Formula 1: Top 10 highest paid drivers of the 2024 season

As a die-hard Formula One fan with decades of passion for this exhilarating sport under my belt, I must say that the financial aspect of this high-speed world has always fascinated me. The earnings of these drivers are nothing short of mind-boggling!

It’s a fact that many Formula 1 drivers are among the highest-earning athletes globally, however, not every driver is making tens of millions annually.

Which athletes made the most money during the 2024 sports season, solely from their salaries (excluding endorsement deals and other income)? Here’s a list of the top 10 earners.

In the sport, three out of its ten teams – Alpine, Haas, and Williams – failed to get any drivers in the top 10 positions, whereas three other teams managed to position two of their drivers in the rankings.

All figures courtesy of Spotrac.

10. Daniel Ricciardo, RB

2024 season saw Daniel Ricciardo falling short and getting replaced by Liam Lawson at RB towards its end. However, the driver who previously thought his F1 days were over, but was given a second chance with AlphaTauri last year, managed to earn $7,000,000 in 2024.

9. Valtteri Bottas, Sauber

It appears that Valtteri Bottas, who is expected to leave Formula 1 after the 2024 season, will be replaced by newcomer Gabriel Bortoleto at Sauber next year. In his third and last season with the team, he managed to earn approximately $10 million.

8. Carlos Sainz Jr., Ferrari

In 2025, Carlos Sainz Jr., a driver currently with Ferrari, will not be returning to the team. However, his departure from Ferrari is not his last hurrah in Formula 1. Known to join Williams next year after Hamilton takes his seat, Sainz made approximately $12 million during his fourth and final season with Scuderia red.

7. Sergio Perez, Red Bull

Based on reports, it seems that Sergio Perez will not continue with Red Bull for the 2025 season, possibly due to his inability to recapture the top-tier performance he exhibited as a second driver in Milton Keynes. In 2024, his earnings reached around $14 million during his partnership with Max Verstappen.)

T-5. Fernando Alonso, Aston Martin

Over the past four racing seasons, Fernando Alonso, a two-time world champion who had once retired, has demonstrated that he retains the skills necessary to thrive in Formula 1 competition. His substantial salary as Aston Martin’s primary driver serves as testament to this fact. In 2024 alone, the 43-year-old received a remuneration of $18,000,000.

T-5. George Russell, Mercedes

As George Russell, I’ve just made a powerful statement with my victory in Las Vegas, cementing myself as the leading driver at Mercedes as we step into the post-Lewis Hamilton era. And let me tell you, I’m already earning like a top-tier driver, pocketing a cool $18 million!

4. Lando Norris, McLaren

McLaren have consistently held the view that Lando Norris possesses the potential to compete for world championships, and although he fell short in 2024, he experienced his initial brush with a title contest. He has most likely cemented himself as a formidable adversary for years to come, and he has demonstrated that he is a valuable asset worthy of his $20 million salary.

3. Charles Leclerc, Ferrari

Charles Leclerc continues to demonstrate his potential as a serious contender for the world championship, much like in 2024. Unlike Norris, he has been performing at this high level for a longer period, and Ferrari compensates him as a top-tier driver with an annual salary of approximately $34 million.

2. Lewis Hamilton, Mercedes

In 2025, Lewis Hamilton is expected to take over as the highest-earning Formula 1 driver following his transition from Mercedes to Ferrari. However, for the time being, he has to content himself with a runner-up position in terms of salary, earning approximately $45,000,000.

1. Max Verstappen, Red Bull

Max Verstappen agreed to a five-year contract worth approximately $275 million before the 2023 season, marking the end of his previous agreement. This contract binds him to Red Bull until 2028, with an annual salary of around $55 million. However, whether he remains with Red Bull beyond 2028 or not, a potential team change might see his compensation more than double – at least in such a scenario.

As a gaming enthusiast, I’m pumped up about the upcoming 2025 Formula 1 season! It all kicks off on my calendar on March 2, which happens to be a Sunday. Guess where the action will be? The iconic Albert Park Circuit in Australia, where I can’t wait to see the world’s fastest drivers go head-to-head!

2024-12-14 14:32

Carrie Bickmore strikes a dramatic pose in sheer designer gown as she goes solo on red carpet at NGV Gala 2024 in Melbourne