Formula One salaries 2024: Who is earning what?

The 2024 Formula One season is underway, and with it comes the revelation of each driver’s annual salary. Max Verstappen, the reigning three-time World Champion, tops the list with an impressive £45 million per year.

Following closely behind is Lewis Hamilton, who will earn £40 million in his final season with Mercedes before moving to Ferrari in 2025.

TOP EARNERS IN FORMULA ONE DRIVER SALARIES

Verstappen’s status as the highest-paid Formula One driver comes as no surprise given his consistent performance for Red Bull over the years. The Dutchman signed an extension until 2028 after winning his first title in 2021, securing a substantial raise in the process.

Hamilton, despite being the joint-most successful driver in the sport’s history, falls just short of Verstappen’s earnings. The British driver extended his deal with Mercedes until 2025 but will make the switch to Ferrari next year, where he is expected to earn a similar amount.

Charles Leclerc, Ferrari’s current star driver, ranks third in Formula One driver salaries, pocketing £27 million annually. This puts him in a league of his own, well behind the top two earners but significantly ahead of the rest of the field.

THE TOP 10 FORMULA ONE DRIVER SALARIES

Lando Norris of McLaren secures the fourth spot with a £16 million annual salary, a significant increase after signing a new long-term deal in January. George Russell, Hamilton’s teammate at Mercedes, follows closely with £14 million per year.

Fernando Alonso, the most experienced driver on the grid, also earns £14 million annually with Aston Martin. Sergio Perez, Verstappen’s teammate at Red Bull, takes home £11 million, while Carlos Sainz, who will be replaced by Hamilton at Ferrari in 2025, earns £9.5 million.

Rounding out the top 10 are Valtteri Bottas of Sauber with £8 million and Daniel Ricciardo, who returned to the grid with Visa Cash App RB, earning £6 million per year.

THE REST OF THE FIELD IN FORMULA ONE DRIVER SALARIES

The remaining drivers on the grid earn significantly less than the top 10. Esteban Ocon and Pierre Gasly of Alpine, along with Oscar Piastri of McLaren, each earn £4.8 million annually. Kevin Magnussen of Haas follows with £4 million.

Alexander Albon of Williams and Lance Stroll of Aston Martin both pocket £2.5 million per year, while Nico Hulkenberg of Haas and Guanyu Zhou of Sauber earn £1.5 million each. At the bottom of the list are Yuki Tsunoda of Visa Cash App RB and Logan Sargeant of Williams, both earning £800,000 annually.

LOOKING AHEAD TO THE 2024 SEASON

As the 2024 Formula One season unfolds, fans eagerly anticipate the performance of their favourite drivers. With the revelation of each driver’s salary, it’s clear that the competition extends beyond the track and into the financial realm.

While Formula One driver salaries may vary significantly, one thing remains constant: the passion and dedication these athletes bring to the sport. As the season progresses, fans will undoubtedly witness thrilling races, strategic battles, and the pursuit of glory by the world’s best drivers.

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