Motor racing draws the attention of many people worldwide, and there is no better way to experience it than in Formula 1. It is more than just a sport; it showcases speed and engineering. Behind the fast cars are skilled and talented drivers paid staggering salaries to do what they do best. Discover some of the highest-paid F1 drivers now.
Highest-paid F1 drivers: Max Verstappen, Lewis Hamilton, Charles Leclerc, Lando Norris, and George Russell. Photo: M. Thompson, P. Fox, B. Lennon, Z Mauger, J. Illman/Getty Images (modified by author)
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We strive to provide our readers with valuable insights and information through our various rankings and lists. It is important to understand our methodology and the principles that govern our ranking processes. In compiling this list, we obtained data from reputable sources, such as Motorsports Ticket, Spotrac, and GPfans.
Highest-paid F1 drivers
How much do F1 drivers make? Only a few athletes are paid better salaries than Formula 1 drivers. Professional F1 drivers sign lucrative contracts with handsome salary packages. They also receive sponsorship deals and performance bonuses, making their total earnings hefty. Here is a compilation of the highest-paid drivers in Formula One.
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DriverF1 TeamAnnual salaryMax VerstappenRed Bull Racing$55 millionLewis HamiltonMercedes$45 millionCharles LeclercFerrari$34 millionLando NorrisMcLaren$20 millionGeorge RussellMercedes$18 millionFernando AlonsoAston Martin$18 millionSergio PérezRed Bull Racing$14 millionCarlos Sainz Jr.Ferrari$12 millionValtteri BottasSauber$10 millionDaniel RicciardoAlphaTauri/RB$7 millionEsteban OconAlpine$6 millionPierre GaslyAlpine$6 millionOscar PiastriMcLaren$6 millionKevin MagnussenHaas$5 millionAlexander AlbonWilliams$3 millionLance StrollAston Martin$3 millionGuanyu ZhouSauber$2 millionNico HulkenbergHaas$2 millionLogan SargeantWilliams$1 millionYuki TsunodaRB$1 million20. Yuki Tsunoda
Yuki Tsunoda of RB talks to the media in the Paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Rudy Carezzevoli
Source: Getty ImagesFull name: Yuki TsunodaDate of birth: 11 May 2000Nationality: JapaneseF1 Team: RBAnnual salary: $1 million
Yuki Tsunoda earns $1 million annually with AlphaTauri. His contract is extended yearly based on his development and performance. Tsunoda’s consistency and improvement have secured his position on the team. Bonuses and sponsorships tied to Red Bull further support his income.
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19. Logan Sargeant
Logan Sargeant of United States and Williams looks on in the garage during final practice ahead of the F1 Grand Prix of Netherlands at Circuit Zandvoort in Zandvoort, Netherlands. Photo: Clive Rose
Source: Getty ImagesFull name: Logan Hunter SargeantDate of birth: 31 December 2000Nationality: AmericanF1 Team: WilliamsAnnual salary: $1 million
Logan Sargeant earns $1 million annually as a rookie at Williams, one of the lowest salaries on the grid. His contract is tied to his rookie performance and development. Sargeant’s entry into F1 represents the growth of American talent in the sport. Additional sponsorships tied to his U.S. appeal enhance his earnings.
18. Nico Hulkenberg
Nico Hulkenberg, Haas F1 Team during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, United States. Photo: Simon Galloway
Source: Getty ImagesFull name: Nicolas HülkenbergDate of birth: 19 August 1987Nationality: GermanF1 Team: HaasAnnual salary: $2 million
Haas Formula 1 driver Nico Hülkenberg earns an annual salary of $2 million. He previously raced for Williams, Force India, Sauber, Renault, Racing Point, and Aston Martin before joining Haas in 2023. Nicolas holds the record for the most Formula 1 races without a podium finish.
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17. Guanyu Zhou
Zhou Guanyu of China and Stake F1 Team Kick Sauber walks in the Paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Rudy Carezzevoli
Source: Getty ImagesFull name: Zhou GuanyuDate of birth: 30 May 1999Nationality: ChineseF1 Team: SauberAnnual salary: $2 million
Guanyu Zhou is a Formula 1 driver for Sauber, earning $2 million annually. His career in Formula 1 began in 2022 when he signed for Alfa Romeo / Sauber. Guanyu’s contract is renewable annually based on performance and sponsorship value. The Chinese professional driver’s best finish in Formula 1 is 18th.
