Formula One

How much are F1 drivers paid? Here are the salaries for every driver in 2024

Some familiar faces reportedly will make the most money among F1 drivers in 2024

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Formula One drivers are living it up.

The sport's popularity has soared in recent years, especially in the United States due to the popular Netflix docuseries "Drive to Survive." As a result, every driver on the grid is earning a reportedly salary of at least $1 million.

Which drivers make the most money, though? And how do the younger and lower-tier drivers stack up with the perennial race winners and world champions?

Here's a breakdown of F1 driver salaries for the 2024 season (all figures courtesy of RacingNews365, not accounting for bonuses, sponsorships and endorsements):

Who is the highest paid F1 driver in 2024?

The two most decorated active drivers will earn the most money in 2024.

Max Verstappen leads the way for Red Bull Racing at a reported $55 million annual salary in 2024. That figure is well-earned by the 26-year-old Verstappen, who has won three straight world championships. The Dutch star won the season-opening race in Bahrain on March 2 after winning a record 19 of 22 events in 2023.

Lewis Hamilton of Mercedes comes in just behind Verstappen at $45 million for 2024. The seven-time world champion hasn't won a race since 2021, but he continues to contend for podiums as he begins his age-39 season.

Behind Verstappen and Hamilton, Ferrari's Charles Leclerc ($34 million) and McLaren's Lando Norris ($20 million) are the only other drivers who will make $20 million or more in 2024.

Leclerc, a 26-year-old Monaco native, entered the 2024 season with five career wins, 30 podiums and 23 poles. The 24-year-old Norris, meanwhile, was winless in his first five F1 seasons but had a breakout 2023 campaign with a career-best seven podiums.

Who is the lowest paid F1 driver in 2024?

Four drivers will earn $2 million or less in 2024.

Williams' Logan Sargeant and RB's Yuki Tsunoda are tied for the lowest 2024 salary at $1 million.

Sargeant, the only American on the grid, debuted in 2023 and struggled throughout his rookie season. The 23-year-old Florida native scored just one point and failed to finish seven of 22 races.

Tsunoda, 23, is beginning his fourth season with the newly-renamed RB team. The Japanese driver scored 17 points in 2023 to finish 14th in the world championship standings.

Haas' Nico Hülkenberg and Sauber's Zhou Guanyu will make $2 million each.

At 36 years old, Hülkenberg is a Formula One veteran. He is entering his 11th full-time season and second for Haas. The German driver is infamously known as the record-holder for most F1 starts without a podium finish.

Zhou, 24, is the only Chinese driver to ever compete in F1. He is now in his third season for Sauber after scoring six points in both 2022 and 2023.

List of F1 driver salaries for 2024

Here are all the salaries for the 20 full-time drivers during the 2024 season (in USD):

1.Max VerstappenRed Bull$55 million
2.Lewis HamiltonMercedes$45 million
3.Charles LeclercFerrari$34 million
4.Lando NorrisMcLaren$20 million
T-5.George RussellMercedes$18 million
T-5.Fernando AlonsoAston Martin$18 million
7.Sergio PerezRed Bull$14 million
8.Carlos SainzFerrari$12 million
9.Valtteri BottasSauber$10 million
10.Daniel RicciardoRB$7 million
T-11.Esteban OconAlpine$6 million
T-11.Pierre GaslyAlpine$6 million
T-11.Oscar PiastriMcLaren$6 million
14.Kevin MagnussenHaas$5 million
T-15.Alexander AlbonWilliams$3 million
T-15.Lance StrollAston Martin$3 million
T-17.Nico HülkenbergHaas$2 million
T-17.Zhou GuanyuSauber$2 million
T-19.Yuki TsunodaRB$1 million
T-19.Logan SargeantWilliams$1 million
Figures courtesy of

How much will Ferrari pay Lewis Hamilton in 2025?

The F1 world was shocked to learn of Hamilton's move to Ferrari, which was announced prior to this season.

Even though the move is official, Hamilton will race out the remainder of his contract with Mercedes in 2024. But when he makes the switch to the historic Ferrari team, he'll be breaking the bank.

Hamilton, the winningest driver in F1 history, reportedly will earn $100 million annually from Ferrari -- with that including bonuses. By replacing Carlos Sainz's reportedly salary of $12 million, Ferrari will likely be on the books for the most expensive driver pairing in 2025 between Hamilton and Leclerc.

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