Who is the highest-paid f1 driver currently? What do F1 drivers earn?
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.
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TABLE OF CONTENTS
- Highest-paid F1 drivers
- 20. Yuki Tsunoda
- 19. Logan Sargeant
- 18. Nico Hulkenberg
- 17. Guanyu Zhou
- 16. Lance Stroll
- 15. Alexander Albon
- 14. Kevin Magnussen
- 13. Oscar Piastri
- 12. Pierre Gasly
- 11. Esteban Ocon
- 10. Daniel Ricciardo
- 9. Valtteri Bottas
- 8. Carlos Sainz Jr.
- 7. Sergio Pérez
- 6. Fernando Alonso
- 5. George Russell
- 4. Lando Norris
- 3. Charles Leclerc
- 2. Lewis Hamilton
- 1. Max Verstappen
- Who is the highest-paid F1 driver ever?
- Who has the richest F1 contract?
- What is Max Verstappen’s salary as of 2024?
- What is Lewis Hamilton’s salary?
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.
| Driver | F1 Team | Annual salary |
| Max Verstappen | Red Bull Racing | $55 million |
| Lewis Hamilton | Mercedes | $45 million |
| Charles Leclerc | Ferrari | $34 million |
| Lando Norris | McLaren | $20 million |
| George Russell | Mercedes | $18 million |
| Fernando Alonso | Aston Martin | $18 million |
| Sergio Pérez | Red Bull Racing | $14 million |
| Carlos Sainz Jr. | Ferrari | $12 million |
| Valtteri Bottas | Sauber | $10 million |
| Daniel Ricciardo | AlphaTauri/RB | $7 million |
| Esteban Ocon | Alpine | $6 million |
| Pierre Gasly | Alpine | $6 million |
| Oscar Piastri | McLaren | $6 million |
| Kevin Magnussen | Haas | $5 million |
| Alexander Albon | Williams | $3 million |
| Lance Stroll | Aston Martin | $3 million |
| Guanyu Zhou | Sauber | $2 million |
| Nico Hulkenberg | Haas | $2 million |
| Logan Sargeant | Williams | $1 million |
| Yuki Tsunoda | RB | $1 million |
20. Yuki Tsunoda
Source: Getty Images
- Full name: Yuki Tsunoda
- Date of birth: 11 May 2000
- Nationality: Japanese
- F1 Team: RB
- Annual 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.
19. Logan Sargeant
Source: Getty Images
- Full name: Logan Hunter Sargeant
- Date of birth: 31 December 2000
- Nationality: American
- F1 Team: Williams
- Annual 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
Source: Getty Images
- Full name: Nicolas Hülkenberg
- Date of birth: 19 August 1987
- Nationality: German
- F1 Team: Haas
- Annual 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.
17. Guanyu Zhou
Source: Getty Images
- Full name: Zhou Guanyu
- Date of birth: 30 May 1999
- Nationality: Chinese
- F1 Team: Sauber
- Annual 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
Source: Getty Images
- Full name: Lance Strulovitch
- Date of birth: 29 October 1998
- Nationality: Canadian
- F1 Team: Aston Martin
- Annual 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.
15. Alexander Albon
Source: Getty Images
- Full name: Alexander Albon Ansusinha
- Date of birth: 23 March 1996
- Nationality: Thai-British
- F1 Team: Williams
- Annual 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
Source: Getty Images
- Full name: Kevin Jan Magnussen
- Date of birth: 5 October 1992
- Nationality: Danish
- F1 Team: Haas
- Annual 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.
13. Oscar Piastri
Source: Getty Images
- Full name: Oscar Jack Piastri
- Date of birth: 6 April 2001
- Nationality: Australian
- F1 Team: McLaren
- Annual 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
Source: Getty Images
- Full name: Pierre Jean-Jacques Gasly
- Date of birth: 7 February 1996
- Nationality: French
- F1 Team: Alpine
- Annual 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.
11. Esteban Ocon
Source: Getty Images
- Full name: Esteban José Jean-Pierre Ocon-Khelfane
- Date of birth: 17 September 1996
- Nationality: French
- F1 Team: Alpine
- Annual 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
Source: Getty Images
- Full name: Daniel Joseph Ricciardo AM
- Date of birth: 1 July 1989
- Nationality: Australian
- F1 Team: AlphaTauri/RB
- Annual 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.
9. Valtteri Bottas
Source: Getty Images
- Full name: Valtteri Viktor Bottas
- Date of birth: 28 August 1989
- Nationality: Finnish
- F1 Team: Sauber
- Annual 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.
Source: Getty Images
- Full name: Carlos Sainz Vázquez de Castro
- Date of birth: 1 September 1994
- Nationality: Spanish
- F1 Team: Ferrari
- Annual 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.
7. Sergio Pérez
Source: Getty Images
- Full name: Sergio Michel "Checo" Pérez Mendoza
- Date of birth: 26 January 1990
- Nationality: Mexican
- F1 Team: Red Bull Racing
- Annual 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
Source: Getty Images
- Full name: Fernando Alonso Díaz
- Date of birth: 29 July 1981
- Nationality: Spanish
- F1 Team: Aston Martin
- Annual 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.
5. George Russell
Source: Getty Images
- Full name: George William Russell
- Date of birth: 15 February 1998
- Nationality: British
- F1 Team: Mercedes
- Annual 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
Source: Getty Images
- Full name: Lando Norris
- Date of birth: 13 November 1999
- Nationality: British
- F1 Team: McLaren
- Annual 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.
3. Charles Leclerc
Source: Getty Images
- Full name: Charles Marc Hervé Perceval Leclerc
- Date of birth: 16 October 1997
- Nationality: Monégasque
- F1 Team: Ferrari
- Annual 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
Source: Getty Images
- Full name: Sir Lewis Carl Davidson Hamilton
- Date of birth: 7 January 1985
- Nationality: British
- F1 Team: Mercedes
- Annual 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.
1. Max Verstappen
Source: Getty Images
- Full name: Max Emilian Verstappen
- Date of birth: 30 September 1997
- Nationality: Belgian-Dutch
- F1 Team: Red Bull
- Annual 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.
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.
Legit.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: Legit.ng
