Formula One is known for its glamour and high expenses, with teams spending huge sums of money each season to participate and compete across the globe. A large chunk of this money is spent on the drivers, who are crucial to the success of each team. The Sporting News takes a look at the current contract situation in Formula One, revealing how much each F1 driver earns in 2023.
It comes as no surprise that current back-to-back World Drivers’ Champion Max Verstappen currently holds the most lucrative contract in Formula One. The Dutch driver was rewarded last March with a five-year extension by his team Red Bull, and now reportedly makes around $55 million per year. He is contracted to be with the team until 2028. Upon signing his extension, Verstappen expressed his love for the team and his excitement to keep the number one on the car long-term.
Lewis Hamilton, the seven-time World Drivers’ Champion, comes in second on the list with a reported salary of $35 million per year. Hamilton is contracted with Mercedes until 2023. Charles Leclerc of Ferrari comes in third with a salary of $24 million per year. He is contracted with Ferrari until 2024.
Other notable drivers on the list include Lando Norris of McLaren, who reportedly earns $20 million per year and is contracted until 2025. Sergio Perez of Red Bull reportedly earns $10 million per year and is contracted until 2024. Valtteri Bottas of Alfa Romeo and George Russell of Mercedes both reportedly earn $8 million and $10 million per year, respectively, with contract lengths until 2025 and 2023.
The full list of F1 driver contracts in 2023 can be found below. It is important to note that the list is based on reported salaries and contract lengths, and may not be entirely accurate.
| Driver | Team | Salary in $ | Contract length |
|---|---|---|---|
| Max Verstappen | Red Bull | 55 million | 2028 |
| Lewis Hamilton | Mercedes | 35 million | 2023 |
| Charles Leclerc | Ferrari | 24 million | 2024 |
| Lando Norris | McLaren | 20 million | 2025 |
| Carlos Sainz | Ferrari | 12 million | 2024 |
| Sergio Perez | Red Bull | 10 million | 2024 |
| Valtteri Bottas | Alfa Romeo | 10 million | 2025 |
| George Russell | Mercedes | 8 million | 2023 |
| Esteban Ocon | Alpine | 6 million | 2024+ |
| Fernando Alonso | Aston Martin | 5 million | 2024+ |
| Pierre Gasly | Alpine | 5 million | 2024+ |
| Kevin Magnussen | Haas | 5 million | 2023 |
| Alex Albon | Williams | 3 million | 2024+ |
| Lance Stroll | Aston Martin | 2 million | Open contract |
| Nico Hulkenberg | Haas | 2 million | 2024 |
| Nyck De Vries | AlphaTauri | 2 million | 2023+ |
| Zhou Guanyu | Alfa Romeo | 2 million | 2023 |
| Oscar Piastri | McLaren | 2 million | 2024+ |
| Yuki Tsunoda | AlphaTauri | 1 million | 2023+ |
| Logan Sargeant | Williams | 1 million | 2023+ |