16. Lance Stroll
Lance Stroll of Canada and Aston Martin F1 Team walks in the Paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Clive Mason
Source: Getty ImagesFull name: Lance StrulovitchDate of birth: 29 October 1998Nationality: CanadianF1 Team: Aston MartinAnnual salary: $3 million
Racing driver Lance Stroll competes in Formula 1 for Aston Martin and earns an annual salary of $3 million. He started racing in Formula 1 in 2017 for Williams and later joined Racing Point in 2019. His father, Lawrence, partly owns the Aston Martin team and his consistent finishes contribute to the team’s tally. He also earns significant money in sponsorship deals, enhancing his overall earnings.
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15. Alexander Albon
Alexander Albon of Thailand and Williams walks in the Paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Clive Mason
Source: Getty ImagesFull name: Alexander Albon AnsusinhaDate of birth: 23 March 1996Nationality: Thai-BritishF1 Team: WilliamsAnnual salary: $3 million
Alexander Albon is a Thai-British racing driver whose Formula One career started in 2019. He has competed for Toro Rosso and Red Bull and has been on Williams’ team since 2022. The racing driver is on a two-year contract ending in 2024 with an annual salary of $3 million. He has never had a podium finish, and his best position is 13th.
14. Kevin Magnussen
Kevin Magnussen, Haas F1 Team, arrives at the track prior to the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, United States. Photo: Simon Galloway
Source: Getty ImagesFull name: Kevin Jan MagnussenDate of birth: 5 October 1992Nationality: DanishF1 Team: HaasAnnual salary: $5 million
Danish racing driver Kevin Magnussen earns $5 million annually with Haas. He has been racing for Haas since 2017, and his contract is annually renewed based on performance and the team’s needs. Kevin started competing in Formula One in 2014 and has raced for McLaren and Renault. He is one of the most experienced drivers, having driven for approximately a decade in the competition.
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13. Oscar Piastri
Oscar Piastri of Australia and McLaren looks on in the Paddock during practice ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Chris Graythen
Source: Getty ImagesFull name: Oscar Jack PiastriDate of birth: 6 April 2001Nationality: AustralianF1 Team: McLarenAnnual salary: $6 million
Australian driver Oscar Piastri joined MacLaren in 2023, signing a three-year contract with an annual salary of $6 million. He previously raced for Renault/Alpine between 2020 and 2022 before joining his current team. Oscar has an impressive racing record, with 373 points, nine podium finishes, and three wins.
12. Pierre Gasly
Third-placed Pierre Gasly of France and Alpine F1 celebrates on the podium after the F1 Grand Prix of Brazil at Autodromo Jose Carlos Pace in Sao Paulo, Brazil. Photo: Mark Thompson
Source: Getty ImagesFull name: Pierre Jean-Jacques GaslyDate of birth: 7 February 1996Nationality: FrenchF1 Team: AlpineAnnual salary: $6 million
Alpine’s Pierre Gasly earns $6 million annually after signing a two-year contract in 2023. The French racing driver was previously in teams Toro Rosso, Red Bull Racing, and AlphaTauri. Pierre has 420 career points, five podium finishes, and one win. Gasly’s adaptability makes him a key player for the team’s future.
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11. Esteban Ocon
Esteban Ocon of France and Alpine F1 attends the Drivers Press Conference during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Clive Rose
Source: Getty ImagesFull name: Esteban José Jean-Pierre Ocon-KhelfaneDate of birth: 17 September 1996Nationality: FrenchF1 Team: AlpineAnnual salary: $6 million
French racing driver Esteban Ocon makes approximately $6 million annually driving for Alpine. He has been in Formula One since 2016 and has raced for Manor, Force India, and Renault. The French driver is scheduled to join Haas in 2025. He has 445 career points and won the 2021 Hungarian Grand Prix with Alpine.
