How much are Formula 1 drivers paid this season? The best and worst paid on the grid

Miami is gearing up for Sunday’s Grand Prix. Max Verstappen came in ahead ahead of Oscar Piastri, Carlos Sainz Jnr and George Russell with a time of 1:27.641 in the first practice at Miami International Autodrome on Friday and Verstappen won the sprint on Saturday, finishing ahead of Charles Leclerc (+3.371) and Sergio Perez (+5.095).

Verstappen heads into tomorrow race as the big favorite at -600 and top of the drivers’ leaderboard on 100 points after wins at Bahrain, Saudi Arabia, Japan and China. For obvious reasons, the Dutch driver, along with Lewis Hamilton and Charles Leclerc feature at the top end of the table of the highest earners but determining the amount of money that their peers will earn in 2024 isn’t a simple task.

F1′s top earners

Recent reports suggest that Max Verstappen is currently the highest earner in F1, with his contract set to earn him a jaw-dropping $55 million per year until 2028. And that figure does not include any bonuses he might earn for race or title wins. Verstappen’s contract with Red Bull Racing has made him one of the best-paid drivers in F1 history, even when accounting for inflation.

Hamilton bumps fortunes with new deal

Lewis Hamilton, who drives for Mercedes, recently signed a new contract with the team, which he will compete for during the final season of his current contract this year. After that, he will move to Ferrari, where he is expected to earn around $100 million annually, including bonuses. Hamilton is currently a seven-time world champion and is one of the most successful drivers in F1 history.

Charles Leclerc, who is likely to be Hamilton’s future teammate at Ferrari, saw his salary rise to $36 million during the last year. The young Monegasque driver has been impressive since his F1 debut, sits third on the leaderboard heading into the Miami GP and has been rewarded by Ferrari for his performances.

According to the list, Lando Norris has secured the fourth position with a net worth of $20 million, while the fifth and sixth places are shared by George Russell and Fernando Alonso, who earn around 18 million euros each. Checo Perez, the 2023 vice-champion of the world and a teammate of Max Verstappen, stands in seventh place with $14 million.

Interestingly, at the bottom of the list are two drivers from the most developed economies in the world: Yuki Tsunoda from Japan and Logan Sargeant from the United States. These two drivers will receive only one million euros each, significantly lower than the earnings of other drivers on the list. However, their earnings from sponsors are expected to be much higher. Tsunoda has an undisclosed sponsorship deal with Honda which is believed to be around $10 million. Sargeant meanwhile has a one-year contract with Williams Racing and as the only North American on the grid, has secured sponsorship deals with Gulf Oil, Michelob Ultra, Stephens, and Duracell.

It’s good to know that this list only reflects their net worth and not their salaries or other forms of income. Sponsors, endorsements, fan revenue and other forms of income also play a crucial role in determining their net worth.