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Top F1 driver salaries - Lewis Hamilton | Image: Instagram

2024 F1 Driver Salaries: Highest Paid Drivers Revealed


How much do F1 drivers make? Of course, the answer ranges depending on each respective salary. Max Verstappen currently takes home about USD$55 million, whilst AlphaTauri driver Yuki Tsunoda and Williams’ Logan Sargeant both earn around USD$1 million. Overall, an F1 driver’s salary doesn’t change often and contracts aren’t shared publicly. Details are still emerging about Lewis Hamilton’s new Ferrari contract, but that won’t kick in until 2025. Nevertheless, this is how much each driver is being paid this year.

F1 Driver Salaries at a Glance

Here’s a quick look at the highest-paid drivers:

Now you’ve read the highest and lowest paid, let’s check out the complete list.

Max verstappen champion 3
Max Verstappen | Image: F1.com

1. Max Verstappen (USD$55 Million)

Contract ending: 2028

The first Dutch driver to win an F1 World Championship, Max Verstappen is nothing short of a superstar. His sizable salary has increased significantly over the years, and he’s expected to remain with Red Bull Racing through to at least 2028. Importantly, Verstappen’s ridiculous $55 million F1 salary is guaranteed before bonuses for race and title wins are taken into account.

Born: 30 September 1997, Hasselt, Belgium
First win: 2016 Spanish Grand Prix
Car number: 1
Team: Red Bull Racing

Lewis hamilton knighted 1
Lewis Hamilton | Image: Getty Images

2. Lewis Hamilton (USD$45 Million)

Contract ending: 2025

The foremost name in F1 racing, Lewis Hamilton still earns more than his peers by a rather wide margin. While his Mercedes-Benz has been a little slow as of late, many will remember his fair share of incredible battles at the top of the grid, including a memorable showdown with eventual winner Max Verstappen in 2022. The Dutchman denied Hamilton an eighth championship title after a controversial race in Abu Dhabi that was described as one of the most intense races in the sport’s history. For the upcoming season, Hamilton will focus on winning a few more races before he moves to Ferrari in 2025.

Born: 7 January 1985, Stevenage, United Kingdom
First win: 2007 Canadian Grand Prix
Car number: 44
Team: Mercedes

Charles Leclerc
Charles Leclerc | Image: Getty

3. Charles Leclerc (USD$34 Million)

Contract ending: 2028

This Monaco-born racer described himself as being “too greedy” after a spin cost him major points at Emilia Romagna a few years ago, but he wasn’t talking about his F1 salary. Earning a whopping USD$34 million per season, Ferrari’s young gun Charles Leclerc is looking like the future of F1. His campaign ended strongly last season, finishing second in Las Vegas and Abu Dhabi. It will certainly be interesting to see how he pairs with Lewis Hamilton once the Mercedes driver joins in 2025. Could this be the next F1 dynasty?

Born: 16 October 1997, Monte Carlo, Monaco
First win: 2019 Belgian Grand Prix
Car number: 16
Team: Ferrari

Lando norris richard mille 1
Lando Norris | Image: F1.com

4. Lando Norris (USD$20 Million)

Contract ending: 2026

The McLaren F1 racing team sees big things from Lando Norris, whose salary has skyrocketed over the previous year. As per his recent contract extension, he’ll be racing with the team until at least 2025, alongside fellow young gun Oscar Piastri. Norris showcased his potential last season when he finished in second place in São Paulo, United States, Japan, Singapore, Britain, and Hungary.

Born: 13 November 1999, Bristol, United Kingdom
First entry: 2019 Australian Grand Prix
Car number: 4
Team: McLaren

George russell mercedes
George Russell | Image: F1.com

5. George Russell (USD$18 Million)

Contract ending: 2025

This baby-faced Brit achieved his first F1 podium in 2021 for Williams and now makes up half of the Mercedes racing team. He’s earning significantly more than he did in his early days at around US$18 Million per year, a worthy increase for a rising star of the competition. Importantly, expectations for the young driver will be high, following an impressive showing last year where he managed to outpace his teammate and seven-time champion Lewis Hamilton on several occasions, sending a message to the rest of the pack. His best results were 3rd place podiums in Las Vegas and Spain.

