It's no major secret that Formula One is a lucrative venture, with teams spending millions researching and developing the cars they will field on the track each season.

Of course, aside from the car itself, teams also invest heavily in the drivers who will operate the machinery. After all, it would be up to them to extract the full capability of the car.

With that said, who are the highest and lowest-paid drivers in Formula 1 for the 2023 season?

The highest-paid F1 drivers

Unsurprisingly, the highest-paid driver on the grid is reigning world champion Max Verstappen of Red Bull, earning $55 million from the energy drink company this year, according to Racing News 365.

The 25-year-old has won the last two Drivers' titles and is cruising toward his third championship in a row in 2023 amid a highly dominant season for the Dutchman.

Next to him is the driver who is tied for most world championships in F1 history - Lewis Hamilton of Mercedes.

The British racer will earn $35 million this season, but the number is set to be on par with Verstappen next season after he signed a new contract extension with the Brackley-based outfit that will see him race into his 40s.

Scuderia Ferrari's Charles Leclerc is third on the list with a $24 million salary for 2023, while McLaren's Lando Norris is next with a generous $20 million compensation.

Leclerc's teammate Carlos Sainz Jr. rounds up the top five, earning a $12 million salary this year.

The lowest-paid F1 drivers

The drivers who occupy the lower echelon in the earnings list are mostly rookies or those who drive the worst cars on the grid.

AlphaTauri's Yuki Tsuonda and Williams Racing's Logan Sargeant are the lowest-paid drivers on the grid this season, earning $1 million, according to USA TODAY.

Tsunoda is already in his third year in F1, but AlphaTauri's car is one of the worst vehicles in the series, with the team dead last on the constructors' standings.

However, the Japanese's compensation for this season is already an improvement compared to his $750,000 salary in 2022 and $500,000 during his rookie year in 2021.

Meanwhile, Sargeant is on his debut season for Williams, and his pay is now double what Tsunoda made during his rookie year.

The American has failed to score a single point for Williams in his first 14 races in the world's premier racing series.

The full list

Max Verstappen (Red Bull) - $55 million

Lewis Hamilton (Mercedes) - $35 million

Charles Leclerc (Ferrari) - $24 million

Lando Norris (McLaren) - $20 million

Carlos Sainz (Ferrari) - $12 million

Sergio Perez (Red Bull) - $10 million

Valtteri Bottas (Alfa Romeo) - $10 million

George Russell (Mercedes) - $8 million

Esteban Ocon (Alpine) - $6 million

Fernando Alonso (Aston Martin) - $5 million

Pierre Gasly (Alpine) - $5 million

Kevin Magnussen (Haas) - $5 million

Alex Albon (Williams) - $3 million

Lance Stroll (Aston Martin) - $2 million

Nico Hulkenberg (Haas) - $2 million

Nyck De Vries (AlphaTauri) - $2 million

Zhou Guanyu (Alfa Romeo) - $2 million

Oscar Piastri (McLaren) - $2 million

Yuki Tsunoda (AlphaTauri) - $1 million

Sargeant (Williams) - $1 million