2024 F1 driver salaries | How much do F1 drivers make (2024)

How much do F1 drivers make?

How much does Max Verstappen earn in Formula 1 and what is Lewis Hamilton's salary?

Approximately, F1 drivers make an estimated $13.4 million per year excluding bonuses and sponsors. Max Verstappen makes the most with $55 million per year, while Logan Sargeant and Yuki Tsunoda make the least with $1 million per year.

Max Verstappen salary

Three-time world champion Verstappen earns tens of millions a year at Red Bull but is not the only F1 driver who is doing well.

Max Verstappen has now become the best-paid Formula 1 driver of 2024, with his main rival on that list is Lewis Hamilton.

Lewis Hamilton salary

The Mercedes driver signed a new contract with the team for which he will also compete his final season for this year - the seven-time world champion will then switch to Ferrari, where he will probably earn around $100 million per year, including bonuses! Of course, Charles Leclerc will also receive a nice annual sum with his new contract...

RacingNews365 spoke to various sources within the F1 paddock to obtain an overview of the estimated salaries of all F1 drivers. This concerns the annual income, without bonuses, that they receive from their team. This does not include contracts with personal sponsors or performance bonuses from the teams.

How much do F1 drivers make per win

F1 drivers don't make a certain amount of money per race. However, in most F1 contract agreements, teams and drivers include bonuses if F1 drivers win a race. So indirectly, an F1 driver can earn money by winning a race.

How much do F1 drivers make per race

Besides, it is possible to calculate how much F1 drivers make per race if we divide their salaries by 24. For example, Verstappen would make $2.29 million per race, and Hamilton would make $1.88 million per race.

Who is the highest paid driver?

Verstappen, a three-time world champion, earns tens of millions annually at Red Bull, but he's not the only high paid F1 driver. In 2024, Max Verstappen has claimed the title of the highest-paid Formula 1 driver, with Lewis Hamilton as his main rival on the earnings list.

How much does Max Verstappen pay for his license?

For the upcoming 2024 season, drivers will be required to pay a base fee of €10,400 (£9,017 GBP at current exchange rates) plus €2,100 (£1,820 GBP) per point scored in the previous season for their super licence. Among drivers, it is Verstappen who pays the most, surpassing his record from the previous season with a total of 575 points. This means the Dutchman holds the record for the most expensive super licence ever, with the triple World Champion required to pay a staggering €1.2 million, or just over £1 million GBP.

How much is Lewis Hamilton paid?

Based on discussions within the F1 paddock and among various teams, Lewis Hamilton is estimated to earn approximately $45 million annually from Mercedes under his contract until 2024.

What is Daniel Ricciardo salary?

Estimated based on various conversations within the F1 paddock and among various teams, Daniel Ricciardo will be paid approximately $7 million annually by RB with his contract until 2024.

How much is Charles Leclerc paid?

Estimated based on various conversations within the F1 paddock and among various teams, Charles Leclerc will be paid approximately $34 million annually by Ferrari with his contract until 2028.

How much is Lewis Hamilton paid by Ferrari

The seven-time world champion will transition to Ferrari in 2025, where he's anticipated to be paid approximately $100 million annually by Ferrari, bonuses included!

Do F1 drivers get paid if they win?

F1 drivers indirectly get paid if they win. There is no direct prize money for winning a race. However, in most F1 contracts, there are agreements about bonuses for winning. So indirectly, drivers could get paid if they win.