F1 Driver Salary 2024

Last Modified Oct 23, 2024 07:09 GMT
F1 Driver Salary 2024
F1 Grand Prix of United States - Source: Getty

Formula 1 racing is the highest level of competition in the open-wheel racing series sanctioned by FIA. It is known as the pinnacle of Motorsports. Formula 1 racing features a 24-race championship between 20 drivers and 10 teams. The series is known for producing many motorsport legends like Niki Lauda, Michael Schumacher, and Lewis Hamilton. Max Verstappen is the reigning champion of Formula 1. He dominantly took the 2023 title, winning 21 out of 23 races in the season. Verstappen is currently leading the world championship with 354 points to his name as of October 21, 2024.

Note: These salaries are sourced by Spotrac and are according to the start of the season. There are a few drivers whose contracts were terminated mid-season. As such, there is no estimate about the new drivers racing on behalf of the replacement drivers.

NameTeamDriver
Max VerstappenRed Bull$55 million
Lewis HamiltonMercedes$45 million
Charles LeclercFerrari$34 million
Lando NorrisMcLaren$20 million
Fernando AlonsoAston Martin$18 million
George RussellMercedes$18 million
Sergio PerezRed Bull$14 million
Carlos SainzFerrari$12 million
Valtteri BottasKick Sauber$10 million
Daniel Ricciardo*RB$7 million
Esteban OconAlpine$6 million
Oscar PiastriMcLaren$6 million
Pierre GaslyAlpine$6 million
Kevin MagnussenHaas$5 million
Alexander AlbonWilliams$3 million
Lance StrollAston Martin$3 million
Guanyu ZhouKick Sauber$2 million
Nico HulkenbergHaas$2 million
Logan Sargeant*Williams$1 million
Yuki TsunodaRB$1 million

Driver name in bold indicates world champions

*- Driver replaced mid season

FAQ's On F1 Driver Salary 2024

A. Formula 1 drivers get paid between $55 million to $1 million as per Spotrac’s 2024 rankings.

A. Michael Schumacher is the richest-ever Formula 1 driver.

A. Yuki Tsunoda is the lowest-paid Formula 1 driver in 2024 with a salary of $1 million.

A. Max Verstappen with a salary of $55 million is the most expensive driver in Formula 1 as per reports by Spotrac.

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