Every Formula One Driver’s Salary for the 2024 Season

Highlights

• Max Verstappen is the highest earning Formula One driver this year, with him pocketing an annual salary of £40m.
• Lewis Hamilton follows closely with £40m annually as he heads into his final season with Mercedes before moving to Ferrari for 2025.
• Charles Leclerc makes £27m, falls behind the top two earners, with Lando Norris even further behind him on £16m a year.

It’s lights out and away we go! The 2024 Formula One season is upon us, with pre-season testing in the books and the first race of the year now here. The Bahrain Grand Prix is surprisingly getting underway on Saturday, with fans counting down the hours until we go racing once again.

While fans will no doubt be ecstatic for F1’s return, the weeks since the culmination of the 2023 season have been a wild ride, with the biggest news undoubtedly being that 2024 will be Lewis Hamilton’s final season as a Mercedes driver. The Brit has sensationally agreed a move to Ferrari for 2025, with him replacing current driver Carlos Sainz to partner Charles Leclerc.

Hamilton’s move means that he will reportedly be set to earn around £40m, which is quite the sum. But how does that compare to his current salary? Ahead of the 2024 season beginning, Racing News 365 have published figures of every driver’s salary for the season. So GIVEMESPORT are here to run through the list with you and take a closer look at the top 10.

1 Max Verstappen – Red Bull

Annual Salary – £45m

It’s hardly a shock to see Verstappen top the list, given how consistent he’s been for Red Bull for so many years. Now a three-time World Champion after last season’s success, which saw him win an incredible 19 races, the Dutchman is aiming to become the sixth man to win four drivers’ championships.

His status as the best-paid driver on the grid has also been in place for some time now. Verstappen signed an extension until 2028 after winning his first title back in 2021, getting a hefty raise in the process. It’s unlikely we’ll see anyone surpass what Red Bull are currently paying their star man.

2 Lewis Hamilton – Mercedes

Annual Salary – £40m

As the joint-most successful driver in the sport’s illustrious history, you might be forgiven for thinking that Hamilton was sure to be the highest-paid man racing this year. Alas, his rival Verstappen beats him to that honour, having beaten him to the last three drivers’ championships too.

Hamilton had extended his deal with Mercedes until 2025 after signing a deal in August 2023, with his previous contract set to expire at the end of last season. However, it’s common knowledge now that this season with the Silver Arrows will be his last. Interestingly, he is set to pocket more-or-less the same amount while at Ferrari, with the Scuderia fronting quite the wage bill considering who is third in the list this season.

3 Charles Leclerc – Ferrari

Annual Salary – £27m

Leclerc is sort of in a league of his own when it comes to his yearly salary – some way behind the two top-earners in the sport, but also way ahead of the others. And considering he only signed a new deal in January this year, extending his deal beyond 2024, he is unlikely to get a raise which will match Hamilton’s wage.

Last season wasn’t the best for the Monégasque driver, who failed to win a single race despite finishing fifth overall in the standings. Ferrari did look promising in testing, but they still look to be some way behind the pace of Red Bull, so it might be another winless season for Leclerc and the Prancing Horse.

4 Lando Norris – McLaren

Annual Salary – £16m

Dropping even further back now, McLaren driver Norris finishes some way behind the three top earners on the grid. The British driver has soared up the rankings after signing a new long-term deal in January this year, though, with him now earning four times the amount of his teammate, Oscar Piastri.

Usurping the three heavyweight teams on the grid this year might prove to be a tough challenge, but Norris is still dreaming of that first win in F1. With a bit of luck and an excellent drive, the 24-year-old might be able to tick that off his bucket list.

5 George Russell – Mercedes

Annual Salary – £14m

He might be some way behind his teammate for overall earnings, but Russell will soon be the leading man at Mercedes when Hamilton makes his switch to Ferrari. The Brit, like Hamilton, agreed a new deal with the team until the end of the 2025 season, at which point he will likely be in line for a bumper pay-rise should he continue to shine with the Silver Arrows.

Having finished 59 points behind his teammate in eighth position in 2023, Russell will be hoping that 2024 proves to be a better year for him. Speaking about the changes made to this year’s car, he explained that he and Lewis have been pushing the team to make adjustments, and underlined his hope for this year.

“It’s good that the team have sort of been listening to that, but we need to see if that translates into lap time. I think we hit the ground in a good place. But ultimately, there’s only one thing that matters, and that’s the lap time.”

6 Fernando Alonso – Aston Martin

Annual Salary – £14m

As the most experienced driver on the grid, Alonso was always going to be among the top earners. Having made his F1 debut back in 2001, the 42-year-old continues to perform on the most prestigious of racing stages.

Pocketing a cool £14m for his troubles every year, his deal is set to expire at the end of the year, but reports have linked him with a move to Mercedes to replace the outgoing Hamilton. However, the Spaniard has remained coy over his future, stating that he will decide whether he will continue past his current deal in the first few races of the season.

7 Sergio Perez – Red Bull

Annual Salary – £11m

There was lots of speculation about Sergio Perez’s future with Red Bull at the end of 2023. Despite finishing second overall in the drivers’ championship last year, the Mexican racer only won two races and didn’t look convincing in the best car on the grid. And while the Bulls didn’t cut his contract short, former racer Mikka Hakkinen thinks that it is “highly unlikely” that Perez will get an extension past 2024, which is when his deal expires.

If that is to be the case, Perez will at least have an extra £11m in the bank to comfort his sorrows. Given his experience and the spaces that could open up in the off-season next year, it could be likely that he falls straight into the hands of another team, but he might not be making as much as he is now.

8 Carlos Sainz – Ferrari

Annual Salary – £9.5m

One man, however, who is definitely out of a drive for 2025 is Ferrari’s Carlos Sainz. The Spaniard who cost his team the second-most amount of cash because of damages last season is racing for one final year with the Scuderia before Lewis Hamilton’s arrival, and will have one eye on securing a new team for next year.

If he wants to improve on his current terms, Sainz will have to dazzle interested parties with superb racing this season. The only non-Red Bull driver to win a race last year, he finished in seventh place in the drivers’ championship, although he was only six points behind his teammate Leclerc. The number one Ferrari driver pockets significantly more than Sainz, however, with him collecting just shy of three times the amount his teammate makes every year.

9 Valtteri Bottas – Sauber

Annual Salary – £8m

Finnish driver Bottas has had to get used to competing near the back of the grid since his departure from Mercedes, but his talent and experience ensures that he is still among the top 10 earners. Taking home around £8m every year, the Sauber (formally Alfa Romeo) driver is paid handsomely for his troubles.

Last season was a difficult one for Bottas, with him finishing with just 10 points in the championship, while his team only stomached a ninth place finish. He is determined for them to do better this season after they missed their targets in 2023.

“My own expectations are high, we definitely need to make a good step and see good progress from last year; a season in which, in all honesty, we didn’t meet the targets that we set for ourselves.”

10 Daniel Ricciardo – Visa Cash App RB

Annual Salary – £6m

Rounding out the top 10 is fan-favourite Ricciardo, who returned to the grid following Nyck de Vries’ departure from the team in 2022. The Australian, an eight-time race winner, is hoping to get his career back on track after struggling for years at Renault and then McLaren.

Ricciardo will be hoping that this season’s Red Bull sister car, which has been rebranded from Alpha Tauri, can sneak its way into the points this season, with the team finishing eighth last time out. Pre-season has looked impressive, so they will be hoping that their newest driver and Yuki Tsunoda can help them to achieve their goals.