In the high-octane world of Formula 1, championship finish isn’t the only measure of success for drivers like George Russell – their place in the financial hierarchy is also telling.
Russell is fighting to return back-to-back top-five seasons to start his Mercedes career after a stunning fourth-place in the championship in 2022, ahead of illustrious teammate.
Despite Mercedes losing the ability to fight for regular wins since Russell joined the team thanks to a backwards step in car development, the former F2 champion has still produced some headline results.
And Russell‘s salary reflects that the team believe he will one day lead the team’s championship fight once Lewis Hamilton leaves the team.
How much will George Russell earn in 2023?
For the 2023 season, George Russell is set to earn $8 million. This figure places him among the top earners in F1, though still some distance behind his Mercedes teammate Hamilton, who commands a staggering $35 million in 2023.
Russell‘s performances in F1 since making his Williams debut has certainly played a role in bumping up his first Mercedes contract.
And that’s without including incentives, for example Russell reportedly has a three million dollar bonus for winning the championship and took his first F1 win in 2022.
It’s estimated he earned less than $200,000 in his first F1 season, but Russell quickly proved the focal point of the team and his promotion to Mercedes was announced midway through 2021.
Russell‘s earnings are indication of Mercedes‘ faith in his abilities not just right now, but their expectation that he’ll lead the team once Hamilton‘s left the team.
Russell‘s deal at the German team runs until 2024 while Hamilton is out of contract at the end of this season and currently new agreement.
Currently, Mercedes have the second-highest combined driver salary total in the F1 paddock behind just Red Bull. While the $43 million that the British pair earn is less than Max Verstappen‘s salary on its own, it’s still a heft chunk of change.
They’re comfortably ahead of Ferrari, as Charles Leclerc and Carlos Sainz earn a combined $36 million, though both drivers are have higher salaries than Russell.
Driver salaries fall outside the F1 cost cap, enabling the team to spend big on their talent without needing to compromise on car development.
How much is George Russell worth?
As of 2023, George Russell boasts an estimated net worth of $18 million. While not quite in the same league as F1 legends like Hamilton or Fernando, Russell has plenty of time to catch up.
A significant portion of his net worth stems from his Mercedes salary, but that’s not the only source. Russell has secured lucrative endorsement deals with brands like Puma and Bose, adding a substantial amount to his wealth.
Additionally, assets like his luxury apartment in London and a collection of high-end cars, including multiple Mercedes AMGs and a McLaren GT and Ferrari 812 and Bentley Bentayga, contribute to his net worth.
The Brit has previously expressed a desire to move to Monaco like many of his rivals in F1, but put a move on hold in 2021.
However, assuming he does make that soon then his net worth will receive a further boost. And as his career progresses and his brand grows, we only can expect this figure to rise exponentially.
F1 Driver Salaries 2023
|1||Max Verstappen||$55m||2028||Red Bull|
|6||Sergio Perez||$10m||2024||Red Bull|
|7||Valtteri Bottas||$10m||2025||Alfa Romeo|
|10||Fernando Alonso||$5m||2024+||Aston Martin|
|14||Lance Stroll||$2m||Open||Aston Martin|
|16||Zhou Guanyu||$2m||2023||Alfa Romeo|