F1 driver salary in 2024: Top earners and salary details explained
Formula One's adrenaline-fueled racing captivates millions, showcasing speed, skill, and strategy. While it boasts a host of talented drivers, do you know they earn handsomely to give their all on the track? With the current season drawing to a close, here is what an F1 driver's salary looks like.
Source: UGC
TABLE OF CONTENTS
- How much is an F1 driver's salary?
- Top 10 highest-paid F1 drivers in 2024
- 10. Daniel Ricciardo – $7 million
- 9. Valtteri Bottas – $10 million
- 8. Carlos Sainz – $12 million
- 7. Sergio Pérez – $14 million
- 6. George Russell – $18 million
- 5. Fernando Alonso – $18 million
- 4. Lando Norris – $20 million
- 3. Charles Leclerc – $34 million
- 2. Lewis Hamilton - $57 million
- 1. Max Verstappen – $76 million
- What is an F1 driver's salary per year?
- FAQS
Since 2021, F1 has enforced a cost cap to balance spending between large and small teams. As Forbes reported, the average value of major Formula 1 teams is $1.88 billion. For 2024, the cap is set at $135 million, though driver salaries remain excluded, allowing teams to invest freely in top drivers.
How much is an F1 driver's salary?
An F1 driver's salary ranges significantly from $1 million to over $50 million based on experience, team, and performance. In a 2022 interview with ESPN, Max Verstappen criticised proposed salary caps, stating:
From my side, it's completely wrong. I think at the moment, F1 is becoming more and more popular and everyone is making more and more money, including the teams and FOM. It will hurt all the junior categories. This sport is going from a $4-6 billion business to a $14 billion business, and we are a huge part of that.
Top 10 highest-paid F1 drivers in 2024
In 2024, Formula 1 drivers command impressive base salaries, with incentives distributed after the season. We used data from ESPN, Forbes, the official F1 website, and other leading websites to bring you this list of some of the highest-paid F1 drivers, from world champions to emerging stars:
| S/N | Driver | Team | Salary |
| 10 | Daniel Ricciardo | VCARB (AlphaTauri) | $7 million |
| 9 | Valtteri Bottas | Sauber (Alfa Romeo) | $10 million |
| 8 | Carlos Sainz | Ferrari | $12 million |
| 7 | Sergio Pérez | Red Bull Racing | $14 million |
| 6 | George Russell | Mercedes | $18 million |
| 5 | Fernando Alonso | Aston Martin | $18 million |
| 4 | Lando Norris | McLaren | $20 million |
| 3 | Charles Leclerc | Ferrari | $34 million |
| 2 | Lewis Hamilton | Mercedes | $57 million |
| 1 | Max Verstappen | Red Bull | $76 million |
10. Daniel Ricciardo – $7 million
Source: Getty Images
| Full name | Daniel Ricciardo |
| Date of birth | 1 July 1989 |
| Age | 35 years old (as of 2024) |
| Place of birth | Perth, Australia |
| Team | VCARB (AlphaTauri) |
| Salary | $7 million |
Ricciardo's full-time return to F1 with VCARB nets him $7 million, his lowest salary since 2018. The Australian racing driver faces uncertainty for 2025, lacking a secure seat.
9. Valtteri Bottas – $10 million
Source: Getty Images
| Full name | Valtteri Viktor Bottas |
| Date of birth | 28 August 1989 |
| Age | 35 years old (as of 2024) |
| Place of birth | Nastola, Finland |
| Team | Sauber (Alfa Romeo) |
| Salary | $10 million |
Since leaving Mercedes, the Finnish racing driver has earned a steady $10 million at Sauber. The F1 driver's future, however, remains uncertain as the team solidifies its lineup.
8. Carlos Sainz – $12 million
Source: Getty Images
| Full name | Carlos Sainz |
| Date of birth | 1 September 1994 |
| Age | 30 years old (as of 2024) |
| Place of birth | Madrid, Spain |
| Team | Ferrari |
| Salary | $12 million |
At $12 million, as published on the official F1 website, Sainz is a key player in the driver market and is highly sought after. Despite this, the Spanish racing driver remains unsigned for 2025, keeping his future open.
7. Sergio Pérez – $14 million
Source: Getty Images
| Full name | Sergio Michel "Checo" Pérez Mendoza |
| Date of birth | 26 January 1990 |
| Age | 34 (as of 2024) |
| Place of birth | Guadalajara, Mexico |
| Team | Red Bull Racing |
| Salary | $14 million |
Mexican racing driver Pérez's career-high base salary of $14 million, according to Sportskeeda in 2024, reflects his growing value to Red Bull. His standout performances last season also earned him significant incentives.
