With the Formula 1 2024-2025 season all set to begin this weekend, check out the prize money breakdown, driver and constructors’ salaries and income, list of past F1 winners, and more below
The new F1 season starts this weekend with the Bahrain Grand Prix at the Bahrain International Circuit.
F1 2024 prize money distribution for drivers and teams and salaries list
Formula 1 is sport on another level
This is man and machine pushing the limits
In a spectacle of speed and superhuman endeavour
These are extraordinary humans
This is FORMULA 1#F1 pic.twitter.com/zwz25ejBRp
— Formula 1 (@F1) February 23, 2024
The F1 competition basically features two categories: one for the drivers and the other for the teams and constructors.
Formula 1 2024 prize money breakdown and constructors’ income
In Formula 1, the prize money breakdown generally depends on how well teams do in the constructors’ championship standings. As such, the F1 drivers directly do not receive any prize money for victories.
However, they will enjoy bonus financial rewards aside from their base salary from their respective teams. 2023 championship winners Red Bull managed to win a prize of around $140 million. This was about 14% of the total prize pool. However, teams and constructors earn a variety of incomes, and the prize money constitutes just one aspect of revenue generation. Teams can earn significant amounts of income from sponsorships, merchandise sales, and commercial partnerships.
Formula 1 2024 driver salaries
Just like in any other sport, the best driver generally earns the most money. Heading into the 2024–2025 season, Red Bull’s Max Verstappen is the highest-paid driver after surpassing his rival, Lewis Hamilton. Given below are the current F1 driver salaries and contract year details:
| Driver | Team | Annual salary in $ million | Contract year |
| 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 |
| Valterri Bottas | Kick Sauber | 10 | 2024 |
| Daniel Ricciardo | RB | 7 | 2024 |
| Esteban Ocon | Alpine | 6 | 2024 |
| Pierre Gasly | Alpine | 6 | 2024 |
| Oscar Piastri | McLaren | 6 | 2026 |
| Kevin Magnussen | Haas | 5 | 2024 |
| Alexander Albon | Williams | 3 | 2024 |
| Lance Stroll | Aston Martin | 3 | Open |
| Nico Hulkenberg | Haas | 2 | 2024 |
| Guanyu Zhou | Kick Sauber | 2 | 2024 |
| Yuki Tsunoda | RB | 1 | 2024 |
| Logan Sargeant | Williams | 1 | 2024 |
F1 past Drivers’ World Champions
| Year | Driver |
| 1950 | Giuseppe Farina (ITA) |
| 1951 | Juan Manuel Fangio (ARG) |
| 1952 | Alberto Ascari (ITA) |
| 1953 | Alberto Ascari (ITA) |
| 1954 | Juan Manuel Fangio (ARG) |
| 1955 | Juan Manuel Fangio (ARG) |
| 1956 | Juan Manuel Fangio (ARG) |
| 1957 | Juan Manuel Fangio (ARG) |
| 1958 | Mike Hawthorn (GBR) |
| 1959 | Jack Brabham (AUS) |
| 1960 | Jack Brabham (AUS) |
| 1961 | Phil Hill (USA) |
| 1962 | Graham Hill (GBR) |
| 1963 | Jim Clark (GBR) |
| 1964 | John Surtees (GBR) |
| 1965 | Jim Clark (GBR) |
| 1966 | Jack Brabham (AUS) |
| 1967 | Denis Hulme (NZL) |
| 1968 | Graham Hill (GBR) |
| 1969 | Jackie Stewart (GBR) |
| 1970 | Jochen Rindt (AUT) |
| 1971 | Jackie Stewart (GBR) |
| 1972 | Emerson Fittipaldi (BRA) |
| 1973 | Jackie Stewart (GBR) |
| 1974 | Emerson Fittipaldi (BRA) |
| 1975 | Niki Lauda (AUT) |
| 1976 | James Hunt (GBR) |
| 1977 | Niki Lauda (AUT) |
| 1978 | Mario Andretti (USA) |
| 1979 | Jody Scheckter (RSA) |
| 1980 | Alan Jones (AUS) |
| 1981 | Nelson Piquet (BRA) |
| 1982 | Keke Rosberg (FIN) |
| 1983 | Nelson Piquet (BRA) |
