Have you ever wondered what Formula 1 drivers earn? The F1 driver salaries are not publicly disclosed, but it is estimated that the top drivers earn tens of millions of dollars per year. However, not all drivers earn the same amount. The salaries are usually based on experience, performance, and popularity.

Exploring the complex world of F1 driver salaries unveils a wide range of earnings dictated by performance, experience, team negotiations, and sponsorship deals.

Current Top Earners: 

  • Max Verstappen, the Red Bull prodigy, sits comfortably atop the earnings ladder, commanding a staggering $55 million for the season. This eye-popping figure reflects his track prowess and pivotal role in the Red Bull team. 
  • Lewis Hamilton, a veteran of the sport, finds himself in third place with a still impressive $35 million. 
  • Following a recent contract adjustment, Ferrari’s Charles Leclerc has ascended to second place with an exceptional $36 million salary.

Lowest Paid:

On the other hand, some F1 drivers’ salaries are significantly lower, especially those who are just starting or are not as successful. The lowest-paid drivers are estimated to earn around $150,000 per year. This may seem like a lot of money, but it is important to note that F1 is a costly sport for the drivers.

The Full Current F1 Salary Rundown 

  • Max Verstappen – $70m (salary $45m, bonuses $25m)

Red Bull’s top earner after a record-breaking season with 19 wins and his third consecutive championship.

  • Lewis Hamilton – $55m (salary $55m, bonuses $0)

Despite a winless season and few podiums, his base salary exceeds Verstappen’s. A new contract mid-2023 likely influenced his earnings.

  • Fernando Alonso – $34m (salary $24m, bonuses $10m)

The last highest-paid driver before Hamilton or Verstappen. Benefited from Aston Martin’s improved performance.

  • Sergio Perez – $26m (salary $10m, bonuses $16m)

Despite a tough season, earned more from bonuses than his basic salary at Red Bull.

  • Charles Leclerc – $19m (salary $14m, bonuses $5m)

Frustrated with no wins but a new contract could significantly boost his earnings.

  • Lando Norris – $15m (salary $5m, bonuses $10m)

Signed a major deal expiring in 2025 with McLaren, showcasing their commitment. Potential for higher earnings elsewhere.

  • Carlos Sainz – $14m (salary $8m, bonuses $6m)

Won a grand prix in 2023, securing a substantial bonus. Constantly linked to other teams, potentially raising his earnings.

  • George Russell – $9m (salary $4m, bonuses $5m)

Outperformed Hamilton in 2022 but didn’t replicate it in 2023. Signed new terms mid-year and hopes for a better car in 2024.

  • Pierre Gasly – $8m (salary $5m, bonuses $3m)

Alpine’s higher-paid driver over Esteban Ocon after signing for the year.

  • Oscar Piastri – $8m (salary $3m, bonuses $5m)

Impressive rookie season with two podiums at McLaren.

The Underdogs in the Earnings Race

Amidst the high earners, Yuki Tsunoda and Logan Sargeant emerge as F1’s relative underdogs, set to earn a comparatively modest $1 million each. Their salaries underscore the vast differences in earnings within the F1 fraternity.

Impact on Team Dynamics and Sport’s Competitiveness:

Discussing how F1 driver salaries impact team budgets, resource allocation, and competitiveness within the sport. The allocation of resources towards F1 driver salaries often influences a team’s ability to invest in car development and infrastructure, affecting on-track performance.

Factors Influencing Salaries

Many factors, including performance, experience, contract durations, team dynamics, and commercial value, shape driver salaries in Formula 1. Sponsorship deals, recent achievements, and endorsements significantly contribute to the drivers’ overall earnings.

Conclusion:

Current Formula 1 driver salaries showcase an intriguing mix of staggering highs and modest figures. It’s a blend that reflects the competitive landscape of the sport and the varying value assigned to drivers across teams.

You can also read more about 10 Highest-Paid Formula 1 Drivers For 2023