Salary of F1 drivers are estimated to be $13.4 million per year, excluding bonuses as well as sponsorships. A successful driver such as Max Verstappen earns $55 million per year, while a driver such as Logan Sargeant and Yuki Tsunoda earns only $1 million each.
The task of calculating how much F1 drivers earn is challenging. Wage payers in F1 are often reluctant to divulge official figures. Performance bonuses and sponsorships should also be considered.
How Much F1 Max Verstappen Makes?
Red Bull F1 team owner Christian Horner earns tens of millions of dollars a year but Verstappen isn’t the only driver earning a fortune.
This now means that Max Verstappen has become the most well-paid Formula One driver of 2024, ahead of his main rival Lewis Hamilton, by a significant margin.
How Much Does Lewis Hamilton Make Per Year
He will also compete for Mercedes in his final season – once he switches to Ferrari, the seven-time world champion will likely earn around $100 million annually, including bonuses. Besides receiving a nice sum annually, Charles Leclerc will also receive a lot of money.
Formula 1 Driver’s Average Salary
To estimate the average salaries of all F1 drivers, Salaryviews.com spoke to various sources within the paddock. They receive an annual income from their team without bonus payments. Neither personal sponsorship contracts nor performance bonuses from teams are included here.
Salaries for F1 Drivers in 2024 – Details Information
| DRIVER | TEAM | SALARY +/- IN $ MILLION | CONTRACT DURATION |
|---|---|---|---|
| Max Verstappen | Red Bull Racing | 55 | 2028 |
| Lewis Hamilton | Mercedes | 45 | 2025 |
| Charles Leclerc | Ferrari | 34 | 2028 |
| Lando Norris | McLaren | 20 | 2025 |
| George Russell | Mercedes | 18 | 2025 |
| Fernando Alonso | Aston Martin | 18 | 2024 |
| Checo Perez | Red Bull Racing | 14 | 2024 |
| Carlos Sainz | Ferrari | 12 | 2024 |
| Valtteri Bottas | Stake F1 Team | 10 | 2024 |
| Daniel Ricciardo | Visa Cash App RB | 7 | 2024 |
| Esteban Ocon | Alpine | 6 | 2024 |
| Pierre Gasly | Alpine | 6 | 2024 |
| Oscar Piastri | McLaren | 6 | 2026 |
| Kevin Magnussen | Haas F1 | 5 | 2024 |
| Alexander Albon | Williams | 3 | 2024 |
| Lance Stroll | Aston Martin | 3 | Open |
| Nico Hulkenberg | Haas F1 | 2 | 2024 |
| Guanyu Zhou | Stake F1 Team | 2 | 2024 |
Salary of a Formula One Driver per Month
Formula 1 Driver Salary:
| Formula 1 Driver Salary | Annual Salary | Monthly Pay |
|---|---|---|
| Top Earners | $67,500 | $5,625 |
| 75th Percentile | $57,000 | $4,750 |
| Average | $49,708 | $4,142 |
| 25th Percentile | $34,000 | $2,833 |
Highest Paid F1 Drivers for 2024
Based on Spotrac’s annual salary report, here are Spotrac’s top-10 drivers in F1.
| Rank | Driver | Team | Compensation |
| 1 | Max Verstappen | Red Bull Racing | $55 million |
| 2 | Lewis Hamilton | Mercedes | $45 million |
| 3 | Charles Leclerc | Ferrari | $34 million |
| 4 | Lando Norris | McLaren | $20 million |
| T-5 | George Russell | Mercedes | $18 million |
| T-5 | Fernando Alonso | Aston Martin | $18 million |
| 7 | Sergio Pérez | Red Bull Racing | $14 million |
| 8 | Carlos Sainz | Ferrari | $12 million |
| 9 | Valtteri Bottas | Stake F1 Team | $10 million |
| 10 | Daniel Ricciardo | Visa Cash App RB | $7 million |
F1 Drivers Make How Much per Win?
Several factors determine the amount of money Formula 1 drivers earn per race. Teams and drivers generally receive bonuses if they win races under F1 contract agreements. As a result, an F1 driver may indirectly become wealthy if he wins a race.
F1 Drivers Make How Much per Race?
Furthermore, we can calculate the salaries of F1 drivers by dividing their salaries by 24. The difference between Verstappen’s and Hamilton’s earnings depends on their race results, for example.
FAQs:
What is the highest-paid F1 driver in history?
Three-time world champion Verstappen earns tens of millions at Red Bull each year, but he is not the only high-paid F1 driver. According to Forbes 2024, Max Verstappen is the world’s highest-paid Formula 1 driver, followed by Lewis Hamilton.
What is Daniel Ricciardo salary in 2024?
There is a general consensus in the F1 paddock that Daniel Ricciardo will receive about $7 million from RB for his contract until 2024.
What is Charles Leclerc salary for 2024?
A study of conversations among various teams within the F1 paddock estimates Charles Leclerc’s salary at Ferrari will be approximately $34 million per year until 2028.
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