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2024 Formula 1 Drivers Salaries & Contracts | How Much Do F1 Drivers Make?

Formula 1 Drivers Salaries

Formula One World Championship 2023 will take place on 5 March 2023. Bahrain will host the opening Grand Prix and the season’s closing Grand Prix on 26 November 2023. Formula 1 drivers salaries for the 2023 edition have been revealed.

2024 Formula 1 Drivers Salaries

Drivers Team Salary Contract
Max Verstappen Red Bull $55m 2028
Lewis Hamilton Mercedes $53.75m 2023
Charles Leclerc Ferrari $24m 2024
Lando Norris McLaren $20m 2025
Carlos Sainz Jr Ferrari $12m 2024
Sergio Perez Red Bull $10m 2024
Valtteri Bottas Alfa Romeo $10m 2025
George Russell Mercedes $8m 2025
Esteban Ocon Alpine $6m 2024+
Fernando Alonso Aston Martin $5m 2024+
Pierre Gasly Alpine $5m 2024+
Kevin Magnussen Haas $5m 2023
Alex Albon Williams $3m 2024+
Lance Stroll Aston Martin $2m Open
Nico Hülkenberg Haas $2m 2024
Nyck de Vries AlphaTauri $2m 2023+
Zhou Guanyu Alfa Romeo $2m 2023
Oscar Piastri McLaren $2m 2024+
Yuki Tsunoda AlphaTauri $1m 2023+
Logan Sargeant Williams $1m 2023+

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How Much Are F1 Drivers Paid in 2024?

The salaries of F1 drivers in 2023 vary widely, with the highest-paid driver being Max Verstappen from Red Bull, earning $55m.  The wages decrease significantly for other drivers, with Logan Sargeant from Williams being the lowest-paid at $1 million in 2024.

Who Are the Highest-Paid Drivers in F1?

The ranking of the highest-paid drivers has Max Verstappen in first place. He has a $55 million deal with Red Bull. Max Verstappen is the 2nd most expensive driver in F1, his contract with Mercedes. He is now paid $53.75m a year.

The 3rd highest-paid driver in F1 is Charles Leclerc, who has a contract with Ferrari till 2024. He will receive a $24m salary per year.

What is the Lowest Salary in F1?

In Formula 1, rookie drivers and those placed at the back of the grid typically get the lowest salaries. Despite earning less than their top-tier drivers, they are still well-compensated for their services.

Yuki Tsunoda and Logan Sargeant are the lowest-paid drivers in F1 2024, with a salary of around $1m this year. 

New Drivers in Formula 1 2024 Season

Although Logan Sargeant & Nyck de Vries have been working since 2022, these two drivers have not yet competed in a race. There is a possibility that both drivers this year will compete in races because some racers have ended their contracts.

Drivers Who Leave the Formula 1

Sebastian Vettel leaves Formula 1 in 2022. With mutual consent, Daniel Ricciardo ended his contract, which was set to expire in 2023. After three seasons with Williams, Nicholas Latifi quit the squad. Mick Schumacher ends his two-season contract with Haas F1.

Aqeel Ahmad
the authorAqeel Ahmad
Aqeel Ahmad is a passionate sports fan who enjoys reading and writing about the most recent sporting events taking place all around the world.

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