How Much Do F1 Drivers Make?

How Much Do F1 Drivers Make? Read about F1 Driver Salaries in 2024.

Updated on Feb 28, 2024  |  05:27 PM IST |  106.5K
Image Credits: Getty
Image credits: Getty

Speed, skill, and the roar of an engine—Formula 1 is not just a test of mechanical marvels but of human spirit and ambition. But beyond the adrenaline rush and the glory of the podium, lies a question that intrigues fans and onlookers alike: How much do F1 drivers make? Let's shift gears and dive into the financial lap times of F1's finest.

Highest Paid F1 Driver in 2024

Leading the pack in 2024 is Max Verstappen, three-time world champion. Max Verstappen Commands a staggering $55 million for the season, his salary reflects not just his exceptional talent and achievements on the track but also his marketability and the value he brings to Red Bull Racing.

This figure, devoid of bonuses, sponsorships, or endorsements, cements Verstappen's status as the highest-paid F1 driver in 2024. Since his debut in F1, Max has shattered numerous records, becoming the youngest driver to compete in Formula 1 at just 17 years old. His meteoric rise was marked by a series of spectacular performances, including his first win in Spain in 2016, making him the youngest ever race winner in F1 history.

Over the years, Verstappen's aggressive driving style, combined with his strategic acumen, has led him to dominate circuits worldwide, contributing to his lucrative salary.

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Lowest Paid F1 Driver in 2024

At the other end of the spectrum, Yuki Tsunoda and Logan Sargeant, driving for Visa Cash App RB then AlphaTauri and Williams respectively, are tied as the lowest paid drivers in 2024, each earning $1 million. Despite the disparity in earnings compared to their top-earning counterparts, securing a seat in F1 and earning a seven-figure salary highlights the significant achievement and potential of these drivers.

F1 Driver Salaries 2024

Following Max Verstappen, Lewis Hamilton of Mercedes is the second highest-paid, with a salary of $45 million as he prepares for his final season with Mercedes before a high-profile move to Ferrari. Charles Leclerc of Ferrari follows with $34 million, here's a summarized view of the F1 driver salaries in 2024 as per RacingNews365:

  • Max Verstappen (Red Bull Racing): $55 million
     
  • Lewis Hamilton (Mercedes): $45 million
     
  • Charles Leclerc (Ferrari): $34 million
     
  • Lando Norris (McLaren): $20 million
     
  • George Russell (Mercedes): $18 million
     
  • Fernando Alonso (Aston Martin): $18 million
     
  • Checo Perez (Red Bull Racing): $14 million
     
  • Carlos Sainz (Ferrari): $12 million
     
  • Valtteri Bottas (Stake F1 Team): $10 million
     
  • Daniel Ricciardo (Visa Cash App RB): $7 million
     
  • Esteban Ocon (Alpine): $6 million
     
  • Pierre Gasly (Alpine): $6 million
     
  • Oscar Piastri (McLaren): $6 million
     
  • Kevin Magnussen (Haas F1): $5 million
     
  • Alexander Albon (Williams): $3 million
     
  • Lance Stroll (Aston Martin): $3 million (Contract duration open)
     
  • Nico Hulkenberg (Haas F1): $2 million
     
  • Guanyu Zhou (Stake F1 Team): $2 million
     
  • Yuki Tsunoda (Visa Cash App RB): $1 million
     
  • Logan Sargeant (Williams): $1 million

The financial rewards, while significant, are but one aspect of their journey. For every Max Verstappen basking in the glory of millions, there's a Yuki Tsunoda or Logan Sargeant, racing not just against their peers but against the very limits of their potential, each with the hope of one day leading the pack.

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As we reflect on the earnings of F1 drivers in 2024, let's remember that behind every figure is a story of human endeavor, a quest filled with turns as challenging as those on the world's most iconic circuits. But beyond the thrill and the agony lies the true prize: the honor of competing at the highest level of motor racing, pushing the boundaries of what's possible, and inspiring millions around the globe.

In the grand prix of life, these drivers remind us that while the rewards may be quantifiable, the spirit that drives them is immeasurable.

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