| 1984 | Niki Lauda (AUT) |
| 1985 | Alain Prost (FRA) |
| 1986 | Alain Prost (FRA) |
| 1987 | Nelson Piquet (BRA) |
| 1988 | Ayrton Senna (BRA) |
| 1973 | Jackie Stewart (GBR) |
| 1974 | Emerson Fittipaldi (BRA) |
| 1975 | Niki Lauda (AUT) |
| 1976 | James Hunt (GBR) |
| 1977 | Niki Lauda (AUT) |
| 1978 | Mario Andretti (USA) |
| 1979 | Jody Scheckter (RSA) |
| 1980 | Alan Jones (AUS) |
| 1981 | Nelson Piquet (BRA) |
| 1982 | Keke Rosberg (FIN) |
| 1983 | Nelson Piquet (BRA) |
| 1984 | Niki Lauda (AUT) |
| 1985 | Alain Prost (FRA) |
| 1986 | Alain Prost (FRA) |
| 1987 | Nelson Piquet (BRA) |
| 1988 | Ayrton Senna (BRA) |
| 1989 | Alain Prost (FRA) |
| 1990 | Ayrton Senna (BRA) |
| 1991 | Ayrton Senna (BRA) |
| 1992 | Nigel Mansell (GBR) |
| 1993 | Alain Prost (FRA) |
| 1994 | Michael Schumacher (GER) |
| 1995 | Michael Schumacher (GER) |
| 1996 | Damon Hill (GBR) |
| 1997 | Jacques Villeneuve (CAN) |
| 1998 | Mika Häkkinen (FIN) |
| 1999 | Mika Häkkinen (FIN) |
| 2000 | Michael Schumacher (GER) |
| 2001 | Michael Schumacher (GER) |
| 2002 | Michael Schumacher (GER) |
| 2003 | Michael Schumacher (GER) |
| 2004 | Michael Schumacher (GER) |
| 2005 | Fernando Alonso (SPA) |
| 2006 | Fernando Alonso (SPA) |
| 2007 | Kimi Räikkönen (FIN) |
| 2008 | Lewis Hamilton GBR) |
| 2009 | Jenson Button GBR) |
| 2010 | Sebastian Vettel (GER) |
| 2011 | Sebastian Vettel (GER) |
| 2012 | Sebastian Vettel (GER) |
| 2013 | Sebastian Vettel (GER) |
| 2014 | Lewis Hamilton (GBR) |
| 2015 | Lewis Hamilton (GBR) |
| 2016 | Nico Rosberg (GER) |
| 2017 | Lewis Hamilton (GBR) |
| 2018 | Lewis Hamilton (GBR) |
| 2019 | Lewis Hamilton (GBR) |
| 2020 | Lewis Hamilton (GBR) |
| 2021 | Max Verstappen (NED) |
| 2022 | Max Verstappen (NED) |
| 2023 | Max Verstappen (NED) |
Formula 1 past Constructors’ World Champions
While any team or driver may win the championship title at the end of the season, the team with the highest championship points at the end of the campaign officially wins the title. The winner receives the prestigious FIA Formula One World Constructors’ Championship Trophy.
| Year | Constructor |
| 1958 | Vanwall |
| 1959 | Cooper |
| 1960 | Cooper |
| 1961 | Ferrari |
| 1962 | BRM |
| 1963 | Lotus |
| 1964 | Ferrari |
| 1965 | Lotus |
| 1966 | Brabham |
| 1967 | Brabham |
| 1968 | Lotus |
| 1969 | Matra |
| 1970 | Lotus |
| 1971 | Tyrrell |
| 1972 | Lotus |
| 1973 | Lotus |
| 1974 | McLaren |
| 1975 | Ferrari |
| 1976 | Ferrari |
| 1977 | Ferrari |
| 1978 | Lotus |
| 1979 | Ferrari |
| 1980 | Williams |
| 1981 | Williams |
| 1982 | Ferrari |
| 1983 | Ferrari |
| 1984 | McLaren |
| 1985 | McLaren |
| 1986 | Williams |
| 1987 | Williams |
| 1988 | McLaren |
| 1989 | McLaren |
| 1990 | McLaren |
| 1991 | McLaren |
| 1992 | Williams |
| 1993 | Williams |
| 1994 | Williams |
| 1995 | Benetton |
| 1996 | Williams |
| 1997 | Williams |
| 1998 | McLaren |
| 1999 | Ferrari |
| 2000 | Ferrari |
| 2001 | Ferrari |
| 2002 | Ferrari |
| 2003 | Ferrari |
| 2004 | Ferrari |
| 2005 | Renault |
| 2006 | Renault |
| 2007 | Ferrari |
| 2008 | Ferrari |
| 2009 | Brawn GP |
| 2010 | Red Bull Racing |
| 2011 | Red Bull Racing |
| 2012 | Red Bull Racing |
| 2013 | Red Bull Racing |
| 2014 | Mercedes |
| 2015 | Mercedes |
| 2016 | Mercedes |
| 2017 | Mercedes |
| 2018 | Mercedes |
| 2019 | Mercedes |
| 2020 | Mercedes |
| 2021 | Mercedes |
| 2022 | Red Bull Racing |
| 2023 | Red Bull Racing |
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