How much do F1 drivers make: Formula 1 is a sport that is flush with cash due to its continual need for intercontinental travel, multimillion-dollar vehicles, upscale events, and celebrity fans. How much of this money, however, actually reaches the palms of the drivers? Join us as we examine the driver compensation for the 2023 season.
How much do F1 drivers make: The 2023 Formula One season’s compensation, from highest to lowest.
Given that Max Verstappen of Red Bull is presently ranked first, it makes sense that he is currently the highest-paid driver on the grid. Indeed, the Dutchman will earn a comfortable $55 million in 2023 as he pursues a third consecutive drivers’ championship. Lewis Hamilton, who has won seven world titles and is projected to earn $35 million in 2023, sits in second position with a projected income of $35 million.
The drivers on the opposite end of the spectrum are, understandably, inexperienced. Yuki Tsunoda of AlphaTauri and Logan Sargeant, an American newcomer, are at the bottom of the salary list with an expected income of approximately $1 million for the 2023 season. Interestingly, despite being in his third F1 season, Tsunoda is still on a novice contract, which is essentially the same contract that Sargeant will use for his debut. Upon getting to know the American, he proves to be an intriguing individual.
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F1 driver salaries: a snapshot of the market
As previously stated, Verstappen has the chance to win his third consecutive championship this year, and if he does so for Red Bull, his $55 million salary will be well spent. His partner Sergio Perez will earn substantially less, but based on his career-best third-place finish in 2022, we anticipate that won’t be the case for long as he continues to develop.
The salary of Ferrari’s Charles Leclerc reflects his status as one of the elite drivers, whereas teammate Carlos Sainz continues to develop. Then there’s Lewis Hamilton, the ace driver for Mercedes. Some may wonder why his salary is so high given his sixth-place finish in 2022 without a single victory, but to be honest, he is Lewis Hamilton, so it would be a mistake to presume he is out of gas.
George Russell, Hamilton’s teammate, earns a significantly lower salary than Hamilton. However, given that the youthful British driver is widely regarded as a future world champion, this situation is unlikely to persist for long.