6. George Russell – $18 million
Source: Getty Images
| Full name | George William Russell |
| Date of birth | 15 February 1998 |
| Age | 26 years old (as of 2024) |
| Place of birth | King’s Lynn, England |
| Team | Mercedes |
| Salary | $18 million |
Known for his consistency, Russell's recent Mercedes extension locks him in at $18 million. The British racing driver complements Hamilton, forming a strong driver duo for the team.
5. Fernando Alonso – $18 million
Source: Getty Images
| Full name | Fernando Alonso Díaz |
| Date of birth | 29 July 1981 |
| Age | 43 years old (as of 2024) |
| Place of birth | Oviedo, Spain |
| Team | Aston Martin |
| Salary | $18 million |
Veteran Spanish racing driver Alonso joined Aston Martin in 2023 with a lucrative incentive deal. His skill and endurance make him one of the sport's highest earners at $18 million.
4. Lando Norris – $20 million
Source: Getty Images
| Full name | Lando Norris |
| Date of birth | 13 November 1999 |
| Age | 24 years old (as of 2024) |
| Place of birth | Bristol, England |
| Team | McLaren |
| Salary | $20 million |
Norris, McLaren's young talent commands $20 million after signing a multi-year extension. This deal secures the British motorsports racing driver's future with the team through at least 2026.
3. Charles Leclerc – $34 million
Source: Getty Images
| Full name | Charles Marc Hervé Perceval Leclerc |
| Date of birth | 16 October 1997 |
| Age | 26 years old (as of 2024) |
| Place of birth | Monte Carlo, Monaco |
| Team | Ferrari |
| Salary | $34 million |
Rising star Charles Leclerc's salary with Ferrari, now $34 million, has steadily increased since his rookie days. The Monégasque racing driver's 2024 contract secures him as one of the grid's top talents.
2. Lewis Hamilton - $57 million
Source: Getty Images
| Full name | Lewis Hamilton |
| Date of birth | 7 January 1985 |
| Age | 39 years old (as of 2024) |
| Place of birth | Stevenage, United Kingdom |
| Team | Mercedes |
| Salary | $57 million |
As a seven-time world champion, Forbes noted that Hamilton's $57 million salary reflects his sports legacy. He remains F1's most decorated driver in 2024, second only to Verstappen in earnings.
1. Max Verstappen – $76 million
Source: Getty Images
| Full name | Max Verstappen |
| Gender | Male |
| Date of birth | 30 September 1997 |
| Age | 27 years old (as of 2024) |
| Team | Red Bull |
| Salary | $76 million |
As Forbes published, the reigning champion tops the list with a $76 million salary. This reflects his rise in F1. Max Verstappen's salary jumped from $45 million in 2023, boosted by a stellar season.
What is an F1 driver's salary per year?
Formula 1 earnings for drivers average around $13.4 million per year, excluding bonuses and sponsorship deals. Additional income is possible through performance-based bonuses and brand sponsorships.
What is the F1 driver's average salary?
The average salary in 2024 ranges between $2 million and $20 million, depending on experience, team, and contract terms. Top drivers like Max Verstappen and Lewis Hamilton earn significantly more, while rookies and less established drivers typically earn toward the lower end.
Who is the lowest-paid F1 driver in 2024?
The lowest-paid F1 drivers in 2024 are Yuki Tsunoda and Logan Sargeant. Logan Sargeant's salary is tied with Tsunoda's at $1 million for the season.
FAQS
From base salaries to incentives, F1 drivers' contracts and earnings spark plenty of interest. Here are some top questions being asked, along with the best answers:
- How much does Lewis Hamilton make? The seven-time world champion will earn a $45 million base salary in 2024, with the potential for more through incentives.
- How much do F1 drivers get paid for a win? Drivers do not have a fixed payment for wins, but most contracts include performance bonuses.
- What is the salary cap in F1 2024? The F1 salary cap is set at $135 million for team spending, excluding drivers' earnings, and it will last until 2025.
- Who is the highest-paying F1 driver? Max Verstappen claims the highest salary in 2024, with Lewis Hamilton among the top earners.
- How much do F1 drivers make? Salaries vary, but top drivers can earn tens of millions annually, including base salary and performance bonuses.
- Who is the richest F1 driver in 2024? Former German race car driver Michael Schumacher has a net worth of $600 million.
The F1 Driver salary significantly grew in 2024, with top earners like Max Verstappen and Lewis Hamilton leading the pack. As the sport's popularity increases, drivers' lucrative contracts and performance bonuses reflect the growing value they bring to their teams.
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