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Formula 1: What is the driver’s salary?; Verstappen will win quintuple than ‘Checo’

One of the biggest news in the Formula 1 this year has been, without a doubt, that Sergio ‘Checo’ Perez renewed contract with Red Bull Racing.

The Mexican driver extended his relationship with the Austrian team for two more seasons, until 2024, after his good performance last year and so far this year.

But ‘Checo’ not only secured a seat in F1, he also earned a millionaire increase in his salary with Red Bull that places him in the top ten of the highest paid drivers.

What is ‘Checo’ Pérez’s salary in F1?

Sergio Pérez’s first salary at Red Bull was 5 million euros per year. In August 2021 he renewed for one more season and increased his net payment to 8 million euros, according to RacingNews365.

With the new contract of the Mexican driver with the Austrian team, he will have an annual salary of €10 million (20 million total), according to the same medium.

This salary does not include the bonuses that “Checo” could obtain with his team for his results. Therefore, his overall income could amount to up to 26 million eurosaccording to Sportico.

To these figures should be added those that the winner of the Shakir, Azerbaijan and Monaco GP obtains through personal sponsorships, amounting to 20 million euros a year, according to DailyMirror.

What is the salary of Formula 1 drivers?

There are no official figures for F1 drivers’ salaries, but the site RacingNews365 has revealed in recent years the alleged numbers.

lewis hamiltonseven-time F1 world champion, is currently the highest paid driver with a salary at Mercedes in €40 million. Followed by the reigning champion Max Verstappen with an income of 25 million euros at RedBull.

Formula 1: What is the driver's salary?; Verstappen will win quintuple than 'Checo'

‘Checo’ Pérez is not even close to half the net salary of his teammate; The Mexican is the tenth highest paid driver in F1 with his 8 million euros per year.

The man from Guadalajara could climb a few places among the richest next year when his new multi-year contract with Red Bull takes effect.

Verstappen could also become the highest paid in F1, as in March this year he signed a historic contract with Red Bull until 2028.

Mad Max’ will earn from 2023 a salary of 50 million euros per year (five times more than ‘Czech’), according to the Dutch newspaper The Telegraaf.

How long do F1 drivers have a contract?

The current positions of the highest paid drivers in F1 could change from 2023, since there are several who end their contract this year and could renew it or not.

Formula 1: What is the driver's salary?; Verstappen will win quintuple than 'Checo'

Red Bull Racing

  • Verstappen | 2028
  • Sergio ‘Checo’ Perez | 2024


  • Lewis Hamilton | 2023
  • George Russell | 2023

Scuderia Ferrari

  • Charles Leclerc | 2024
  • Carlos Sainz Jr. | 2024

McLaren Team

  • Lando Norris | 2025
  • Daniel Ricciardo | 2023


  • Fernando Alonso | 2022
  • Esteban Ocon | 2024

Alpha Taurus

  • Pierre Gasley | 2023
  • Yuki Tsunoda | 2022

Aston Martin Cognizant

  • Sebastian Vettel | 2022
  • Lance Stroll | Unknown

Williams Racing

  • Nicholas Latifi | 2022
  • Alex Albon | 2022

Alfa Romeo Team

  • Valtteri Bottas | 2023
  • Guanyō Zhou | 2022


  • Mike Schumacher | 2022
  • Kevin Magnussen | 2022

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