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How Much Do F1 Drivers Make?

Jim Kimberley Formula 1 Expert Analyst

Jim Kimberley

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How much F1 drivers make can vary quite significantly, driven by factors like experience, accolades, and team affiliations. As the global allure of F1 continues to ascend, however, these skilled pilots will find their pockets enriched with substantial financial gains as a result of their extraordinary skills and inherent marketability. Standing atop the hierarchy of F1 earnings for the year 2023, Max Verstappen claims the title of the highest-paid driver, reaping a remarkable $55 million annually. This is followed up by the global superstar that is Lewis Hamilton, sitting at $35 million annually.

While seasoned vets like Verstappen and Hamilton bask in the multi-million dollar range, fledgling talents and less experienced drivers typically secure more “modest” incomes, ranging from $1 million to $8 million. On average, the compensatory landscape of F1 drivers for 2023 gravitates around a noteworthy $11.25 million, with a median salary of $5.5 million. As you can see, answering the question, “How much do F1 drivers make?” is no easy task, as the chasm between the highest and lowest earners is glaringly apparent. Nevertheless, upon closer scrutiny, it’s clear that the top F1 driver’s salaries reflect the elite nature of the sport and the tremendous talent and dedication required to compete at its pinnacle.

❓ FAQs About Formula 1 Drivers’ Salaries

F1 drivers’ salaries are far higher than those in rival motorsports series like NASCAR, Indycar or Formula E. The top teams in F1 are willing to pay tens of millions of dollars to recruit the world’s best drivers into their operation, knowing that they might be the difference between the championship or second place. While F1’s lowest-earning drivers earn much less than the highest, they are still some of the motorsports’ best-paid athletes. Furthermore, a driver can find external sponsorship to increase their annual earnings.

How much do F1 drivers make per race?

F1 drivers tend to earn their salary annually, so their price per race will depend on the number of races in a season. In 2020, with only 17 races, a driver would have earned more per race than they would in 2023, with a 23-race calendar.

How much do F1 drivers make per win?

As F1 driver contracts aren’t public, there is no firm number that establishes any racer with a ‘per win’ bonus. However, performance bonuses do exist in the sport, and Kimi Raikkonen once almost bankrupted a team after they agreed to pay him €50,000 per point scored. He scored 390 points over two years, and the team couldn’t afford to pay the €19.5 million they owed him.

How much do F1 drivers make a year?

Some F1 drivers will make as ‘little’ as $1 million a year, usually when they enter the sport. However, more established figures with world championships can earn tens of millions, with Max Verstappen making $55 million per year. Drivers can further top this figure up with their own sponsorships or endorsements.

How much do F1 drivers make in endorsements?

Drivers will earn varying amounts for endorsements depending on their level of fame. Some report that Shell paid Michael Schumacher $10 million per year to wear a hat with the company’s logo at all public speaking events.

How do Formula 1 driver salaries vary by sponsor?

An F1 driver will earn a salary from their F1 team but can make more money with duties for personal sponsors. The prestige of a driver will increase the amount of money a sponsor will pay, with a race-winning driver who is a well-known public figure set to earn far more than a rookie with only a handful of races as experience.

Who is the highest-paid F1 driver in 2023?

Max Verstappen is F1’s highest-paid driver in 2023. Racingnews365 puts the Dutch driver’s salary at $55 million.

Motorsport Betting Expert with 11+ Years of Experience
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Formula 1 Journalist & Writer

Jim Kimberley

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Jim is a freelance motorsport journalist, editor, and podcaster. He’s a content creator specializing in motorsport with 11+ years of experience across technical and creative positions. Jim has an impressive track record of writing race reviews and opinion pieces for Formula One. He’s particularly proud of interviewing personalities from the motorsport industry.

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Facts checked by Eamon Doggett