Most of the time Formula 1 drivers demand a high paid seat with their teams. They expect to get paid high so they can have a better chance of winning championships. Being a highly paid driver also gets them into the limelight and allows them to get brand offers, collaborations, sponsorships, etc which gets them additional income.
Most of the drivers who get paid highly are the ones to have more leverage or chances of winning with a team. Therefore, they can demand high pay later too.
The highest-paid F1 drivers
With being a Formula 1 driver, comes great responsibility, expectations, and danger. The drivers drive at a high speed competing against each other to win the race.
Therefore, racers with a high chance of winning the races and competing for the title. This gives them more leverage as a driver and they can ask to get paid more based on their standings.
Max Verstappen ($55 Million)
Presently, the driver with the highest pay in Formula 1 is Max Verstappen, the Dutch racer for Red Bull. Max Verstappen pockets a whopping $55 Million after he claimed his second World Champion title.
As Max Verstappen’s performance in Red Bull got better and he brought the most wins for his team, he received higher pay. Max Verstappen has been leading every race and finished on the pole ever since his 2021 season. That is the value he adds to the team and is therefore the highest-paid driver on the grid.
Max started his career at the age of 17 with the Toro Rosso car and then moved to Red Bull. He has been making his mark in the races since then. He is a two-time World Champion with 2022 being a landslide victory.
Lewis Hamilton ($34 Million)
Lewis Hamilton, with his recent contract, has been getting paid $35 million with Mercedes. The 7 time World Champion who is competing for his 8th title has been said to be demanding more than that for further contracts.
Even though his salary is still in negotiations, he remains one of the highly-paid drivers. Moving from McLaren to Mercedes and soon achieving the title of the 7-time World Champion, he has become an important sportsman in Formula 1. Lewis Hamilton has been considered as one of the greatest drivers on the grid.
Since the salaries are not included in the budget cap, teams can pay as much as they want to the driver to get the best driver in their teams and have a chance of winning the championships. Although there is a salary cap of $145 million.
Verstappen and Hamilton get paid highly because of the regular wins or the promise of wins that they bring to the table and the value that they add to the teams and their standing. They are considered to be two of the best drivers on the grid.
Charles Leclerc ($24 Million)
Following them is the Monegasque Ferrari driver who receives a paycheck of $24 million in 2023. Charles Leclerc started his career in 2018 with Sauber and then moved to Ferrari the following season. With Ferrari, he became the second youngest driver to finish on pole position in 2019.
Charles Leclerc has achieved 5 races and finished on pole 19 times as of 2023. Leclerc has proven his skills as a driver in the 2022 season. He finished P4 after starting from 7th after qualifying. Though he could not win the Azerbaijan Grand Prix after having a great start to the race, he was in pole position and on the podium that race. He also showcased his skills at the Austrian Grand Prix in 2023 after overtaking Max Verstappen and finishing second to Verstappen.
Lando Norris ($20 Million)
Among the highest-paid drivers in Formula 1 is Lando Norris. Lando Norris, the Belgian-British driver has a $20 million contract with McLaren. Lando Norris joined McLaren in 2018. He was driving alongside Daniel Riccardo when he finished first at the Austrian Grand Prix in 2020.
Since his debut in Formula 1, he has been signed by McLaren until now. One of his best finishes was his Pole finish at the 2023 Spanish Grand Prix Qualifications. Though he could not win the race, it was clear that the British driver had all plans of competing in the Championships. He also scored his first points of the 2023 season for his team at the Australian Grand Prix.
Carlos Sainz ($12 Million)
Unlike Charles Leclerc, his teammate Carlos Sainz earns himself a $12 million deal per year. He started his Formula 1 career with Toro Rosso alongside Max Verstappen in 2015. After giving two seasons to Toro Rosso and being unable to finish above the fifth position Carlos moved to Renault. He finished in 4th position with Renault calling it the best day in his career.
He moved to McLaren in 2019 and stayed with them for two seasons. The Spaniard won his first podium with McLaren at the Brazilian Grand Prix. He then moved to Ferrari in 2021 and won his first maiden pole position at the Bahrain Grand Prix in 2022 alongside his teammate Charles, who finished third.
The highest-paid drivers for Formula 1 get to have better leverage with their teams and get to have an upper hand in earning good pay. They also get a chance to earn and increase the money that they earn by winning championships and podiums.