Born: 15 February 1998 (age 24 years), King’s Lynn, United Kingdom
First entry: 2019 Australian Grand Prix
Car number: 63
Team: Mercedes

Fernando Alonso | Image: F1.com
Fernando Alonso | Image: F1.com

6. Fernando Alonso (USD$18 Million)

Contract ending: 2024

F1 veteran Fernando Alonso returned from a two-year sabbatical in 2021 to score his first podium in seven years. Since then he’s matured with age and pushed the surprising Aston Martin to multiple podiums in São Paulo, the Netherlands, Canada, Monaco, Miami, Australia, Saudi Arabia, and Bahrain. His salary was once reportedly as high as USD$33 million when he drove for McLaren, which isn’t to mention the various endorsement deals. These days he’s raking in a healthy USD$18 Million for his duties.

Born: 29 July 1981, Oviedo, Spain
First win: 2003 Hungarian Grand Prix
Car number: 14
Team: Aston Martin

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Sergio Pérez | Image: F1.com

7. Sergio Pérez (USD$14 Million)

Contract ending: 2024

Checo Pérez was the first Mexican driver to achieve a pole position in F1 and it took him a record-breaking 215 race starts to do it. More recently, he’s served as the perfect sidekick to the all-conquering Verstappen. However, he hasn’t simply let King Max take over. Last season he added two victories of his own in Saudi Arabia and Azerbaijan. His salary of USD$14 million represents an increase of just under USD$2 million over the previous year.

Born: 26 January 1990, Guadalajara, Mexico
First win: 2020 Sakhir Grand Prix
Car number: 11
Team: Red Bull Racing

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Image: Mark Thompson Getty Images

8. Carlos Sainz Jr (USD$12 Million)

Contract ending: 2024

Here we have another F1 driver salary increase over the previous year, with Carlos Sainz Jr. adding about USD$3 million to his bottom line (not counting endorsement deals and other revenue streams). He we remain with Ferrari until the end of next season before Lewis Hamilton takes his seat. From there, Sainz will have to find a place to drive and all fingers are pointing towards Audi in 2026. Interestingly, he was the only non-Red-Bull driver to win a race last season when he took out a victory in Singapore.

Born: 1 September 1994, Madrid, Spain
First entry: 2015 Australian Grand Prix
Car number: 55
Team: Ferrari

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Valtteri Bottas | Image: Instagram

9. Valtteri Bottas (USD$10 million)

Contract ending: 2025

After driving for Mercedes from 2017 to 2021, this Finnish racing legend signed a multi-year with Alfa Romeo, replacing compatriot Kimi Raikkonen. Twice a runner-up in the drivers’ championship, Bottas is a legend of the grid and the perfect person to lead Alfa Romeo’s next generation. He’s paired alongside Chinese driver Zhou Guanyu for now, but the Finn is very much in control of his destiny. Bottas is contracted to stay with Alfa Romeo until the end of the 2025 season, however, if his form continues, it’s likely he’ll stay on.

Born: 28 August 1989, Nastola, Finland
First win: 2017 Russian Grand Prix
Car number: 77
Team: Alfa Romeo

Daniel Ricciardo | Image: F1.com
Daniel Ricciardo | Image: F1.com

10. Daniel Ricciardo (USD$7 Million)

Contract ending: 2024

It’s been an interesting few years for Daniel Ricciardo. After nabbing McLaren’s first Grand Prix win in eight years at Monza, the Aussie stalwart lost his footing at the Papaya livery. Within just two years, Ricciardo was out the door in a rather unceremonious fashion, relegated to the backbench of former greats. Red Bull’s Christian Horner threw him a lifeline as a reserve driver for the Championship team, which Ricciardo relished. Flash forward a few months and speculation grew that the Honey Badger was gearing up for a return to the grid. The underperforming Nyck de Vries was shuffled out and Ricciardo took up the seat at Visa Cash App RB on-loan. He’s on the books until the end of this season before he resigns or looks for a job elsewhere.

Born: 1 July 1989, Perth
First win: 2014 Canadian Grand Prix
Car number: 3
Team: Visa Cash App RB

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Esteban Ocon | Image: F1.com

11. Esteban Ocon (USD$6 Million)

Contract ending: 2024

Young and talented, Ocon signed a contract with Alpine that runs through to the end of this season. His current salary of USD$6 million represents only a marginal increase over last year, however, is expected to rise should he nail a few more podium finishes. It’s been a long journey for the French native, who has previously held spots as a reserve driver for Mercedes and as a team driver for Force India, but each year he builds on his success.

Born: 17 September 1996 Évreux, France
First win: 2021 Hungarian Grand Prix
Car number: 31
Team: Alpine

Pierre Gasly | Image: F1.com
Pierre Gasly | Image: F1.com

12. Pierre Gasly (USD$6 Million)

Contract ending: 2024

Formerly signed with Toro Rosso and Red Bull Racing, Gasly joined AlphaTauri in 2020 and scored his first (and only) F1 win that very same year. He continued to drive for the team during the 2022 season, before making the switch over to Alpine. For the 2023 season, Gasly joined fellow Frenchman Esteban Ocon at the organisation, looking to bring some much-needed success to the underperforming badge. His efforts were impressive, but the results were marginal, with his best finish being a podium in the Netherlands.

