As F1’s popularity soars, driver salaries are hitting new heights. Statista reports that Formula One’s revenue surpassed $2.5 billion in 2022, with elite drivers earning over $50 million annually. And in 2023, prize money alone took about $1 billion. With these figures in mind, here’s who’s leading the F1 payroll in 2024.
Max Verstappen (Red Bull) – $55 million
Max Verstappen tops the income chart with a substantial $55 million from Red Bull. The Dutch star kicked off the 2024 season with a victory in Bahrain on March 2, following his record-breaking 19 wins out of 22 events in 2023. His previous year’s earnings were equally impressive, with a $45 million pay and $25 million bonus.
Lewis Hamilton (Mercedes) – $45 million
Despite being in his 17th year with F1, Lewis Hamilton remains one of the highest earners, pulling a $45 million salary. The seven-time world champion also bagged $55 million last year, proving his iconic status in the sport. He’s set to join Ferrari in 2025 after signing a contract with the team back in February 2024.
Charles Leclerc (Scuderia Ferrari) – $34 million
Leclerc’s journey in F1 has been remarkable, moving from a $150,000 rookie stipend in 2018 to a $3.5 million deal in 2019. In 2023, Leclerc earned $19 million, $5 million of which were bonuses. The 26-year-old Monaco native entered the 2024 season with six career wins and a gross salary of $34 million with Ferrari.
Lando Norris (McLaren) – $20 million
The 24-year-old had zero wins in his first F1 season but had a breakthrough in 2023 with a career-best seven podiums and nine in 2024. Norris joined McLaren before the 2019 season and recently signed a multi-year extension to keep him with the team through 2027. He earned a $20 million base wage in 2024.
George Russell (Mercedes) – $18 million
At $18 million, Russel is the second-highest-earning Mercedes F1 driver, following Lewis Hamilton. His rise from Williams to a leading team in 2021 showcases his talent and determination. With Hamilton moving to Ferrari in 2025, this two-time career winner might take center stage in the Mercedes lineup in the coming years.
Fernando Alonso (Aston Martin) – $18 million
After moving to Aston Martin at the start of the 2023 season, this veteran driver earned a $5 million gross pay and $29 million incentives the same year. Even at 43, Alonso’s experience and abilities keep him competitive. It’s no wonder he earned $18 million in 2024.
Sergio Pérez (Red Bull) – $14 million
In 2023, Pérez’s earnings were substantial, with $10 million in wages and $16 million in incentives, totaling $26 million. That income improved with an extra $4 million in 2024, bumping his base earnings to $14 million. Pérez’s strategic driving and experience have made him a valuable asset for Red Bull, particularly in securing points for the Constructors’ Championship.
Carlos Sainz (Scuderia Ferrari) – $12 million
Carlos Sainz earns $12 million with Ferrari, thanks to his ability to challenge teammate Charles Leclerc. His adaptability and technical skill have made him a key player in Ferrari’s lineup as they strive for championship glory. But with Hamilton taking his spot at Scuderia, Sainz eagerly signed a multi-year deal with Williams.
Valtteri Bottas (Sauber) – $10 million
Since he left Mercedes in 2022, Bottas has consistently earned an eight-figure salary. His reliable driving style makes him a respected figure in the paddock, thus his $10 million base pay with the Saubers. Still, Bottas’ future with the team is uncertain, as he is yet to secure a seat for the 2025 season.
Daniel Ricciardo (VCARB) – $7 million
Rounding out the top ten is Daniel Ricciardo with $7 million and has had the lowest salary since 2018. Known for his charismatic personality, he returned to F1 with a new team after a brief hiatus. Like several others on this list, Ricciardo has no secure seat for the 2025 season and is in a negotiation phase.
Esteban Ocon (Alpine) – $6 million
After his 2019 break, Alpine driver Esteban Ocon consistently made at least $5 million, reaching $6 million in 2024. However, Alpine terminated his contract due to a series of penalties that followed the Monaco Grand Prix on May 26, 2024. Thankfully, Haas salvaged Ocon’s career with a multi-year deal starting in 2025.
Oscar Piastri (McLaren) – $6 million
Rookie sensation Oscar Piastri earns $6 million with McLaren, being the highest-paid second-year driver in F1. His impressive debut season has garnered attention, leading to a contract extension that will keep him with McLaren through 2026. Piastri’s talent and potential make him a driver to watch in the coming years.
Pierre Gasly (Alpine) – $6 million
Last year, Gasly made $8 million, consisting of $5 million in income and $3 million in extra. Like many drivers, he was uncertain of his F1 future but fortunately received an Alpine contract extension in June 2024. The French-born driver currently earns $6 million, a slight decrease from his career-high earnings in 2023.
Kevin Magnussen (Haas) – $5 million
Kevin Magnussen continues his journey with Haas, earning $5 million in his seventh season with the team. This consistency reflects the team’s trust in his abilities and experience. However, Magnussen will have to put in more effort in the 2024 season as he is unsigned for 2025 and may not continue with Haas.
Alex Albon (Williams) – $3 million
2020 was a breakthrough year for Albon, marked by a career-high package of $32 million with Red Bull. But since signing with Williams in 2022, he’s earned at least $2 million annually. His switch to Williams paid off in May 2024 when he received a multi-year contract extension, bumping his wages to $3 million for the current season.
15 Highest-Paid F1 Drivers of 2024