March 5th 2023.
Contrary to popular belief, Formula One is not only about drivers going around in circles; it takes a tremendous amount of skill and determination to maneuver some of the most advanced machines in the world around some of the trickiest tracks. With speeds of up to 230mph and the walls always close by, this sport involves a great deal of courage. Therefore, it is no surprise that F1 racers are paid well for their services since they are the stars of the show. Therefore, how much do the likes of Lewis Hamilton, Max Verstappen, Charles Leclerc, and Lando Norris get paid each year? We take a look at the reported salaries of the drivers participating in the F1 2023 season.
(Image Source: https://metro.co.uk) Who is the highest-paid Formula 1 driver?
Red Bull driver Max Verstappen is the highest-paid driver on the grid with a salary of £45million, as reported by the Independent. The 25-year-old is the reigning double world champion, having clinched the titles in 2021 and 2022.
(Image Source: https://metro.co.uk) Hamilton is second-best to Verstappen
Verstappen has dethroned Lewis Hamilton as the highest earner, with the seven-time world champion receiving £29million from Mercedes. Ferrari's Charles Leclerc is third on the list, earning £20million; the 25-year-old Monegasque driver is tipped to be a multiple-time champion. McLaren's Lando Norris is fourth with a salary of £17million. Carlos Sainz rounds out the top five with £10million from Ferrari. Sergio Perez and Valtteri Bottas are both paid £8million per year, while British driver George Russell is rewarded with £7million for his efforts. Veteran Fernando Alonso earns £4million from Aston Martin.
(Image Source: https://metro.co.uk) Norris is one of the top earners
Yuki Tsunoda from AlphaTauri and Williams rookie Logan Sargeant receive the least with £800,000 each. Presently, there is no limit on the amount of money the teams can pay their drivers, with driver salary excluded from the overall salary cap. Drivers' basic salaries are also supplemented with a wide range of performance-related bonuses.
Contrary to popular belief, Formula One is not just a case of drivers going round and round in circles. Actually, driving some of the most advanced machines on the planet through some of the most demanding race courses requires a great deal of skill and commitment. With speeds of up to 230mph and with the walls never far away, it is also incredibly dangerous, so a good amount of courage is essential.
It is therefore no surprise that F1 drivers are handsomely compensated for their work, as they are the stars of the show. But precisely how much do drivers such as Lewis Hamilton, Max Verstappen, Charles Leclerc, and Lando Norris make per year? We look into the reported wages of the drivers competing in the F1 2023 season.
Who is the highest-paid Formula 1 driver?
According to the Independent, Red Bull driver Max Verstappen is comfortably the highest-paid driver on the grid, earning £45 million. The 25-year-old is the reigning double world champion, having won the titles in 2021 and 2022. Hamilton is second to Verstappen, with the seven-time world champion receiving £29 million from his long-time employers Mercedes. Ferrari's Charles Leclerc is third on the list, with a £20 million salary, while McLaren pays Lando Norris £17 million to remain in the Woking-based team, despite reported interest from the big three. Carlos Sainz rounds out the top five with a £10 million salary agreed with Ferrari.
Further down the list, Sergio Perez and Valtteri Bottas both make £8 million a year, while British driver George Russell is rewarded with £7 million for his efforts. Veteran Fernando Alonso - at 41-years-old - is paid £4 million by new team Aston Martin. Norris is amongst the highest earners.
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