By now, it is a well-established fact that Formula 1 (F1) is one of the most popular sporting disciplines in the world. The revenues generated from the sale of tickets, merchandise and media rights enable the motorsport to rank in the echelon of the wealthiest sports around the globe. It is only natural that the drivers associated with the motorsport benefit financially.
Unlike most other sporting disciplines, the individual F1 Grand Prix races have no prize money on offer. Even the monetary rewards handed out at the end of each season are pocketed by the constructor sides according to their rankings. This gives birth to a pertinent question — how does the sport reward those behind the wheel?
The drivers can only earn from their contracts with the respective constructor teams. And we are talking about millions of dollars annually. By virtue of such massive paychecks, F1 drivers are bona fide global stars. In addition, they also earn significant sums from their respective endorsement deals.
On that note, join us as we take a look at the 10 highest-paid F1 drivers in 2024. The curation has been made solely based on their annual earnings from the contracts with their respective teams.
Annual salary: USD 55 million
The poster boy of F1, no other individual has more influence on the world of motorsports than Max Verstappen currently. So it is not too surprising to see the Dutch motorist claim the top spot in the list of the highest-paid F1 drivers in 2024.
He has won three consecutive world championships (from 2021 to 2023). His latest conquest saw him break two significant records — the most wins in a season (19) and the most consecutive wins (10).
Verstappen holds the record for being the youngest driver to compete in F1 to date (17 years and 166 days). So far, the Dutch driver has competed in F1 with two constructor teams, Scuderia Toro Rosso and its parent team, Red Bull Racing.
By virtue of his current contract with Red Bull Racing, Verstappen overtook Lewis Hamilton to become the highest-paid F1 driver of all time. Forbes ranked him third in its 2023 list of The World’s Highest-Paid Athletes aged 25 and under.
Annual salary: USD 45 million
Lewis Hamilton is considered to be the greatest ambassador of the F1 fraternity in the 21st century. Alongside Michael Schumacher, the Briton shares the record for the most World Drivers’ Championships titles (seven wins).
Besides being a top sports personality, Hamilton is a philanthropist known for his environmental work and social activism. His contribution to the society is hard to rival.
The British F1 driver is all set to join Scuderia Ferrari in 2025. Various sources opine that Hamilton might take a pay cut when he joins ‘The Prancing Horse’. While this is not confirmed yet, it makes sense given that he is at the twilight of his career.
Regardless, Hamilton, by virtue of his current contract with Mercedes, ranks among the highest-paid F1 drivers in 2024, much akin to the previous year. For context, Forbes named Hamilton in its list of The World’s Highest-Paid Athletes in 2023, where he occupied the 21st spot.
Annual salary: USD 34 million
Charles Leclerc made his debut in F1 at the 2018 Australian Grand Prix. The Monégasque driver started his F1 career with Sauber Motorsports AG but shifted to Scuderia Ferrari the following year. He achieved the feat of becoming the second-youngest driver to qualify for pole position in F1 at the 2019 Bahrain Grand Prix.
Later that year, Leclerc secured his first race win at the Belgian Grand Prix. He won the FIA Pole Trophy at the end of the 2019 season for securing the most pole positions that year. In the process, he became the youngest driver to win that honour.
To date, the Monégasque driver has won five races and secured 23 pole positions in F1. Leclerc finished runners-up to Max Verstappen in the 2022 World Drivers’ Championship. His contract with Ferrari makes him one of the highest-paid F1 drivers in 2024.
Annual salary: USD 20 million
With 104 starts to date and a solitary pole position, Lando Norris is perhaps one of the most experienced drivers in the F1 circuit without a race win. The British driver has been a part of the McLaren Racing team since 2018. However, his first entry was at the Australian Grand Prix in 2019.
Alongside former German F1 driver Nick Heidfeld, Norris holds the record for the most podium finishes without a win (13). In 2023, he finished one point behind fourth place, with Fernando Alonso and Charles Leclerc tied on 206 points.
Regardless of not winning a single race to date, the fact that Norris is still in his early 20s means he has ample time to prove his mettle on the big stage. Maybe that is the reason why McLaren pays him enough to rank him among the highest-paid F1 drivers in 2024.
Annual salary: USD 18 million
Another British driver in the mix, George Russell is often overshadowed by his teammate and legend Lewis Hamilton. However, that hardly takes anything away from the potential he has as a fierce competitor in the F1 circuit.
Russell made his F1 debut for the Williams Grand Prix Engineering team at the 2019 Australian Grand Prix. He stood in for Hamilton at the 2020 Sakhir Grand Prix, where he was denied a win owing to strategic errors. The Briton left Williams to join Mercedes in the 2022 season. He earned his first race win at the 2022 São Paulo Grand Prix.