Born: 7 February 1996, Rouen, France
First win: 2020 Italian Grand Prix
Car number: 10
Team: Alpine

Oscar Piastri | Image: XPB Images Ltd / Alamy Stock Photo
Oscar Piastri | Image: XPB Images Ltd / Alamy Stock Photo

13. Oscar Piastri (USD$6 Million)

Contract ending: 2026

Local by Oscar Piastri may have made his F1 debut in the most contentious of fashions, but he’s slowly gaining traction on the grid. A series of struggles started his campaign off on a bad note but performances in recent times have helped to make his presence felt. The former F3 and F2 champion is now well on his way to F1 glory provided his progression continues. He kept up with his teammate and scored a 2nd place result in Qatar, a 3rd place podium in Japan, and a 4th place finish in Britain.

Born: 6 April 2001, Melbourne, Victoria
First entry: 2023 Bahrain Grand Prix
Car number: 81
Team: McLaren

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Kevin Magnussen | Image: Haas Racing

14. Kevin Magnussen (USD$5 Million)

Contract ending: 2024

Danish driver Kevin Magnussen and teammate Romain Grosjean left Haas at the end of 2020, to be replaced by Mick Schumacher and Nikita Mazepin. When Russia invaded Ukraine, Haas terminated Mazepin’s contract and brought Magnussen back into the fold by way of a multi-year deal. Somehow, the car got slower and they struggled towards the end of the pack for the majority of the season. K Mag’s best results were 10th-place finishes in Saudia Arabia, Miami, and Singapore.

Born: 5 October 1992 (age 29) Roskilde, Denmark
First entry: 2014 Australian Grand Prix
Car number: 20
Team: Haas

Alexander Albon | Image: F1.com
Alexander Albon | Image: F1.com

15. Alexander Albon (USD$3 Million)

Contract ending: 2025

It’s been a tough couple of years for Alex Albon, but he’s done his best to drag an underperforming Williams car into the points whenever and wherever possible. Last season was his best in a long time, finishing in the points on seven occasions with multiple 8th place finishes and a cheeky 7th in Canada. The upcoming season will be the turning point for his career. If he can continue to pull this car into the points he’ll surely get a chance to hop back into the seat of a faster car on a leading team.

Born: 23 March 1996 London, England, United Kingdom
First entry: 2019 Australian Grand Prix
Car number: 23
Team: Williams

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Lance Stroll | Image: Aston Martin Racing

16. Lance Stroll (USD$3 Million)

Contract ending: His dad owns the team

Whilst racing for Williams in 2017, Stroll became the youngest driver to finish an F1 race on the podium during their rookie season. He was retained by Aston Martin for a second year, with an adjoining salary bump of over USD$2 million, however, that appears to have slipped. According to RacingNews365, Stroll is making just $3 million per season under his new contract. Still, it’s not like it matters when his billionaire father is funding the entire operation. We’re expecting big things from Aston Martin this season, but that will only happen if Lance can get into the points with his teammate. Last season his best result was a 4th place finish in Australia.

Born: 29 October 1998, Montreal, Canada
First entry: 2017 Australian Grand Prix
Car number: 18
Team: Aston Martin

Nico Hulkenberg | Image: F1.com
Nico Hulkenberg | Image: F1.com

17. Nico Hulkenberg (USD$2 million)

Contract ending: 2024

The F1 journeyman drove for Williams, Force India, Sauber, Renault, Racing Point and Aston Martin, before finding a home at Haas, where he pockets a solid $2 million per season. Fans will best remember Hulk for his stellar debut season, where he notched up a brilliant pole position in Brazil, sending shockwaves through the pack. A Le Mans 24 Hours race winner, Hulkenberg is a quick driver, however, his car is a major barrier to success and his best finish last season was 7th place in Australia. From there he spent most of his time at the back of the grid between 11th and 17th.

Born: 19 August 1987, Emmerich am Rhein, Germany
First entry: 2010 Bahrain Grand Prix
Car number: 27
Team: Haas

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Zhou Guanyu | Image: Getty Images

18. Zhou Guanyu (USD$2 Million)

Contract ending: 2024

Zhou Guanyu is China’s first full-time F1 driver, who formerly competed in the FIA Formula 2 Championship. He chose his racing number of 24 as a tribute to his hero, the late Kobe Bryant. He’s had his fair share of shining moments, but since signing a short contract extension it’s been a struggle run with a best-place finish of 9th in Qatar, Spain, and Australia.

