As we reach the halfway point of the 2024 Formula One season, it’s fascinating to see how the paychecks stack up among the drivers. With Max Verstappen clinching another victory at the Spanish Grand Prix and Lewis Hamilton finally making it to the podium this year, it is evident that the rivalry exists both on and off the track.
The Top Earners in F1
Let’s dive into the world of F1 salaries and find out who’s pulling in the biggest bucks this season. As you might expect, Max Verstappen is leading the pack with the highest salary. For 2024, his base pay is a staggering $55 million. This is a significant increase from his $45 million base salary last year, and it’s a testament to his outstanding performance and marketability.
On the other hand, Lewis Hamilton, who’s set to make a big switch to Ferrari next season, is currently the second-highest-paid driver. He’s earning $45 million in base salary for 2024. Hamilton’s move to Ferrari has been the talk of the season, and his new deal reportedly includes a mix of salary, sponsorships, and bonuses totaling around $100 million a year. That’s quite a leap from his previous earnings.
Rising Stars and Notable Salaries
Charles Leclerc, who started his F1 career with a modest $150,000 salary back in 2018, now commands $34 million at Ferrari. It’s been quite a journey for Leclerc, who signed a $3.5 million deal with Ferrari in 2019 and has since seen his salary grow significantly with his impressive performances.
Lando Norris, a fresh face among the top earners, is making $20 million with McLaren. He recently extended his contract, which will keep him at McLaren until at least 2026. His rise has been rapid, and it’s clear that McLaren values his contributions highly.
Fernando Alonso and George Russell are both making $18 million. Alonso, who joined Aston Martin in 2023, saw his earnings soar with incentives last year. Russell’s salary reflects his status as one of Mercedes’ top drivers, and his contract extension through 2025 underlines his importance to the team.
The Midfield and Beyond
Sergio Pérez, who has been with Red Bull, is now earning $14 million. His salary has risen from $10 million last year, with incentives pushing his total earnings to $26 million in 2023. His new two-year extension with Red Bull shows that the team is committed to him.
Carlos Sainz Jr. is currently making $12 million, and while he’s unsigned for 2025, he remains a significant figure in the driver market. Valtteri Bottas, now with Sauber, earns $10 million, and his future is uncertain as he enters the final year of his current contract.
Daniel Ricciardo, despite his return to F1 this season, is on a $7 million base salary, the lowest since 2018. Esteban Ocon, Oscar Piastri, and Pierre Gasly each make $6 million, with Piastri being the highest-paid second-year driver.
Kevin Magnussen earns $5 million at Haas, and both Alexander Albon and Lance Stroll are making $3 million. Albon, who signed a new deal with Williams, and Stroll, whose father owns Aston Martin, have secure positions but modest salaries compared to the top earners.
The Lower Tier
Guanyu Zhou and Nico Hülkenberg are earning $2 million each. Zhou has been consistent with Sauber, while Hülkenberg, returning from a hiatus, is set to switch to Sauber in 2025.
Lastly, Logan Sargeant and Yuki Tsunoda each make $1 million. Sargeant, the lone American driver, and Tsunoda, with Red Bull’s junior team, have modest salaries but are both making a mark in the sport.
In Summary
So, there you have it—the drivers who are raking in the biggest salaries this season. As you can see, there’s a substantial gap between the top earners and the rest, reflecting both their market value and their contributions on the track. It’s clear that F1 is not just a sport of speed and skill but also of significant financial stakes. Whether you’re cheering for Verstappen, Hamilton, or another favorite, it’s interesting to see how their performances translate into their paychecks.
