The salaries of the 20 F1 drivers for the 2024 season, in millions of euros

Driving the fastest cars in the world and getting paid to do it is the dream of motorsport fans, and it’s a reality for Formula 1 drivers. Not all of them earn the same salary, but they are generously remunerated for their services and sometimes even bring in numerous sponsors for their team.

Note that these figures only take into account the salaries as they are known, without considering the end-of-year bonuses related to the pilot’s performance during the 2024 season. These figures are not public. Therefore, they are estimations based on previous contracts and sources from other journalists.

The third highest-paid driver earns half as much as the second one.

Lewis Hamilton, the Mercedes driver, tops the rankings with an annual salary of €51.15 million, highlighting his superstar status in the sport. Max Verstappen, Hamilton’s rival at Red Bull, follows with a salary of €41.85 million, illustrating the high regard Red Bull holds for their world champion. Fernando Alonso, at Aston Martin, completes the podium with €22.32 million, marking his triumphant return to F1 with a salary that reflects his experience and contribution to the team.

Beyond the top three, salary gaps are narrowing. Charles Leclerc of Ferrari receives 13.02 million euros, highlighting the Scuderia’s confidence in his young talent. Sergio Perez, Verstappen’s teammate at Red Bull, and Valtteri Bottas from Stake F1 Team, are both earning 9.3 million euros, demonstrating the recognition of their essential roles within their respective teams.

Carlos Sainz Jr, also with Ferrari, receives 7.44 million euros, while Esteban Ocon with Alpine and Lando Norris with McLaren earn 5.58 million euros and 4.65 million euros respectively. These figures demonstrate the teams’ investment in their drivers, considered as key elements of their overall strategy.

More than half of the grid below 5 million dollars annually.

The rest of the grid sees more moderate but still significant salaries, with drivers such as Pierre Gasly, Kevin Magnussen, and George Russell receiving between 2.79 million and 4.65 million euros. This shows some fairness in the distribution of income, although according to WTF1 figures, Esteban Ocon seems to earn more than Pierre Gasly within the same team, despite having an equivalent number of career victories, age, and experience.

This overview of salaries in F1 in 2024 brings to light not only the sporting hierarchy but also the financial one within the paddock. Behind these figures lies the complexity of contract negotiations, where a driver’s talent, results, and commercial potential determine their value in the eyes of their team.

What about the “paid” pilots?

Small teams looking for budget tended in previous years to select drivers not based on their track record, but on the budget they could bring to the team. Thus, this year, paying drivers no longer seem to be a real concern. Logan Sargeant has been retained at Williams but doesn’t seem to really come with a budget. Being American is an advantage during a more Americanized F1 era, and it appears to be enough to keep his seat despite his performances falling short of his teammate in 2023.

Sergio Perez, who has long been regarded as a pay driver thanks to his big Mexican sponsors, is no longer really part of this type of driver given his position at Red Bull, which has absolutely no financial need. The only driver who could still be considered as such is the Chinese driver Zhou, who arrives with a substantial budget within the Swiss team Sauber.

The salaries of Formula 1 drivers in 2024.

This concerns the salaries paid by the teams. Sponsorship contracts and driver bonuses are not taken into account.

Pilots also have performance bonuses in their contracts, which allow them to receive different bonuses if they achieve these specific objectives.