Author: Shreyas Sharma
In the fast-paced world of Formula 1, competition isn’t just limited to the race track; it also extends to wages. According to the latest report from Forbes magazine, Max Verstappen, the Dutch sensation who drives for Red Bull Racing, is not only leading the championship standings, but also the salary rankings among the top 20 drivers in the category.
Verstappen, the current two-time Formula 1 champion with a contract that runs until 2028, is taking home an impressive annual salary of US$55 million. This colossal salary consolidates his status not only as a racing prodigy, but also as a financial force to be reckoned with in the sport.
Second on the list is the legendary Lewis Hamilton, seven times Formula 1 champion. The British motorsport icon, who wears the colors of Mercedes, earns a whopping US$35 million a year, proving that his name still carries a huge price tag in the sport.
Completing the top five highest paid drivers in Formula 1 are Charles Leclerc (Ferrari), Lando Norris (McLaren) and Carlos Sainz (Ferrari). Not only do these drivers put in stellar performances on the track, but they also get paid handsomely for their skills and dedication.
Curiously, the current runner-up in the Drivers’ World Championship and Verstappen’s teammate at Red Bull Racing, Checo Pérez, is sixth in the salary ranking. Despite his good performance, Pérez’s annual earnings are US$10 million, which is proof of the fierce competition for top-level salaries in Formula 1.
One notable change from last year’s rankings is the drop in Fernando Alonso‘s salary. The Spanish veteran, who held the third highest paid position in 2022, fell down the list after making the transition from Alpine to Aston Martin. His income fell from $30 million to $5 million, showing the dynamic nature of driver contracts in the sport.
Forbes reports that the salaries of Formula 1 drivers in 2023 have increased by an impressive 25% compared to the previous season, highlighting the growing financial stakes in the world’s most prestigious motorsport competition. As Formula 1 continues to captivate fans around the world, the salaries of its famous drivers will probably continue to be a topic of fascination and debate.