F1 driver salaries for 2023 including mega-money Hamilton and Verstappen deals

05 March 2023 , 06:00

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Max Verstappen is the best paid F1 driver on the 2023 grid (Image: Frank Augsten/AP/REX/Shutterstock)

Formula 1 drivers put themselves in significant danger in the name of achieving the highest speeds and best lap times possible.

But there's no denying that they are very well compensated for the risks they take. The top drivers earn tens of millions of pounds per year thanks to their lucrative contracts – and that's even before the huge sponsorship deals they get these days are taken into account.

Not to mention, the sport has experienced a massive boom in recent years and is possibly more globally popular than ever before. So they have the leverage to command even greater sums of money when teams sign or try to keep hold of them.

The names of those with the largest salaries will not come as much of a surprise. Max Verstappen signed a remarkable new contract with Red Bull just over a year ago, after his first title win, keeping him with the team until 2028.

According to RacingNews365, his estimated salary stands at a mind-blowing £45.7m per year. Even if he does choose to quit the sport when this current contract comes to an end, he will be able to retire with a huge fortune thanks to his talent behind the wheel.

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Lewis Hamilton may get a pay rise when he eventually signs his new Mercedes deal (PA)

Lewis Hamilton is the closest to him, though his current salary is apparently dwarfed by that of his rival Verstappen. His current Mercedes deal sees him earn around £29m per year, though his expected new contract could see the seven-time world champion given another pay rise.

Charles Leclerc is third on the list as he earns £20m per year with Ferrari. His salary is double what his team-mate Carlos Sainz earns – the Spaniard has the fifth biggest salary on the grid, behind Lando Norris who earns £16.6m every season with McLaren.

Lando Norris earns a massive amount from his McLaren contract, signed last year (Getty Images)

Sergio Perez gets £8.3m per year from Red Bull – more than five times less than team-mate Verstappen. Valtteri Bottas earns a similar salary at Alfa Romeo, which is a little more than the £6.6m per season George Russel l earns at Mercedes.

Everyone else on the grid is very well compensated, most of them with multi-million-pound salaries. Yuki Tsunoda and Williams rookie Logan Sargeant are believed to be the only drivers on the grid with a base salary lower than seven figures.

Estimated F1 2023 driver salaries

1. Max Verstappen (Red Bull) – £45.7m
2. Lewis Hamilton (Mercedes) – £29m
3. Charles Leclerc (Ferrari) – £20m
4. Lando Norris (McLaren) – £16.6m
5. Carlos Sainz (Ferrari) – £10m
6. Sergio Perez (Red Bull) – £8.3m
7. Valtteri Bottas (Alfa Romeo) – £8.3m
8. George Russell (Mercedes) – £6.6m
9. Esteban Ocon (Alpine) – £5m
10. Pierre Gasly (Alpine) – £4.2m
11. Fernando Alonso (Aston Martin) – £4.2m
    
12. Kevin Magnussen (Haas) – £4.2m
13. Alex Albon (Williams) – £2.5m
14. Lance Stroll (Aston Martin) – £1.7m
15. Nico Hulkenberg (Haas) – £1.7m
16. Nyck de Vries (AlphaTauri) – £1.7m
17. Oscar Piastri (McLaren) – £1.7m
18. Zhou Guanyu (Alfa Romeo) – £1.7m
19. Yuki Tsunoda (AlphaTauri) – £830k
20. Logan Sargeant (Williams) – £830k

Daniel Moxon