Formula 1 has long been awash with money. In 2023, more money was on offer to drivers and constructors than ever before.

The prize pot that was distributed around the grid in 2023 based on the final year’s standings was worth a total of more than $900 million — of a total F1 prize pot of around $2.2bn.

From the contenders for the individual championship, like Max Verstappen, Lewis Hamilton and Charles Leclerc, to constructors like Red Bull, Mercedes and Ferrari, there was plenty of money to share about. Of course, the dominance of Verstappen and Red Bull meant much of the prized pot went to one place.

Here, The Sporting News explains the prize money and how it was shared out.

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Formula 1 distributes its money to the constructors, rather than individual drivers. That means drivers don’t actually receive any prize money because they are paid salaries by their teams.

Of course, while the drivers themselves don’t get directly paid by F1, the teams do offer performance-related bonuses in drivers’ contracts.

Reports from Spanish media outlet Marca claimed that Max Verstappen’s dramatic 2021 world championship win earned him a salary hike from around £19.6m to £31.5m.

It was also reported that Lewis Hamilton would have received a £4m bonus from Mercedes, with the rest of the constructor’s staff sharing a £17.5m bonus among themselves — amounting to an extra £10,000 each.

According to Statista, Verstappen earned a salary of around $45m in 2023, plus bonuses of approximately $25m.