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F1 2024 Driver Salaries Revealed

You may be surprised that most drivers got a substantial pay rise in 2024. ...

For whatever reason, we are perpetually fascinated by salary figures. How much are the best drivers in the world paid to do their thing? What is their skill and knowledge worth? Not only do these figures satisfy our curiosity, but they also provide insight into each driver’s perceived value to the team.  

In saying that, this year many of the drivers got substantial pay rises in comparison to 2023, though this could simply be an adjustment due to global inflation post-pandemic.

These numbers come from Forbes reports, publicly disclosed figures, and various sources within the paddock obtained via RacingNews365. All values are in USD.

$1 Million – Logan Sargeant & Yuki Tsunoda

While it’s no surprise that Logan Sargeant is earning the average rookie salary of $1 million, especially given his struggles in 2023, it is surprising to see Yuki Tsunoda earning the same given this will be his fourth year in Formula 1. Do Red Bull not see Tsunoda as a realistic prospect for future success? It doesn’t seem so.

$2 Million – Zhou Guanyu & Nico Hulkenberg

It’s surprising that Hulkenberg gets paid less than his Haas teammate, Kevin Magnussen, but it’s just a continuation of the terms of his contract from last year, though we’d expect him to get a solid pay rise should Haas keep him around for 2025. The same can be said for Zhou Guanyu, though his pay rise is likely contingent on his beating his teammate, Valtteri Bottas.

$3 Million – Lance Stroll & Alex Albon

Alex Albon’s pay has remained the same while Lance Stroll received a $1 million pay rise, though why that is, isn’t very clear, but it’s most likely and inflationary adjustment.

$5 Million – Kevin Magnussen

Kevin Magnussen 2024
Credit: Formula 1

Kevin is earning a solid salary, but should 2024 be a repeat of 2023, then we’d expect him to not only take a pay cut but lose his seat. This is especially clear with Haas’ recent comments on rookie, Oliver Bearman, after an impressive debut with Ferrari in Saudi Arabia.

$6 Million – Oscar Piastri, Esteban Ocon, and Pierre Gasly

Considering Oscar Piastri’s very impressive rookie season, it’s no surprise he received a $3 million raise from 2023.

Esteban Ocon’s pay hasn’t changed, while Pierre Gasly got a $1 million raise likely because he was on even footing with Ocon throughout the 2023 season. It’s plausible that this was done to ensure the drivers we’re both happy considering the pair’s historic tensions.

$7 Million – Daniel Ricciardo

daniel ricciardo 2024
Credit: Formula 1

While this is a substantial pay cut for Daniel Ricciardo compared to his days at Renault and McLaren, it’s still extraordinarily high considering his stunning fall from grace at McLaren. Perhaps the PR and marketing value he brings is simply worth the salary because the results (so far) aren’t really there and considering he was only earning $2 million in 2023, it’s hard to say why he earned such a substantial raise with the exception for Mexico. $5 million for one great performance?

$10 Million – Valtteri Bottas

Valtteri Bottas 2024
Credit: Formula 1

Experience and skill are valuable commodities in Formula 1 and Bottas has them in spades. Stake Sauber need experience to build an effective team in preparation for Audi’s takeover and Bottas’ time at Mercedes will be invaluable to them, which is perhaps why they upped his pay from $6 million in 2023 to $10 million.

$12 Million – Carlos Sainz

carlos sainz 2024
Credit: Formula 1

In 2023, Carlos Sainz was earning $8 million at Ferrari, though being the only non-Red Bull race winner that year certainly earned him some bargaining power with the team considering his $4 million pay rise. Or perhaps it’s merely a parting gift?

$14 Million – Sergio Perez

Sergio perez 2024
Credit: Formula 1

Sergio Perez also got a $4 million pay rise and that’s almost certainly due to his being able to secure P2 in the Driver’s Championship in 2023, despite his struggles.

$18 Million – Fernando Alonso & George Russell

Fernando Alonso is one of the few drivers in 2024 to be earning less than he did in 2023 and for what reason, we cannot deduce. Perhaps he has a higher bonus this year if he performs as well as he did last year?

George Russell, on the other hand, received a substantial pay rise going from $4 million in 2023 to $18 million in 2024. This has more to do with Russell being labelled the future of Mercedes in the wake of Lewis Hamilton’s departure than his results last year which were perhaps his worst considering the machinery he was in.

$20 Million – Lando Norris

lando norris 2024
Credit: Formula 1

Lando Norris also received a substantial pay rise going from $5 million in 2023 to $20 million. He had a variety of great performances in 2023 and has been labelled the future of McLaren (though that has been obvious for some time). He’s being rewarded for his loyalty as well as his performance.

$34 Million – Charles Leclerc

charles leclerc 2024
Credit: Formula 1

Charles Leclerc was already the 5th best paid driver in 2023, but that $14 million salary has been dwarfed by his new $34 million salary. The reasons as to why are similar to Norris: his loyalty, performance, and patron saint of Ferrari’s future.

$45 Million – Lewis Hamilton

lewis hamilton 2024
Credit: Formula 1

Lewis Hamilton has taken a $10 million pay cut for 2024, though whether that’s due to him leaving the team at the end of 2024 is unclear as we don’t know when he signed this contract or if this was part of the initial agreement. Regardless, we’re sure he’s still very happy with the second highest salary on the grid.

$55 Million – Max Verstappen

max verstappen 2024
Credit: Formula 1

Is anyone surprised? The best driver on the grid right now is being paid the most and after securing one of the most dominant championship victories ever in 2023, it’s no surprise he received a $10 million pay rise.

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