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Formula 1 Driver Salaries

2024 F1 Salaries: A Glimpse into Drivers’ Earnings

25/01/2024

Exploring the lucrative world of F1, we delve into the 2024 grid to uncover the drivers’ salaries. From base pay to bonuses, the financial stakes in Formula 1 are incredibly high.

Formula 1 drivers are among the highest-paid athletes in the world, and here’s a look at the driver salaries for the 2024 grid.

Formula 1 driver salaries often consist of a base salary and performance-based bonuses. These bonuses can vary based on factors like their race-to-race standings, position in the drivers’ and constructors’ championships, race wins, podium finishes, and more – although each deal is unique.

The respected financial magazine Forbes ranked Max Verstappen as the highest-paid F1 driver, combining a reported base salary of 45 million dollars with 25 million dollars in bonuses for his record-breaking 2023 season. His base pay will remain the same in 2024, as will his bonus, set in his contract until the end of 2028. However, if he wins fewer races (19 in total in 2023), his salary is expected to decrease (1 million euros per victory, 6 million for the title).

Lewis Hamilton, although he has a higher base salary than the Red Bull driver (55 million dollars), Forbes reports that he didn’t earn any additional money from bonuses in 2023, with a second consecutive winless season for the Mercedes driver – but his status and experience in the sport still place him among the wealthiest drivers.

Fernando Alonso saw a significant salary increase with his transfer to Aston Martin F1, already earning a substantial salary throughout his career due to his status as a two-time world champion.

His reported base salary of 24 million dollars was boosted by 10 million dollars in bonuses after a successful first year with Aston Martin.

Charles Leclerc and Sergio Pérez follow in the top 5.

Additionally, drivers who bring sponsorship revenue to their team can have their salary supplemented by their sponsors, with a lower base salary from their team.

Less experienced drivers like Logan Sargeant and Guanyu Zhou are thus at the bottom of the list, with Yuki Tsunoda also closer to the lower end of the earnings scale, although 2024 is his fourth F1 season. He could potentially see his income supplemented by Honda, with whom he has strong ties.

Daniel Ricciardo was one of the richest Formula 1 drivers, earning 15 million dollars a year at Renault and McLaren. This figure was significantly reduced after accepting a reserve role at Red Bull for 2023. The details of his salary for 2024, now that he’s back behind the wheel, are currently confidential.

It’s worth noting that driver salaries are not part of the F1 budget cap, meaning teams are free to pay their drivers as much (or as little) as they wish.

F1 Driver Salaries

DriverSalary (2024)
Lewis Hamilton$55 million
Max Verstappen$45 million
Fernando Alonso$24 million
Charles Leclerc$19 million
Sergio Pérez$16 million
Lando Norris$15 million
Carlos Sainz$14 million
Valtteri Bottas$10 million
George Russell$8 million
Pierre Gasly$8 million
Oscar Piastri$8 million
Esteban Ocon$6 million
Kevin Magnussen$5 million
Alex Albon$3 million
Daniel Ricciardo$2 million (2023)
Nico Hülkenberg$2 million
Lance Stroll$2 million
Guanyu Zhou$2 million
Yuki Tsunoda$1 million
Logan Sargeant$1 million

Formula 1 Driver Salaries 2024. Formula 1 Driver Salaries 2024

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