It’s important to note that the reported F1 Driver Salaries provided here are estimated basic values. These do not encompass additional financial opportunities. Examples are victory, championship, or points bonuses, sponsorship arrangements, or external business involvements or investments.
In Formula 1, the Highest F1 diver salaries are typically paid to those who consistently achieve race wins. The drivers that able to contend for World Championship titles also command higher amounts! Established drivers, even if they have passed their prime, can also command substantial incomes. This is due to their expertise, knowledge, and market appeal.
Currently, driver salaries are not subject to the Formula 1 budget cap. Consequently, teams have the flexibility to invest as they see fit in order to attract top-tier drivers.
In the 2023 season, the reigning World Champion Max Verstappen has the highest reported salary in the field.
The Highest F1 Driver Salaries
The Dutch driver earns $55 million as he pursues his third consecutive title.
Lewis Hamilton, a seven-time World Champion, is next on the list. Seeking to secure an eighth world title and surpass Verstappen, Hamilton’s anticipated earnings for 2023 stand at $35 million.
Several drivers who haven’t claimed World Championships also command significant salaries, reaching the double-digit million range. Among these, Ferrari’s Charles Leclerc receives $24 million in 2023, while his teammate Carlos Sainz takes home $12 million.
Valtteri Bottas, who transitioned from Mercedes to Alfa Romeo in 2022, will earn $10 million annually. Max Verstappen’s teammate, Sergio Perez, is also set to receive $10 million in 2023.
Lando Norris, who is yet to secure his first F1 victory, is reportedly earning $20 million for the 2023 season. He is contracted with McLaren.
The Lowest Paid F1 Drivers
At the lower end of the earnings scale, less experienced F1 drivers receive relatively modest salaries. These drivers often lack the leverage to negotiate higher pay due to their limited track record.
They may also face challenges in finding alternative seats if they decide to leave their current teams.
For instance, rookie drivers like Logan Sargeant earn approximately $1 million each. Another rookie, Oscar Piastri, has a $2 million salary, driven in part by a contract dispute between Alpine and McLaren, as well as his 2021 Formula 2 championship victory.
Zhou Guanyu earns $2 million from Alfa Romeo, while Lance Stroll, despite being the son of team owner Lawrence Stroll, is believed to be earning a relatively modest salary.
One notable case is Yuki Tsunoda, who remains on a rookie-level salary despite entering his third year in the sport. This could be attributed to his performance not consistently meeting expectations at AlphaTauri.
Daniel Ricciardo is a Special Case
Formerly among the sport’s top earners, Daniel Ricciardo‘s salary has seen a significant reduction due to his role transition within the Red Bull organization.
His initial $15 million annual income has been adjusted, with details of his current compensation unclear.
In summary, the following list represents the reported earnings of F1 drivers for the 2023 season:
| Driver | Team | Annual Salary (Before Incentives) |
|---|---|---|
| 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 |
| Daniel Ricciardo | AlphaTauri | $2.1 million |