Formula One has grown into one of the world’s fastest-growing sports and the best drivers in the world are cashing in. The top 10 highest-paid IndyCar drivers will earn $185 million this season. Max Verstappen ($55M) and Lewis Hamilton ($35M) top the list of the highest-paid F1 drivers in 2023. Find the top 10 highest-paid Formula One drivers and learn more about each driver below.
Highest-Paid F1 Drivers (2023)
Formula One is the highest class of international racing sanctioned by Fédération Internationale de l’Automobile (FIA). Over the past few years, F1 has established itself as the premier form of racing and has quickly become one of the fastest-growing sports around the world.
The top drivers racing are paid millions for their precision on the track. The separation between the top teams can come down to fractions of a millisecond, but driver earnings vary widely.
Currently, the highest-paid F1 driver is Max Verstappen, who earns $55 million a year. Lewis Hamilton is next on the list at $35 million followed by Charles LeClerc at $24 million. However, drivers outside the top-5 earn $10 million or less.
Here are the highest-paid F1 drivers in 2023.
- Max Verstappen — $55 Million
- Lewis Hamilton — $35 Million
- Charles LeClerc — $24 Million
- Lando Norris — $20 Million
- Carlos Sainz Jr — $12 Million
- Valtteri Bottas — $10 Million
- Sergio Perez — $10 Million
- George Russell — $8 Million
- Esteban Ocon — $6 Million
- Pierre Gasly/ Kevin Magnussen — $5 Million
10. Pierre Gasly/ Kevin Magnussen — $5 Million
Both Pierre Gasly and Kevin Magnussen earn $5 million a year, tying them for 10th among the highest-paid F1 drivers in 2023.
Gasly races for Alpine and currently holds on to one career win at the 2020 Italian Grand Prix.
Meanwhile, Kevin Magnussen is competing for the Haas F1 team. The son of four-time Le Mans winner Jan Magnussen sits 17th in the rankings and has yet to capture his first victory.
9. Esteban Ocon — $6 Million
Another Alpine racer, Esteban Ocon has an annual salary of $6 million in 2023, good for ninth on the list of the highest-paid IndyCar drivers.
The 27-year-old has 117 entries and one win to his name at the 2021 Hungarian Grand Prix. He currently is in ninth place in the F1 standings and comes off a recent third-place finish at the Monaco Grand Prix.
8. George Russell — $8 Million
George Russell is the eighth highest-paid F1 driver in 2023 and will earn a total of $8 million this year.
While he previously raced for Williams from 2019 to 2021, he began racing for Mercedes in 2022. Russell has 88 entries and took his maiden Formula One victory at the 2022 São Paulo Grand Prix.
7. Sergio Perez — $10 Million
Born in Mexico, Sergio Perez is a racing driver who races in Formula One for Red Bull Racing.
The 33-year-old has raced for many constructors including Sauber, McLaren, Force India, and Racing Point. He currently sits as the 7th highest-paid Formula One racer in 2023, bringing in a total of $10 million.
Perez recorded his first win for Racing Point at the 2020 Sakhir Grand Prix.
Despite breaking the world record for the most number of races before a win, Perez is currently ranked the second-best Formula One driver. He currently has two wins in 2023 along with 4 podiums.
6. Valtteri Bottas — $10 Million
Valtteri Bottas is currently competing in F1 for Alfa Romeo. He is the sixth-highest-paid driver in 2023, bringing in a total of $10 million.
Bottas has a long history in F1, previously driving for Mercedes from 2017 to 2021 and Williams from 2013 to 2016. He’s scored 10 race wins and 67 podiums in 206 starts.
5. Carlos Sainz Jr — $12 Million
The son of Carlos Sainz Sr, a double World Rally Champion, Carlos Sainz Jr has made a name for himself in the IndyCar racing world. He currently competes with Scuderia Ferrari.
The fifth-highest-paid F1 driver in 2023, Sainz Jr. will take home a $12 million salary this year.
Sainz Jr sits sixth in the F1 standings and will look to renew his Ferrari F1 deal ahead of next year. He’s made 168 starts and won one race and 15 podiums. His first win came at the 2022 British Grand Prix.
4. Lando Norris — $20 Million
Currently racing with McLaren, Lando is the fourth-highest-paid F1 driver in 2023.
Norris is set to make $20 million in 2023. He currently sits 11th in the F1 standings with a total of 12 points. While he’s yet to record his first win, Norris has six podiums in 88 starts.
Norris achieved his podium in Formula One at the 2020 Austrian Grand Prix and his best finish was sex in the 2021 Italian Grand Prix.
3. Charles LeClerc — $24 Million
Currently, sitting in the 7th spot in the F1 Standings, Charles LeClerc races for Scuderia Ferrari.
He’s had a promising start to his career, winning the GP3 Series Championship in 2016 and FIA Formula 2 Championship in 2017. LeClerc currently earns about $24 million a year, making him the third-highest-paid F1 driver in 2023. LeClerc has five wins and 25 podiums in 109 entries. His last win was the 2022 Austrian Grand Prix.
2. Lewis Hamilton — $35 Million
One of the biggest names in F1, Lewis Hamilton is a British racing driver competing in Formula One for Mercedes.
In Formula One, Hamilton holds the joint-record seven World Drives’ Championship titles with Michael Schumacher. Hamilton also holds the record for most wins at 103, pole positions at 103, and podium finishes at 192.
Hamilton’s annual salary is $35 million, making him the second-highest-paid F1 driver in 2023.
1. Max Verstappen — $55 Million
Max Verstappen is the highest-paid IndyCar racer in the world and for good reason.
Currently No.1 on the F1 standings, Verstappen is the highest-paid F1 driver in 2023 with an annual salary of $55 million.
A member of the Red Bull Racing team, Verstappen is the 2021 and 2022 Formula One World Champion. Along with his championships, Verstappen has 29 wins and 83 podiums in 169 starts. His last win was the 2023 Monaco Grand Prix.
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