Formula 1 drivers spend their days in the hotseat of multi-million pound vehicles and racing around circuits at neck breaking speeds – so it’s no wonder that they are compensated handsomely for it.
The salaries of F1 drivers make them some of the world’s highest paid athletes as they risk their lives on the track, and that’s without including endorsements or sponsorships outwith the sport.
Here, we take a look at who are the richest F1 drivers currently on the grid.
As of 2021 Formula 1 teams must adhere to a cost cap which looks to create greater parity between powerhouse teams such as Ferrari, Mercedes and Red Bull compared to smaller teams such as Haas or Williams, but this doesn’t extend to driver salaries – for now.
Based on data from Forbes, which excludes any off-track compensation, here are the richest F1 drivers based on 2023 salaries.
1. Max Verstappen – $70 million
Racing for Red Bull, Max Verstappen is a force to be reckoned with. At 26 years old, the driver dominated the sport with a record-breaking 19 race wins and earning the drivers’ title in October, months before the season ended. According to Forbes, his earnings come in at $70 million, with $45 million of that his base salary and $25 million in bonuses.
2. Lewis Hamilton – $55 million
Lewis Hamilton may have recently hit headlines for his upcoming move from Mercedes to Ferrari in 2025, but he is among the top paid drivers currently on the track. The Brit has been racing for almost two decades and his salary is said to be around $55 million while his net worth has been estimated at around £300 million.
3. Fernando Alonso – $34 million
Fernando Alonso has dabbled in other motorsports, but it’s driving for Aston Martin that earns him a salary of around $24 million with bonuses of around $10 million.
4. Sergio Pérez – $26 million
Coming in at fourth, also driving for Red Bull Racing, is Sergio Pérez. Taking home a base salary of $10 million, the 34-year-old is said to rake in bonuses of $16 million racing alongside Verstappen.