How much does each F1 driver earn? List of contracts, salaries for 2023 drivers

Formula One is one of the most expensive sports in the world. 

Racing up to 24 times across the globe each season, the sport is known for its glitz and glamour and the huge sum of money needed by teams in order to participate and compete each season.

Like many other sports, a large chunk of that money is spent on the drivers who each team pin their hopes on in order to gain prize money and increase their fame both inside and outside of the sport. 

But how much does each F1 driver in 2023 earn and who has the most lucrative contract? The Sporting News takes a look at the current contract situation in Formula One. 

MORE: Which driver has the most wins in F1 history?

Who is the highest paid F1 driver in 2023? 

Max Verstappen - Red Bull 

Quinn Rooney/Getty Images

It will perhaps come as no surprise that current back-to-back World Drivers' Champion Max Verstappen currently holds the most lucrative contract in Formula One. 

Rewarded last March with a five-year extension by his team Red Bull, the Dutch driver now reportedly makes around $55million per year and is contracted to be with the team until 2028.

Upon signing his extension last year, Verstappen said; "I really enjoy being part of Red Bull Racing, so choosing to stay to the 2028 season was an easy decision. I love this team and last year was simply incredible. Our goal since we came together in 2016 was to win the championship and we have done that, so now it’s about keeping the number one on the car long-term."

Full list of F1 drivers contracts in 2023

Below is the full list of reported salaries for each F1 driver in 2023. Contracts lengths are also displayed.