FORMULA ONE
How much are Formula 1 drivers paid this season? The best and worst paid on the grid
The Dutch driver Max Verstappen will unsurprisingly be the highest-paid Formula One driver this year.
Formula One (F1) is a sport often associated with high salaries for its drivers. However, determining the amount of money that the sports class 2024 will earn is not easy. While drivers like Lewis Hamilton, Max Verstappen, and Charles Leclerc are some of the most well-known in the sport, it is not always the case that they are the highest earners.
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. This 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.
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 increase to $36 million in the last year. The young Monegasque driver has been impressive since his F1 debut 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 have 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. It’s good to know that this list only reflects their net worth and not their salaries or other forms of income. Sponsors, endorsements, and other forms of income also play a crucial role in determining their net worth.