With Hamilton set to leave Mercedes at the end of the 2024 season, Russell might just get a chance to be the poster boy of the constructor side. That is if the team decides against signing another star driver to replace Hamilton. Therefore, it makes perfect sense to make Russell one of the highest-paid drivers in 2024, for this can be looked at as a long-term investment.
Annual salary: USD 18 million
One of the greatest drivers of his generation, Fernando Alonso has won 32 races in F1. The Spaniard has won the world championship twice – in 2005 and 2006. He has participated in the F1 circuit with five constructor sides — Renault, McLaren, Ferrari, Minardi and Aston Martin (who he currently races with).
In addition to F1, Alonso has won the 24 Hours of Le Mans twice (in 2018 and 2019), the 24 Hours of Daytona once (in 2019) and the coveted FIA World Endurance Championship in 2018-19. As a result, the Spanish driver remains the only man to win both the F1 World Drivers’ Championship and the FIA World Endurance Championship.
Annual salary: USD 14 million
Sergio Pérez is one of the best drivers in the F1 circuit at present. However, his talent often gets marred by the achievements of his teammate, Max Verstappen. Many followers of F1 consider Pérez to be the Dutch driver’s wingman.
Regardless, Pérez deserves all the accolades he has won and the ones he missed by fine margins. In 2023, the Mexican driver finished second in the race for the world championship (Verstappen won the title).
Pérez has raced for several constructors in F1 besides Red Bull Racing. These include Sauber, McLaren, Force India and Racing Point. Even though he has only won six races to date, Pérez is rewarded handsomely for performances by his Red Bull Racing team. His annual earnings from the contract see Pérez rank among the highest-paid F1 drivers in 2024.
Annual salary: USD 12 million
The only non-Red Bull Racing driver who could thwart Max Verstappen in the Dutch’s historic 2023 season, Carlos Sainz Jr. is an underrated genius who deserves more recognition for his achievements. He is the son of Carlos Sainz Sr., a double World Rally Champion.
The Spaniard earned his first podium finish at the 2019 Brazilian Grand Prix following a penalty received by Lewis Hamilton. At the Italian Grand Prix in 2020, the Spaniard took his second podium finish as he finished second. His maiden race win came at the 2022 British Grand Prix in Silverstone. A year later, he won his second race at the Singapore Grand Prix.
He is one of the best F1 drivers in the world in contemporary times. Given his track record, it is not surprising to see the Spaniard receive one of the wealthiest paychecks in F1 at present.
Annual salary: USD 10 million
With 10 wins from 222 starts, Valtteri Bottas is a veteran in the world of motorsports. The Finnish driver made his F1 debut at the 2013 Australian Grand Prix for the Williams Grand Prix Engineering team. After three years and nine podium finishes, he ended his partnership with the Williams side when Mercedes signed him as a replacement for Nico Rosberg in 2017.
Partnering with Lewis Hamilton, Bottas found the form of his life. Between 2017 and 2022, he won 10 races, attained 58 podiums and finished in the top three of the World Drivers’ Championship four times. In addition, he won five Constructor’s Championships alongside Hamilton.
At present, Bottas races for the Sauber Motorsport AG team. His annual salary with the Swiss side makes the Briton one of the highest-paid F1 drivers in 2024.
Annual salary: USD 7 million
Summing up the list of the highest-paid F1 drivers in 2024 is Daniel Ricciardo. The Australian is a gifted driver whose brilliance was overshadowed by the dominance of Lewis Hamilton and Sebastian Vettel.
In his career so far, Ricciardo has won eight F1 races and has finished on the podium 32 times. The Australian driver returned to the motorsport in 2023 at the Hungarian Grand Prix. Ricciardo had the best time of his career with Red Bull Racing, recording seven out of his eight career wins with this side.
In 2024, he is racing under the banner of RB Formula One Team. His new contract offers him one of the highest paychecks in the modern era.
(Main Image Credits: Max Verstappen/Instagram and Charles Leclerc/Instagram; Featured Image Credits: Lando Norris/Instagram)
The story first appeared on Augustman Singapore
– Which F1 driver is paid the most?
Max Verstappen receives the highest salary among all the F1 drivers.
– Who is the richest F1 driver ever?
With a net worth of USD 600 million, Michael Schumacher is the richest F1 driver ever.
– Who is the highest-paid F1 driver in 2024?
Max Verstappen is the highest-paid F1 driver in 2024.
– How much is Max Verstappen paid?
Max Verstappen receives an annual salary of USD 55 million from his contract with Red Bull Racing.
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