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Which Driver Receives the Highest and Lowest Salaries in Formula 1 2023?

Vidit Dhawan
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Which Driver Receives the Highest and Lowest Salaries in Formula 1 2023?

With just a few weeks remaining for the F1 2023 season to kickstart at the Bahrain Grand Prix, fans couldn’t be more excited. Pre-season testing will occur from February 23 to 25, while the first race weekend of the new season will occur from March 3-5.

Ahead of the new season, here is a detailed look at which drivers receive the highest and lowest salaries from the 2023 grid. As for this year, the highest salary that is offered to a driver is a whopping $55 million.

When it comes to the criteria for determining salaries, drivers with experience and those who have previously fought for championship and race wins are unsurprisingly expected to earn more than rookies or have just a few years of experience at the back of the field.

Max Verstappen & Lewis Hamilton lead the list of highest-salary earners

According to a report by RacingNews365.com, reigning Drivers’ champion Max Verstappen ($55 million) and seven-time champion Lewis Hamilton ($35 million) are once again the top earners amongst all the drivers on the F1 2023 grid.

 

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The duo are followed by Ferrari’s Charles Leclerc ($24 million), who finished an outstanding second in the championship last year despite the team’s struggles regarding reliability. The Prancing Horse also had a huge difference in speed from one track to another compared to the incredible consistency of Red Bull Racing.

Lando Norris ($20 million) is the fourth-highest earner on the grid after he outshouts more experienced McLaren teammate Daniel Ricciardo by a significant margin. The Brit finished seventh in the Drivers’ Championship with 122 points compared to just the 37 points earned by the Australian throughout the season.

Meanwhile, Ferrari’s Carlos Sainz ($12 million) and Red Bull Racing’s Sergio Perez ($10 million) earn a similar salary because they often play second fiddle to their teammates. Valtteri Bottas ($10 million) also earns a similar salary to the duo because of all the years of experience he brought when he drove for Mercedes alongside Hamilton.

George Russell ($8 million) earns the eighth-highest salary on the grid, perhaps due to him just having one year of experience at the front of the grid in a team like Mercedes. With one race win, Esteban Ocon earns $6 million in salary from Alpine, while Fernando Alonso, Pierre Gasly and Kevin Magnussen earn $5 million each from their respective teams.

As for the other drivers, Williams’ Alex Albon earns $3 million, while the likes of Zhou Guanyu, Aston Lance Stroll, Nico Hulkenberg, Oscar Piastri and Nyck de Vries all earn $2 million. Meanwhile, AlphaTauri’s Yuki Tsunoda and Williams’ new recruit Logan Sargeant are expected to pocket $1 million each in salary.

Also Read: Daniel Ricciardo Talks About Pain and Misery of F1 Drivers

List of drivers on the F1 2023 grid and salaries they earn

RankDriverTeamSalary (S$)Year Current Deal Ends
1Max VerstappenRed Bull Racing55 million2028
2Lewis HamiltonMercedes35 million2023
3Charles LeclercFerrari24 million2024
4Lando NorrisMcLaren20 million2025
5Carlos SainzFerrari12 million2024
6Sergio PerezRed Bull Racing10 million2024
7Valtteri BottasAlfa Romeo Racing10 million2025
8George RussellMercedes8 million2023
9Esteban OconAlpine6 million2024+
10Fernando AlonsoAston Martin5 million2024+
11Pierre GaslyAlpine5 million2024+
12Kevin MagnussenHaas5 million2023
13Alex AlbonWilliams3 million2024+
14Zhou GuanyuAlfa Romeo Racing2 million2023
15Lance StrollAston Martin2 millionOpen
16Nico HulkenbergHaas2 million2024
17Oscar PiastriMcLaren2 million2024+
18Nyck de VriesAlphaTauri2 million2023+
19Yuki TsunodaAlphaTauri1 million2023+
20Logan SargeantWilliams1 million2023+

Also Read: Why You Should Watch Netflix’s Drive to Survive Before Following F1?

How much do F1 drivers make per race?

According to several reports, F1 drivers do not get paid per race and instead earn salaries for the whole season. However, they may earn bonuses if they deliver outstanding performances at a particular race.

It is pertinent to note that the bonuses received by drivers are also dependent upon their contract agreements. In addition to salaries and bonuses, some drivers also earn significant money by signing lucrative sponsorship deals.

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What is the highest-paying job in Formula 1?

While drivers usually earn the most in Formula 1, the pit crew chief is the highest earner among the rest. As per a report put out by one-stop racing, the median salary of a pit crew chief is upwards of $250,000 a year. The pit crew chief handles the most important duties regarding a team’s pit stops.

Senior engineers earn a median salary of $85,000 to $150,000 per year, while recent graduates earn a median salary of $40,000 to $85,000. The teams may also provide all the engineers of their teams with other benefits, similar to how drivers may earn bonuses.

When it comes to the salaries earned by others in a team, a tyre changer earns approximately $6,000 per race, according to a report put out by F1 Chronicle. Meanwhile, the report adds that the rest of the team earns approximately between $3,000 and $4,000 per race.

Also Read: Christian Horner Claims Logan Sargeant Can’t Capitalize the Hearts of His Compatriots; F1 Needs American Max Verstappen

Do F1 drivers get prize money?

According to F1 Chronicle, while F1 drivers do not get prize money, their teams earn prizes for individual races when their drivers finish in the top 10. Alongside this amount, the teams also earn end-of-the-year prize money determined by where they finish in the Constructors’ Championship.

Do F1 drivers get paid per win?

As explained earlier, F1 drivers may receive bonuses from their teams for their wins, but they do not get paid per race. However, these bonuses are also subject to the agreement in their contracts with their team. Dependent upon a driver’s contract agreement, they could also receive bonuses for podium finishes or pole positions.

Also Read: Ferrari F1 Sponsors 2023: Who Are the Official Partners of Ferrari in Formula 1?

About the author

Vidit Dhawan

Vidit Dhawan

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Vidit Dhawan, a Formula 1 Editor at The SportsRush, is intrinsically connected with everything around the sport — from the engine roar, the cacophony on the grandstands to the action. He fell in love with F1 during the inaugural Indian GP in 2011. After more than a decade of deep engagement with the sport, Vidit insists he will remain a lifelong fan of Fernando Alonso, and sees the future of F1 in Charles Leclerc. A sports fanatic from childhood, he discovered his passion for writing while pursuing a bachelor's degree in international and global studies. Vidit has written over 1,700 articles, ranging from news reports to opinions. He thrives covering live action, and loves to dig into the contrasting personalities in the F1 bandwagon and narrate their journey in life as well as the sport. Vidit also follows tennis and football, enjoys playing as well as coaching chess.

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