How much money do F1 drivers make? Salaries for the Formula 1 World Championship 2024

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.

Formula 1 Driver salaries in 2024

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, where he is earning around $45 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 $34 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.

List of drivers, their teams and salaries