With the Formula One 2024 season well underway, fans can check out the full list of the F1 driver salaries, including the highest-paid drivers, lowest-paid drivers and more below
Formula 1 drivers are arguably some of the highest-paid athletes across different sports worldwide owing to the sportsโ popularity and the risks they endure.
Formula 1 (F1) 2024 full list of driver salaries and what is the drivers salary per year details
Mid-way through the competition, Red Bull Racingโs Max Verstappen lads the charge with 303 points on the driversโ standings.
Meanwhile, McLaren Mercedesโ Lando Norris comes in at second with 241 points, and Ferrariโs Charles Leclerc at 3rd with 217 points.
F1 driver salaries
Formula 1 driver salaries generally include a base salary and performance-related bonuses. These bonuses can depend on different like finishing spots from race to race, Driversโ and Constructorsโ Championship position, as well as race wins and podium finishes. Moreover, driver salaries are not part of the F1 budget cap. This mean that teams can pay their drivers as much as they please.
Formula 1 highest-paid drivers in 2024
Max Verstappen was the highest-earning F1 driver in 2023, with a $45m reported base salary and $25m from bonuses. Unsurprisingly, he is currently still the highest earner, with a combined salary of $70 million. Behind him is Mercedes driver Lewis Hamilton, with a base salary of $55m. Aston Martinโs Fernando Alonso reportedly received a big pay increase and now earns $35 million salary.
Formula 1 lowest-paid drivers in in 2024
There is seemingly a stark contrast in the salaries of the highest-paid and lowest-paid F1 drivers. Rookie drivers often earn much lower than the top drivers, as they have to prove themselves before earning bigger pays. Currently, drivers like Logan Sargeant and Zhou Guanyu, and Yuki Tsunoda are on the bottom of the list as they are less experienced drivers.
Notably, Daniel Ricciardo once featured among the highest earners in Formula 1, around a reported $15m annually at Renault and McLaren. However, he had to undergo a significant reduction after taking up a reserve role at Red Bull for 2023.
F1 2024 reported driver salaries
Given below is the full list of reported F1 driver salaries for 2024:
| Driver | Team | Salary |
| Max Verstappen | Red Bull | $70 million |
| Lewis Hamilton | Mercedes | $55 million |
| Fernando Alonso | Aston Martin | $34 million |
| Sergio Perez | Red Bull | $26 million |
| Charles Leclerc | Ferrari | $19 million |
| Lando Norris | McLaren | $15 million |
| Carlos Sainz | Ferrari | $14 million |
| Valtteri Bottas | Stake F1 Team | $10 million |
| George Russell | Mercedes | $8 million |
| Pierre Gasly | Alpine | $8 million |
| Oscar Piastri | McLaren | $8 million |
| Esteban Ocon | Alpine | $6 million |
| Kevin Magnussen | Haas | $5 million |
| Alex Albon | Williams | $3 million |
| Daniel Ricciardo | AlphaTauri | $2.1 million |
| Nico Hulkenberg | Haas | $2 million |
| Lance Stroll | Aston Martin | $2 million |
| Zhou Guanyu | Stake F1 Team | $2 million |
| Yuki Tsunoda | AlphaTauri | $1 million |
| Logan Sargeant | Williams | $1 million |