10. Daniel Ricciardo
Daniel Ricciardo of Australia and Visa Cash App RB Formula One Team during the F1 Grand Prix of Singapore at Marina Bay Street Circuit in Singapore, Singapore. Photo: Qian Jun/MB Media
Source: Getty ImagesFull name: Daniel Joseph Ricciardo AMDate of birth: 1 July 1989Nationality: AustralianF1 Team: AlphaTauri/RBAnnual salary: $7 million
Australian Daniel Ricciardo is an accomplished racing driver for Red Bull Racing, earning $7 million. He has previously raced for Toro Rosso, Red Bull, Renault, and McLaren and has earned 1329 career points. The driver has 32 podium finishes and eight Formula One Grands Prix across 14 seasons.
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9. Valtteri Bottas
Valtteri Bottas, Stake F1 Team KICK Sauber during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, United States. Photo: Simon Galloway
Source: Getty ImagesFull name: Valtteri Viktor BottasDate of birth: 28 August 1989Nationality: FinnishF1 Team: SauberAnnual salary: $10 million
Finnish racing driver Valtteri Bottas has an annual salary of $10 million. He signed a four-year contract with Alfa Romeo that will end in 2025. Valtteri’s Formula One career started in 2010, and he has raced for multiple teams, including Williams, Mercedes, and Alpha Romeo.
While racing for Mercedes in 2019 and 2020, he twice finished runner-up in the Formula One World Drivers’ Championships. He has won 10 Grands Prix across 12 seasons.
8. Carlos Sainz Jr.
Carlos Sainz of Spain and Ferrari looks on in the paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, United States. Photo: Kym Illman
Source: Getty ImagesFull name: Carlos Sainz Vázquez de CastroDate of birth: 1 September 1994Nationality: SpanishF1 Team: FerrariAnnual salary: $12 million
Carlos Sainz Jr. earns $12 million annually with Ferrari, down from $14 million in 2023. The Spanish is one of the elite racing drivers, having raced for Toro Rosso, Renault, and McLaren and is set to race for Williams in 2025. Sainz has won four Formula One Grand Prix across 10 seasons.
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7. Sergio Pérez
Sergio Perez of Mexico and Oracle Red Bull Racing walks in the Paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Clive Mason
Source: Getty ImagesFull name: Sergio Michel “Checo” Pérez MendozaDate of birth: 26 January 1990Nationality: MexicanF1 Team: Red Bull RacingAnnual salary: $14 million
In 2023, Sergio Pérez signed a two-year contract with Red Bull Racing with an annual salary of $14 million, making him one of the highest-paid Formula One drivers. The Mexican racing driver has competed in Formula One since 2011 with Sauber, McLaren, Force India, and Racing Point. The sports personality has 39 podium finishes in his racing career and has won six Grands Prix across 14 seasons.
6. Fernando Alonso
Fernando Alonso of Spain and the Aston Martin F1 Team walks in the Paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Clive Rose
Source: Getty ImagesFull name: Fernando Alonso DíazDate of birth: 29 July 1981Nationality: SpanishF1 Team: Aston MartinAnnual salary: $18 million
Fernando Alonso of Aston Martin makes approximately $18 million annually. The veteran Spanish driver signed a two-year contract with Aston Martin, earning $34 million in 2023. He is a top performer and has raced for Renault, McLaren, Ferrari, and Alpine. He has won two Formula One World Drivers’ Championships (2005, 2006) and 32 Grands Prix across 21 seasons.
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5. George Russell
George Russell of Great Britain and Mercedes attends the Drivers Press Conference during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas. Photo: Clive Rose
Source: Getty ImagesFull name: George William RussellDate of birth: 15 February 1998Nationality: BritishF1 Team: MercedesAnnual salary: $18 million
British racing driver George Russell joined Mercedes in 2022, signing a contract until 2025. Mercedes pays the driver an annual salary of $18 million, which shows his reputation as a key player in the team. He previously competed for Williams and has an impressive racing record, with 15 podium finishes and three Formula One Grand Prix wins across six seasons.
