Formula 1 is much more than just a sport: it is a business that moves billions of dollars in which drivers are paid handsomely for their skills, their charisma and their ability to achieve results. In 2024, some drivers earned staggering amounts of money, reflecting not only their talent but also their marketability. In this article, we will take an overview of the highest-paid drivers in F1 and what makes them worthy of such a high salary.
Max Verstappen – $55 Million (Red Bull)
Max Verstappen is in a league of his own. The Dutch driver has just won his fourth world title in a row and at the moment there seems to be no other driver who can compete with him. His clear superiority is also reflected in the salary he receives, the highest in Formula 1 at 55 million dollars per season, moreover in a recent article on the richest athletes by 2030 his name is the only one linked to the sport. His contract expires in 2028 but events could transpire to see this extended if all parties are willing.
Lewis Hamilton – $45 Million (Mercedes)
Lewis Hamilton may not dominate the grid as he once did, but the seven-time world champion is still one of the sport’s biggest names. He is a relentless driver and even recently vowed “nothing can take me down” as he reacted to Mercedes boss Toto Wolff’s assertion that every individual in Formula 1 has a “shelf life”. In 2024, he’s earning a cool $45 million, making him the second-highest-paid driver. His influence goes beyond the track, with a massive global fanbase and ventures into fashion and philanthropy. Around the British champion, there is great expectation for next year when he will move to Ferrari and try to win his eighth title with the ‘Rossa’. According to rumours about his contract, the team in Maranello will pay Hamilton over $100 million per year.
Charles Leclerc – $34 Million (Ferrari)
Charles Leclerc is Ferrari’s golden boy, and they’re paying him accordingly—$34 million a year. The Monegasque driver is seen as the future of the team, with a contract running until allegedly 2029 at the least. Ferrari is banking on Leclerc to bring back the glory days of the Scuderia, and his performances show he’s capable of delivering. Will he finally clinch a world title in the coming years? Only time will tell.
Lando Norris – $20 Million (McLaren)
At just 25, Lando Norris is one of the sport’s rising stars. With a salary of $20 million, McLaren has made a significant investment in their young talent. His current contract runs until at least 2026, and his consistent performances suggest he’s worth every penny. Lando’s charisma and humour off the track also make him a fan favourite.
George Russell and Fernando Alonso – $18 Million each
Both George Russell and Fernando Alonso are earning $18 million in 2024, but their careers couldn’t be more different.
- George Russell is Mercedes’ hope for the future. At just 26, he’s already proven he can compete with the best, and his contract ensures he’ll remain with the team until 2025.
- Fernando Alonso, born in 1981, continues to defy time and expectations at the age of 43. At the wheel of the Aston Martin, the two-time world champion is a demonstration of how experience and skill can keep a driver highly competitive. In April 2024, Alonso signed a multi-year renewal with Aston Martin, securing his tenure with the team until the end of the 2026 season. This agreement reassured fans of his continued commitment to Formula 1, dispelling speculation about a possible imminent retirement.
Checo Pérez – $14 Million (Red Bull)
Sergio “Checo” Pérez might play second fiddle to Verstappen, but he’s still earning a solid $14 million in 2024. However, despite signing a multi-year extension in June, a poor run of form means his future is far from certain.
Carlos Sainz – $12 Million (Ferrari)
Carlos Sainz, Ferrari’s other star, earns $12 million this year. Known for his adaptability and racecraft, Sainz has been a reliable asset for the team. With his contract also ending in 2024, the Spaniard will head to Williams in an attempt to restore the British stable to its former glory.
Sum up of top salaries of F1 in 2024
Formula 1 salaries reflect not just skill but also marketability, experience, and team priorities. From Verstappen’s dominance to Hamilton’s enduring influence, each driver brings something unique to the grid.
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