new challenges and new opportunities for all the drivers on the grid. Which of the Formula 1 Drivers will emerge as the best-paid and the best-performing driver at the end of the year? We will have to wait and see.
