How Much Do F1 Drivers Earn? Top Ten Highest Paid F1 Drivers In 2023

We summarized the top ten highest-paid Formula One drivers in 2023 according to the data provided by Forbes.

Important note before we dive deeper into the topic: The numbers below do not include drivers' personal brand deals or any other ventures. These are purely salaries with bonuses paid out by their F1 teams.

It is no coincidence that the top three highest-paid drivers are also the top three most successful drivers in Formula One and are currently the only World Champions on the grid.

The Red Bull Racing team saw great potential in Max Verstappen and decided to secure the Dutchman with a multi-year deal that made him one of the highest-paid drivers in F1.

Seven-time World Champion Lewis Hamilton is an invaluable asset to the Mercedes F1 team. He recently signed a new 2-year extension on his current contract, and his team principal said he would like to continue working with him even after he retires from racing.

The double World Champion and the oldest driver on the F1 grid, Fernando Alonso, certainly made his team not regret investing in him as he secured eight podiums for Aston Martin in the 2023 season. In comparison, his teammate Lance Stroll scored 0.

Sergio Perez is, according to Forbes, the fourth highest-paid driver on the grid, but Red Bull might be looking to change that after the 2024 season if he does not improve his performance.

Ferrari drivers Charles Leclerc and Carlos Sainz are both currently in negotiations about their future contracts starting after the 2024 season.

While Leclerc is rumored to have signed a new contract valid until 2029 that would double his salary, it is still unclear whether Sainz will continue with Ferrari.

Lando Norris, in sixth place, showed McLaren what he's worth during the 2023 season when he helped his team achieve amazing results and might be looking at a hefty salary bump after his current deal with McLaren ends in 2025.

George Russell, Pierre Gasly, and Oscar Piastri complete the top ten. They all have relatively "low" salaries compared to higher-ranked drivers but earned large bonuses based on their great performances this season.