Formula 1 driver salaries have been revealed this week, with Max Verstappen and Lando Norris enjoying spectacular financial rewards after their thrilling battle for the Drivers’ Championship.
F1 drivers demand a sizeable salary due to the dangerous nature of their profession, remuneration dramatically increasing the higher up the grid they progress, with wins and titles at stake.
Given their sensitive nature, almost no factual data exists on driver salaries, the below are estimates from Forbes and Formula Money, calculated to be a realistic representation of earnings.
Anyone who has played the modern or classic F1 Manager games will be familiar with how drivers earn their wages, a core salary with a bonus structure applied as an additional benefit.
Bonuses can be where the real money is, as a driver can earn additional income from pole positions, race wins, championship wins, and a share of the Constructors’ Championship payout.
The two 2024 title contenders are in a strong negotiating position to firm up their already healthy bank account, as they look set to capitalise on a strong season on and off the track.
1. Max Verstappen: $75m
Annual Salary: $60m, Bonuses: $15m
Unsurprisingly, Verstappen tops the list as F1’s most expensive driver, following his fourth successive world title this season, although he had to wait until Las Vegas to be crowned.
Without question, the best driver in F1 at present, the Dutchman more than justifies his hefty price tag, reportedly giving him a bonus that takes him within touching distance of earning $100m.
2024 was a more challenging year for Verstappen, battling a car that could prove uncompetitive at specific circuits while dominating others, but his salary keeps him at the top of another leaderboard.
Contracted to Red Bull until the end of 2028, he has maintained the stance that he will likely not sign beyond when this expires, potentially leaving the sport just after he turns 30.
With so much success on the track, the question does need to be asked of just how much Verstappen could earn before he leaves F1 and if he can cross the mythical $100m threshold.
2. Lewis Hamilton: $57m
Annual Salary: $55m, Bonuses: $2m
F1’s statistically most successful driver commands a handsome salary for his services yet receives minimal bonus payments, but look deeper and a bigger picture emerges.
Hamilton has business ventures away from the F1 circuit, which keeps his bank account healthy, including his production company and his own clothing line within Tommy Hilfiger.
Ferrari aims for the seven-time World Champion to bring this marketability to Maranello when he arrives next month in a sport where money talks in equal measure to on-track results.
The exact figures of his new salary at Ferrari are a closely guarded secret, but it is reported he could topple Verstappen off the top of the earnings leader board, with a generous pay package.
3. Lando Norris: $35m
Annual Salary: $12m, Bonuses: $23m
Norris’ success has resulted in his bonus payments earning him more than his standard salary, no doubt pleasing the young Briton as he reflects on his unsuccessful title bid this season.
Winning four races this season and contributing substantially to McLaren’s first Constructors’ Championship since 1998, he must iron out first-lap mistakes to launch a sustained bid to dethrone Verstappen.
But his strong performances have increased his stock, and the runner-up in the Drivers’ standings can demand yet more of a base salary next season as he and McLaren chase both titles.
Not as prolific off-track with his ventures as Hamilton, Norris runs Quadrant, a highly successful lifestyle and entertainment business appealing to Gen Z and millennials that continues to grow.
4. Fernando Alonso: $27.5m
Annual Salary: $24m, Bonuses: $3.5m
Aston Martin has seemingly limitless pockets under Lawrence Stroll, and as F1’s oldest driver, having debuted in 2001, Alonso can demand a salary that reflects his vast experience.
2024 was nothing short of a disaster for the two-time World Champion and Aston Martin, which saw the team’s dramatic decline in form from 2023 continue, cut adrift from the top teams.
But it is Alonso’s aggressive driving that can save the team’s blushes, as even the slightest hint of a strong result is enough for him to push beyond his car’s capabilities and salvage a result.
Opportunities for Alonso to shine are few and far between with the team’s current trajectory, but he and owner Stroll are banking on the services of Adrian Newey to win his first race since 2013.
5. Charles Leclerc: $27m
Annual Salary: $15m, Bonuses: $12m
Ferrari drivers earn big money, but with that comes the expectation and responsibility to represent the almost religious following enjoyed by the iconic brand in Italy and around the world.
Leclerc’s three race wins and three pole positions in 2024 have integrated him into the Ferrari hall of fame, his salary reflecting the prestige he continues to bring to the Scuderia as it pushes for title glory.
His performance in Abu Dhabi showcased how badly he wants to win the title with the team that has supported him since childhood, dejected after finishing third despite starting 19th.
While he drives with passion, Leclerc will continue to earn his high salary, but like Norris, he stands on the cusp of entering the big leagues, where he can demand a massive pay review for 2025.
Lower top salaries
George Russell and Oscar Piastri line up in sixth and seventh respectively, with combined incomes of $23m and $22m, Piastri will likely see a sizeable increase after taking two wins in 2024.
Sergio Perez comes in at the eighth spot, earning a combined $19.5m, a factor in his desire to cling to the Red Bull seat that looks more precarious with every passing day.
The Mexican finished in the lowest position to a World Champion team-mate since Jos Verstappen in 1994, when Max’s father finished an ironic eighth in the Drivers’ standings.
Carlos Sainz was next in the ninth spot, coming at $19m, while Alpine’s top driver Pierre Gasly rounded off the top-10 on a still very respectable overall package of $12m.
READ MORE: Lando Norris: Any driver who labels 24-race F1 calendar tough is ‘lying’
