To make it in Formula 1, you need money and that is no secret. The teams spend hundreds of millions every year to get their team competing for the Constructors’ Championship. One of the biggest expenses a team has to bear is the driver. Let’s take Lewis Hamilton as an example. In 2022, he was the only F1 driver to make it to the list of the top 100 highest-paid athletes in the world.

But that quickly changed when Max Verstappen signed his contract for 2023. In the last season, Max Verstappen joined Lewis Hamilton on the charts of the 100 most-paid athletes in the world and took it up a notch by beating him.

Verstappen is riding his peak as he becomes the highest-paid F1 driver

The sports business magazine Sportico reports the highest-paid athletes each year. Although this was an all-time high for Lewis Hamilton, Max Verstappen took his crown in 2023. The Red Bull driver not only made it to the charts out of nowhere, he secured the 15th position. While Lewis Hamilton was reported to make a salary of $50 million at Mercedes, he brings in $12 million in endorsements which totals a whopping $62 million.

Although these numbers are astronomical, Max Verstappen signed a deal that got him $70 million from Red Bull alone. Another $5 million came in from endorsements, making his total earnings $75 million. Just like this, Max Verstappen makes his debut on the list and is reported to make $13 million more than Hamilton. These reports started making waves on the internet as Verstappen overtook the Briton in salary.

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But things seem different with the Lewis Hamilton transfer to Ferrari. There’s a chance Max Verstappen will remain the highest-paid F1 driver in 2024. Ferrari is preparing to offer Hamilton approximately $100 million per season. Hamilton, who is dubbed the Billion Dollar Man, first appeared on the list in 2021. In 2021, he stood 11th with a $50 million salary.

Max Verstappen’s Net Worth

Being the highest-paid driver in F1 comes with many perks; a heavy bank account is one of them. Verstappen’s primary income comes from his career as a Formula 1 driver. According to Forbes, Verstappen earned more than any other driver in the 2023 season. His base salary, supplemented with bonuses, totaled around $70 million for the year.

Verstappen’s financial security is bolstered by a long-term contract with Red Bull Racing. He signed a seven-year deal with the team after winning his first World Championship in 2021, ensuring a stable income stream for the foreseeable future. Verstappen has diversified his income through various business ventures. He has a keen interest in sim racing and has partnered with the global Team Redline, which has now been rebranded as Red Bull Verstappen.com Racing.

As of December 2023, Max Verstappen’s net worth is estimated to be within a wide range, with various sources providing different figures. Estimates range from around $90 million to as much as $210 million. It’s important to note that net worth estimates can fluctuate due to various factors such as income from racing, endorsements, investments, and changes in asset values.

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That being said, Max Verstappen has tapped into the big flow of money that comes with being a World Champion; a reigning one at that. Do you think the Red Bull driver will continue to have the lead over Lewis Hamilton once he joins Ferrari? Let us know in the comments below.