F1 Driver Salaries & Bonuses (2024): What Everyone Earned Revealed

Like any other elite sport, the financial aspect of Formula 1 has consistently provoked questions like “How much do F1 drivers earn?” and “What are the highest F1 driver salaries?”

In years gone past, headlines have been plastered with the contract details of four-time world champion Sebastian Vettel and — even more prominently — fellow Toro Rosso, Red Bull Racing alum/former teammate Daniel Ricciardo; the Australian having famously pocketed a jaw-dropping driver salary during his brief tenure at Renault (now Alpine).

But as the former enjoys retirement after a storied career that spanned 15 years/15 seasons/300 entries across five teams, and the latter reckons with his unceremonious dismissal from Red Bull’s junior team Visa Cash App RB F1 Team (formerly AlphaTauri, Toro Rosso)… there are new kings of the grid.

[NOTE: All $$$ = USD unless specified otherwise]

Who is the highest-paid driver in Formula 1 right now?

Unsurprisingly, the highest-paid F1 driver in 2024 is none other than reigning four-time world champion Max Verstappen of Red Bull Racing.

In 2022, the team rendered the spoils of war unto their once-in-a-generation prodigy by offering him an incredibly lucrative five-year contract extension valued at roughly $55 million per annum (excluding bonuses).

Effectively, the 26-year-old motorsport talent currently holds the 14th richest sports contract of all time, totalling $330 million and tying him with MLB player Bryce Harper of the Philadelphia Phillies (they were 13th richest before Shohei Ohtani’s eyewatering $700 million/10-year contract and Juan Soto’s even larger $765 million/15-year contract).

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The news of this exxy paperwork being inked was first broken by Erik Van Haren of De Telegraaf — a Dutch journalist reportedly “close with the Verstappens” — and remains consistent with Verstappen’s previous sentiments about holding it down with RBR for life. Or at least as long as they keep racking up race wins.

“I think they know I love them. And I hope we can do this for 10-15 years together,” Max Verstappen told the press after securing his maiden title at the “controversial” 2021 Abu Dhabi Grand Prix.

“There’s no reason to change ever. I want to stay with them for the rest of my life. I hope they let me… it’s insane.”

This represented quite a considerable pay rise given Verstappen was previously earning approximately €20 million per year, elevating him to the same level as seven-time champion slash Mercedes rival Sir Lewis Hamilton, who he has since overtaken in more ways than one.

Mirroring his ever-dominant track performance, Max Verstappen’s salary is followed not-so-closely by the financial compensation of Lewis Hamilton, Scuderia Ferrari’s Charles Leclerc, McLaren’s Lando Norris, Mercedes’ George Russell, fellow champion and grid veteran Fernando Alonso of Aston Martin, Red Bull teammate Sergio “Checo” Perez, then Scuderia Ferrari’s Carlos Sainz (in that order).

From that first win in China back in 2009…

To @Max33Verstappen claiming number 💯 on Sunday 👏 It's been one incredible journey for @redbullracing #CanadianGP #F1 pic.twitter.com/JGGS9NHUsY

— Formula 1 (@F1) June 19, 2023

Betting Big On Red: Lewis Hamilton’s $446 Million Ferrari Contract

To quote Seb Vettel, everybody’s a Ferrari fan. Even if they say they’re not. Which is why after over a decade with Mercedes AMG Petronas F1 Team, Lewis Hamilton decided to activate his Silver Arrows contract’s release clause in favour of greener/redder pastures come 2025.

Yes, that’s right. In a move that’s comparable to Paul McCartney ditching The Beatles for The Rolling Stones, the 39-year-old British motorsport talent is set to partner with Charles Leclerc next season in a final bid to win one last title; thereby breaking the all-time tie between himself and fellow Ferrari/Mercedes alum Michael Schumacher for definitive GOAT status.

And as you can imagine, this “multi-year” signing came at a hefty premium.

While the precise dimensions of Lewis Hamilton’s Ferrari contract have yet to be revealed in detail, according to French publication Sportune, the total package is reportedly valued at around $446 million:

• $87 million per season for a two-year stint (with the option to extend in 2026) — a quarter of which will fund Hamilton’s charity Mission 44
• plus a $272 million joint-investment fund created by Ferrari chairman John Elkann via parent brand Exor (one that Hamilton would serve as the ambassador for his portfolio)

Greener and redder pastures, indeed.

Who is the lowest-paid driver in Formula 1 right now?

The unwanted title of lowest-paid F1 driver officially belongs to Yuki Tsunoda of Visa Cash App RB F1 Team at $1 million — an honour once shared with Logan Sargeant of Williams Racing when he was still on the grid.

It’s an eyebrow-raising detail given that Tsunoda, who approaches his fifth year at the very apex of motorsport, was only equalling a comparatively inexperienced sophomore like Sargeant.

This is even more eyebrow-raising when you consider the fact he was being paid less than other rookie drivers throughout the 2023 season such as Australia’s Oscar Piastri of McLaren Racing. This year, Piastri earned six times more than Tsunoda in base salary alone ($5 million).

It’s unlikely the Japanese talent will ever be amongst the highest-paid drivers in Formula 1. But perhaps he’s done enough this past season to negotiate a juicier contract. Or perhaps he won’t have to when Honda (potentially) demands his employment at the soon-to-be-revitalised Aston Martin alongside two-time world champion and grid veteran Fernando Alonso, as many have speculated.

NOTE II: This analysis has excluded rookies Franco Colapinto, Liam Lawson, and Jack Doohan, given their late entries into the 2024 season (along with the lack of data). And lest we forget, these salaries are solely what the F1 drivers are receiving from their respective teams. Revenue streams outside of the cockpit will surely make for a comfortable living situation.

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F1 Driver Salaries (2024): A Complete Breakdown

How much did each driver earn in the 2024 season?

How much did each driver earn in the 2023 season?

Source: Salary data above based on Forbes reports, publicly disclosed figures; plus “consultation with various sources within the Formula 1 paddock and across teams”/paddock gossip (via RacingNews365 & PlanetF1).