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.
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 $1 million each in salary.
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List of drivers on the F1 2023 grid and salaries they earn
| Rank | Driver | Team | Salary (S$) | Year Current Deal Ends |
| 1 | Max Verstappen | Red Bull Racing | 55 million | 2028 |
| 2 | Lewis Hamilton | Mercedes | 35 million | 2023 |
| 3 | Charles Leclerc | Ferrari | 24 million | 2024 |
| 4 | Lando Norris | McLaren | 20 million | 2025 |
| 5 | Carlos Sainz | Ferrari | 12 million | 2024 |
| 6 | Sergio Perez | Red Bull Racing | 10 million | 2024 |
| 7 | Valtteri Bottas | Alfa Romeo Racing | 10 million | 2025 |
| 8 | George Russell | Mercedes | 8 million | 2023 |
| 9 | Esteban Ocon | Alpine | 6 million | 2024+ |
| 10 | Fernando Alonso | Aston Martin | 5 million | 2024+ |
| 11 | Pierre Gasly | Alpine | 5 million | 2024+ |
| 12 | Kevin Magnussen | Haas | 5 million | 2023 |
| 13 | Alex Albon | Williams | 3 million | 2024+ |
| 14 | Zhou Guanyu | Alfa Romeo Racing | 2 million | 2023 |
| 15 | Lance Stroll | Aston Martin | 2 million | Open |
| 16 | Nico Hulkenberg | Haas | 2 million | 2024 |
| 17 | Oscar Piastri | McLaren | 2 million | 2024+ |
| 18 | Nyck de Vries | AlphaTauri | 2 million | 2023+ |
| 19 | Yuki Tsunoda | AlphaTauri | 1 million | 2023+ |
| 20 | Logan Sargeant | Williams | 1 million | 2023+ |
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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.
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.
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.
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