Lewis Hamilton’s bumper new Mercedes contract puts him as the joint highest earner on the Formula 1 grid for 2023, but which of the other drivers make up the rest of the list?
With the recent boom from the global success of Netflix’s Drive to Survive, interest in Formula 1 has grown exponentially as more and more fans from around the world have discovered a new passion for racing. It’s led to record-breaking viewership and attendances across the 2023 season, as the world’s premier motorsport engages a new generation of revheads – and that means big business.
The 20 drivers that make up the Formula 1 grid are some of the fastest men alive, cruising through chicanes at 260 km/h to the raucous applause of the crowd.
With only ten racing teams allowed to field two drivers each season, securing a Formula 1 seat stands as one of the most coveted and exclusive contracts in sport. The inherent exclusivity of F1 seats is reflected in the astronomical fees they command, with drivers securing head-spinning multi-million dollar deals for their unique talents.
Here we take a look at the Top 6 highest-paid drivers on the Formula 1 grid.
In this Highest Paid F1 Drivers article.
Max Verstappen
Team Red Bull
Salary $63 million USD (~$97 million AUD)
It’s no surprise that Max Verstappen sits proudly at the top of our list. Under the guidance of his father, former racing driver Jos Verstappen, the young Dutch driver emerged as a generational talent.
In 2016, Verstappen became the youngest Formula 1 Grand Prix winner in history during his Red Bull debut as he won the Spanish Grand Prix in Barcelona, aged just 18.
Since then, Max Verstappen has matured into one of the finest drivers the sport has ever seen. Resolute, and focused, Verstappen has dominated the opposition for the best part of three years, claiming two consecutive World Championships and breaking decades-old records with each passing race.
For Red Bull, Verstappen’s salary is worth every penny.
Lewis Hamilton
Team Mercedes
Salary $63 million USD (~$97 million AUD)
Battling Max Verstappen for the top spot – in more ways than one – Formula 1’s most decorated driver in history Lewis Hamilton comes in second on our list. Following the news that the Mercedes driver has agreed to an improved contract, reports suggest Lewis Hamilton’s salary is now $63 million USD (~$97 million AUD) per year.
The seven-time World Champion shares the record for most titles with legendary driver Michael Schumacher and has enjoyed one of the most prolific eras in Formula 1 history.
Since making the switch to Mercedes in 2013, Hamilton, together with Mercedes Team Principal Toto Wolff, secured six Drivers’ World Championships and eight consecutive Constructors’ Championships for his team.
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Charles Leclerc
Team Ferrari
Salary $24 million USD (~$37 million AUD)
Rounding out pole position is the young Charles Leclerc, Ferrari’s exciting Monégasque driver, who takes home a cool $24 million USD (~$37 million AUD) a year driving for the Italian racing team.
As Verstappen and Hamilton continue to dominate the grid, Leclerc’s raw speed positions him as one of the best of the rest. Since joining Ferrari in 2019, Leclerc has become Ferrari’s youngest-ever Grand Prix winner, securing victory at the 2019 Belgian Grand Prix ahead of the omnipotent Lewis Hamilton.
At the start of the 2021 F1 season, Leclerc extended his contract with Ferrari until the end of 2024, starting alongside current teammate Carlos Sainz for the first time. Leclerc ended the 2022 season with three Grand Prix victories, winning in Bahrain and Austria, as well as securing victory in Melbourne for the Australian Grand Prix.
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Lando Norris
Team McLaren
Salary $20 million USD (~$31 million AUD)
Lando Norris is one of Formula 1’s most exciting young drivers and has been tipped for future World Championships since signing with McLaren’s academy in 2017, aged just 17.
After five seasons in Formula 1, Norris has matured into a top driver, securing eight podium finishes with McLaren since 2019, and sits as the fourth highest-paid driver on the grid for 2023.
Unfortunately for Norris, McLaren has felt like a team in transition since he arrived, with a high turnaround of drivers racing alongside him since making his F1 debut.
The British driver is yet to win his maiden Formula 1 Grand Prix but has shown consistent form this season, earning back-to-back podium finishes for the first time in addition to a career-high finish of P2 at the Hungarian Grand Prix.
Carlos Sainz Jr.
Team Ferrari
Salary $12 million USD (~$18 million AUD)
Son of Spanish racing royalty, Carlos Sainz Jr. brings his father’s signature pace and precision to the asphalt of the Formula 1 track. Following a mixed career with Toro Rosso and McLaren, Sainz signed with Ferrari in 2021, partnering with a young Charles Leclerc.
Here, Sainz has gone from strength to strength, winning his first Formula 1 Grand Prix at Silverstone in 2022, defending expertly against two of the more experienced drivers on the grid, Sergio Pérez and Lewis Hamilton.
Still winless in 2023, Sainz is yet to sign an extension with Scuderia Ferrari on his $12 million USD (~$18 million AUD) contract, leaving fans to wonder if he may move on once more.
Sergio Pérez
Team Red Bull
Salary $10 million USD (~15 million AUD)
One of the older drivers on the Formula 1 grid, Sergio “Checo” Pérez is the definition of a late-bloomer, finding more success in the latter stages of his F1 career with Red Bull.
The Mexican driver has the unwanted record of the most race entries (190) without a single race win, before winning his maiden Formula 1 Grand Prix with Racing Point in 2020.
Since then, Checo has gone on to win a further five races, to become one of the more decorated drivers still on the grid with six Formula 1 Grand Prix victories throughout his career.
Pérez joined Red Bull in 2021 to partner with Max Verstappen, signing a contract worth $10 million USD (~15 million AUD) a year, that runs until 2024.