4. Lando Norris
Lando Norris of Great Britain and McLaren attends the Drivers Press Conference during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas. Photo: Clive Rose
Source: Getty ImagesFull name: Lando NorrisDate of birth: 13 November 1999Nationality: BritishF1 Team: McLarenAnnual salary: $20 million
Lando Norris has been with McLaren since 2019. In 2022, he signed a four-year contract with McLaren, earning $20 million annually, reflecting the company’s trust in him until 2025. Although he has not won any championship, he has 25 podium finishes and three Formula One Grands Prix across six seasons. His earnings are boosted by endorsements and bonuses based on performance.
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3. Charles Leclerc
Charles Leclerc of Monaco and Ferrari looks on in the Paddock during previews ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit in Las Vegas, Nevada. Photo: Chris Graythen
Source: Getty ImagesFull name: Charles Marc Hervé Perceval LeclercDate of birth: 16 October 1997Nationality: MonégasqueF1 Team: FerrariAnnual salary: $34 million
Charles Leclerc competes in Formula One for Ferrari and is paid an annual salary of $34 million, making him among the highest-paid drivers. He signed a five-year contract with Ferrari and is in his last year. Performance-based incentives and endorsement deals also contribute to his overall earnings. He has won eight Grands Prix across seven seasons.
2. Lewis Hamilton
Lewis Hamilton attends the Los Angeles Premiere of Paramount Pictures “Gladiator II” at TCL Chinese Theatre in Hollywood, California. Photo: Axelle/Bauer-Griffin
Source: Getty ImagesFull name: Sir Lewis Carl Davidson HamiltonDate of birth: 7 January 1985Nationality: BritishF1 Team: MercedesAnnual salary: $45 million
Lewis Hamilton is one of the most prolific racing drivers, earning high salaries. He signed a two-year contract with Mercedes with an annual salary of $45 million. He previously raced for McLaren before joining Mercedes in 2013. Hamilton has an impressive racing record and won a joint-record seven Formula One World Drivers’ Championship titles.
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1. Max Verstappen
Race winner Max Verstappen of the Netherlands and Oracle Red Bull Racing walks on the podium after the F1 Grand Prix of Brazil. Photo: Lars Baron – Formula 1
Source: Getty ImagesFull name: Max Emilian VerstappenDate of birth: 30 September 1997Nationality: Belgian-DutchF1 Team: Red BullAnnual salary: $55 million
Racing driver Max Verstappen is the highest-paid Formula 1 driver in 2024, earning a remarkable $55 million annually. His current contract with Red Bull extends until 2028. In addition to his base salary, he benefits from performance bonuses and endorsements, which significantly boost his total earnings. He has won four F1 World Championships (2021, 2022, 2023, 2024).
Who is the highest-paid F1 driver ever?
Lewis Hamilton is the highest-paid Formula 1 driver ever. At the peak of his career with Mercedes, Hamilton earned up to $70 million annually. Including sponsorships and bonuses, Hamilton’s 2023 earnings have exceeded $100 million in some seasons, making him one of the wealthiest athletes globally.
Who has the richest F1 contract?
Max Verstappen currently holds the richest contract in Formula 1 history. His deal with Red Bull, extended through 2028, is valued at $50-55 million annually in base salary, with additional bonuses that could push it significantly higher depending on his performance.
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What is Max Verstappen’s salary as of 2024?
In 2024, Max Verstappen earned a base salary of around $55 million annually with Red Bull Racing. This makes him the highest-paid Formula 1 driver, reflecting his dominance in the sport.
What is Lewis Hamilton’s salary?
Under his current contract with Mercedes, Lewis Hamilton’s salary for 2024 is $45 million. This figure reflects his immense value to the team and the sport, even as he approaches the latter stages of his career.
High salaries and lucrative contracts define the modern era of Formula 1. Max Verstappen tops the list of the highest-paid Formula 1 drivers in 2024. As F1 expands its global reach, the value of its drivers will only increase, ensuring that future stars will push the boundaries of earnings even further.
Henzodaily.ng recently published a compilation of the highest-paid college athletes. College sports provide an opportunity for many young athletes to kick-start their careers. Even though not professionally established, some college athletes earn decent salaries.
College athletes make good fortunes in their early careers. They make money from singing autographs, endorsements, and personal appearances. Are you curious to know who is the highest-paid college athlete currently? Check out this article for top earners in college sports.
Source: Henzodaily.ng