Born: 30 May 1999 Shanghai, China
First entry: 2022 Bahrain Grand Prix
Car number: 24
Team: Alfa Romeo

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19. Yuki Tsunoda (USD$1 Million)

Contract ending: 2024

Japan’s Yuki Tsunoda made his Formula One debut at the young age of 20. After his 2021 salary was left undisclosed, we reported that his 2022 edition had jumped to a handy USD$750,000 with the AlphaTauri-Honda team. Now, he’s gotten another pay rise, earning a cool $1 million per season as he fights alongside teammate Daniel Ricciardo. His best finish last season was 8th place in Abu Dhabi and the United States.

Born: 11 May 2000, Sagamihara, Kanagawa, Japan
First entry: 2021 Bahrain Grand Prix
Car number: 22
Team: Visa Cash App RB

Logan Sargeant | Image: Instagram
Logan Sargeant | Image: Instagram

20. Logan Sargeant (USD$1 Million)

Contract ending: 2024

The F1’s first American driver in almost eight years, Logan Sargeant had a lot riding on his young shoulders when he entered the season. The Florida native has thus far failed to make an impact on the race calendar, however, it’s still early days and his potential is undeniable. A prolific title winner in karting, Sargeant made the jump to F1 after finishing runner-up in F4 UAE, third in British F4 and third in F3. He joined Williams on a multi-year deal that will net him around $1 million per season, however, strong showings would certainly elevate his asking price.

Born: 31 December 2000, Fort Lauderdale, Florida
First entry: 2023 Bahrain Grand Prix
Car number: 2
Team: Williams

2022 australian f1 grand prix complete guide
Image: F1.com

The Business of F1

Spanning multiple countries and partnerships, F1 is already a wildly popular international sport with an innate sense of spectacle. However, thanks to a Netflix reality show called “Drive to Survive,” viewer engagement is at an all-time high. Taking you behind the scenes of professional motorsport, the series largely eschews technical details in favour of taut drama, human interest, and fierce competition. As a result, champions like Lewis Hamilton and Max Verstappen have taken on new tiers of fame whilst even lesser-known drivers have become reality show stars.

“Drive to Survive” also shines a spotlight on important figures such as Christian Horner, the larger-than-life boss of team Red Bull (and husband to Spice Girl Geri Halliwell). Demanding billionaire investors—without whom most teams wouldn’t exist—likewise provide for an endless supply of gripping content. In turn, F1 viewership has reportedly increased by almost 50 per cent around the world. The sport has also become more popular than ever before in the key market of America.

To put it another way: the business of F1 is currently booming. And with the boom in business comes more opportunity for every driver. Max Verstappen’s salary—as impressive as it may be—is merely the tip of an iceberg that includes sponsorships, partnerships, investments, and all kinds of free swag, amongst other things. The same goes for any of the sport’s major stars.

RELATED: 7-Eleven and Mobil Team Up with Oracle Red Bull Racing For Ultimate Pit Stop Experience.

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Image: F1

2024 F1 Driver Lineup

Formula 1—or F1 for short—is the highest class of international auto racing. This year’s lineup consists of the following teams and drivers:

Alfa Romeo

  • Valtteri Bottas – Finland
  • Guanyu Zhou – China

Alpine

  • Pierre Gasly – France
  • Esteban Ocon – France

Aston Martin

  • Fernando Alonso – Spain
  • Lance Stroll – Canada

Ferrari

  • Charles Leclerc – Monaco
  • Carlos Sainz Jr – Spain

Haas

  • Kevin Magnussen – Denmark
  • Nico Hulkenberg – Germany

McLaren

  • Lando Norris – UK
  • Oscar Piastri – Australia

Mercedes

  • Lewis Hamilton – UK
  • George Russell – UK

Red Bull Racing

  • Max Verstappen – Netherlands
  • Sergio Pérez – Mexico

Visa Cash App RB

  • Daniel Ricciardo – Australia
  • Yuki Tsunoda – Japan

Williams

  • Alexander Albon – Thailand
  • Logan Sargeant – USA

F1 Driver Salaries FAQs

What is Max Verstappen’s salary?

Belgian-Dutch F1 driver Max Verstappen currently earns a salary of USD$55 Million in addition to endorsement deals and other revenue sources.

How much does Daniel Ricciardo make?

Aussie F1 driver Daniel Ricciardo has a current salary of USD$10 Million, a long list of endorsements, and an estimated net worth of USD$96 million, as of January 2024.