F1 salaries 2024: Who is the highest paid F1 driver?
Your full round-up of F1 salaries across the driver line-up – how much are the biggest contracts worth?
If you thought footballers were highly-paid athletes, you may need to sit down before flicking through the figures Formula 1 drivers will earn this season.
Only 20 drivers in the world are competing in the sport right now, so they should be highly rewarded, right?
Of course they are. F1 stars hold some of the most lucrative contracts in the sporting world right now.
Formula 1 is big business. TV audiences are up in virtually every market, race attendances are sky-rocketing in some corners of the world and, for the first time ever, F1 will make three stops in the US in 2024.
Smash-hit documentary series Formula 1: Drive to Survive has played a key role in raising the profile of the sport across the globe and F1 is reaping the benefits.
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More cash flooding into the sport means drivers are earning more money than ever from Formula 1, with many top drivers reportedly earning eight-figure sums in terms of annual salary. And that's before sponsorship deals!
Teams generally keep their driver salaries private and don't confirm specific figures, but various reports claim approximate base salaries for drivers in 2024.
The salaries listed below are estimates, based on a variety of sources, but we will update this piece if fresh information is confirmed surrounding each driver's annual pay packet.
RadioTimes.com brings you the full round-up of estimated F1 salaries for 2024 per season.
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F1 salaries 2024
Estimated figures based on reports. Annual salary before sponsorships.
20. Logan Sargeant (Williams) - $1m
Sargeant made his debut in F1 in 2023 and did not come close to his team-mate on many occasions. It was therefore an eyebrow raiser to see him granted an extra year in 2024. Williams personnel will be monitoring his performances and results closely.
19. Yuki Tsunoda (RB) - $1m
Tsunoda was retained for a fourth consecutive season at RB, the younger brother of the Red Bull team, and could be under pressure to perform alongside his more illustrious team-mate. Like many in the mid-table pack, he needs a strong year to continue his F1 journey.
18. Zhou Guanyu (Stake) - $2m
Zhou is in the same boat as his team-mate Bottas with his deal due to run out at the end pf the year. The Chinese car is another one who may need to go above and beyond in 2024 to stay in F1.
17. Daniel Ricciardo (RB) - $2m
Ricciardo was brought back into the F1 fold last midway through last year to replace the struggling Dutchman Nyck De Vries. A broken hand at Zandvoort meant it was a stop-start return but he did enough to earn a one-year extension through to 2024, while he has also been linked with a Red Bull return.
16. Lance Stroll (Aston Martin) - $2m
Stroll is very much the backup to Alonso at Aston Martin but finds himself in quite a cushy position. The exact expiry date of his contract is unknown but with the Canadian being he bosses son, it appears as though he will race until told otherwise.
15. Nico Hulkenberg (Haas) - $2m
Hulkenberg was retained at the same time as his team-mate after Haas triggered a one-year option on his existing two-year deal. Again, younger blood could be sought at the end of the year.
14. Alex Albon (Williams) - $3m
Albon was picked up by Williams in 2022 and his current bumper expires in 2025, according to recent interview with team principal James Vowles. He has been linked with a move back to Red Bull for 2025 to replace Perez.
13. Oscar Piastri (McLaren) - $3m
Piastri’s strong showing at the back end of the year convinced McLaren bosses to give him a new deal to last until the end of the 2026 season. He is earning a fraction of Norris’ salary but that could change if he continues improving. He also scored the highest salary to points ratio in 2023, using rough calculations.
12. Kevin Magnussen (Haas) - $5m
Magnussen was awarded a new deal midway through last season, extending his stay to a seventh year. With upheaval at Haas following charismatic team boss Guenther Steiner’s exit, changes may be afoot going beyond this year.
11. Pierre Gasly (Alpine) - $5m
Gasly ensured an all-French driver line-up at the start of 2023 when signing a two-year deal to partner his old karting sparring partner Ocon. He has spoken about “discussions” over a new contract which is due to expire at the end of the year.
10. Esteban Ocon (Alpine) - $6m
Ocon joined Alpine in 2020 when it was known as Renault and the last contract he signed came in 2021. It expires at the end of 2024 and there is no indication yet that a new deal is on the horizon.
9. George Russell (Mercedes) - $8m
No exact figure is known about Russell’s salary, but it is widely reported to be around the $8m mark. He penned a new contract with the Silver Arrows to the end of the 2025 season the same day as Hamilton in August last year and will probably become the number one driver once the seven-time champion departs for Ferrari.
8. Valtteri Bottas (Stake) - $10m
Bottas’ current deal expires at the end of the year though the Finn has been open about his desire to extend his stay and believes talks may commence very soon. Stake will be keen to keep hold of a proven race winner.
7. Sergio Perez (Red Bull) - $10m
Perez is still paid very handsomely by any measurement but it is a mark of just how much Red Bull prioritises Verstappen that Perez earns a quarter of his team-mate’s salary. He is out of contract at the end of 2024 and another below-par year will surely see him exit.
6. Carlos Sainz (Ferrari) - $12m
Sainz signed his last deal with Ferrari back in 2022 and with the arrival of Lewis Hamilton confirmed for 2024, the Spaniard has accepted this year will be his last in red.
5. Lando Norris (McLaren) - $20m
Norris’ contract is eye-watering for a driver who has never won a Grand Prix before but it is a mark of just how highly he is rated by McLaren. The Briton signed a fresh deal in the early part of this year and it lasts definitely until at least the end of the 2026 season, thought could also be longer.
4. Fernando Alonso (Aston Martin) - $24m
Aston Martin paid big money to sign Fernando Alonso for the 2023 season and he put in some very impressive performances, showing the age is barrier. His current deal expires at the end of the 2024 season though the Spaniard has expressed interest in staying in F1.
3. Charles Leclerc (Ferrari) - $30m
Leclerc scored big pay rise for the 2024 season in the form of a new contract, with his yearly income increasing by 25 per cent from 2023, despite an up and down season where he made some crucial errors. He is still a prized asset though and his deal is rumoured to last until 2029, despite no official announcement from the Scuderia.
2. Max Verstappen (Red Bull) - $45m
The dominant three-time world champion is unlikely to be short of a few bob, and it is no surprise Red Bull have their man tied down to such an enormous deal. It currently lasts until 2028 though the Dutchman has hinted previously he may seek pastures new thereafter.
1. Lewis Hamilton (Mercedes) - $55m
Hamilton might not currently be the brightest star in F1 but his achievements and recognisability mean he commands the biggest pay cheque. The 39-year-old is a licence to print money and a glamourous switch to Ferrari in 2025 is unlikely to change that. His Mercedes contract technically lasted until then but a break clause means he will leave at the end of 2024.
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