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The Big League of Formula 1: Who Are the Highest Paid Drivers of 2024?

Carl Smith by Carl Smith
December 5, 2024
in Motorsports
Reading Time: 4 mins read
0
Lando Norris Backs Mercedes to Shine Again in Qatar Following Vegas Triumph

Nov 22, 2024; Las Vegas, Nevada, USA; McLaren Formula 1 Team driver Lando Norris of Great Britain (4) drives during practice for the Formula 1 Heineken Silver Las Vegas Grand Prix 2024 at the Las Vegas Circuit. Mandatory Credit: Lucas Peltier-Imagn Images

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Formula 1 is not just a sport—it’s a billion-dollar global spectacle where drivers are not only athletes but also superstar commodities. Their earnings reflect their talent, charisma, and the results they deliver on and off the track. Here’s a breakdown of the highest-paid drivers in F1 for 2024 and why their salaries reach astronomical heights.


Max Verstappen: The $55 Million Dominator

At just 27 years old, Max Verstappen is in a league of his own. With four consecutive world titles under his belt, the Dutch prodigy commands the highest salary in F1: a staggering $55 million per season. Verstappen’s dominance has made him the face of modern Formula 1, with his contract locked in until 2028. However, whispers of even more lucrative extensions suggest Red Bull might be willing to go the extra mile to keep their star driver happy. If his trajectory continues, Verstappen could redefine what it means to be a sports superstar by 2030.


Lewis Hamilton: The Icon Still Cashing In

Although his on-track dominance has waned, Lewis Hamilton remains one of F1’s biggest stars and cultural icons. Earning $45 million in 2024, the seven-time world champion is more than just a driver—he’s a brand. His ventures into fashion, philanthropy, and activism ensure his global influence extends far beyond the paddock. Next year, Hamilton will make waves with a sensational move to Ferrari, where he aims for his elusive eighth world title. With rumours suggesting Ferrari will pay him a jaw-dropping $100 million annually, Hamilton’s legacy—and paycheck—might just skyrocket further.

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Charles Leclerc: Ferrari’s $34 Million Hope

Ferrari has placed its future in the hands of Charles Leclerc, offering him a hefty $34 million per year. The Monegasque driver is seen as the team’s golden boy, with a long-term contract that reportedly stretches until 2029. Leclerc’s performances have shown flashes of brilliance, and Ferrari hopes he can return the Scuderia to its former glory. Whether he can finally clinch a world championship remains the burning question.


Lando Norris: McLaren’s Rising Star

At just 25, Lando Norris is one of F1’s brightest young talents. With a salary of $20 million, McLaren has invested heavily in their star driver. Known for his consistency and engaging personality, Norris is a fan favourite on and off the track. His contract runs until at least 2026, and with McLaren showing signs of resurgence, Norris’s career trajectory looks promising.


Veteran vs. Young Gun: Alonso and Russell at $18 Million

Both Fernando Alonso and George Russell take home $18 million in 2024, but their stories couldn’t be more different. Alonso, a two-time world champion, continues to defy age with stellar performances for Aston Martin. Meanwhile, Russell, the 26-year-old Mercedes driver, is cementing his place as a future title contender.


Sergio Pérez: A $14 Million Second Fiddle

As Verstappen’s teammate at Red Bull, Sergio “Checo” Pérez earns $14 million this season. However, a string of inconsistent performances has left his future uncertain. Despite signing a contract extension, the pressure is mounting, and rumours of replacement loom.


Carlos Sainz: A New Challenge at $12 Million

Ferrari’s second driver, Carlos Sainz, earns $12 million in 2024 but is set for a dramatic change. With his Ferrari tenure ending, the Spaniard will join Williams in 2025, aiming to revive the once-mighty British team.

Oscar Piastri: The rookie
Oscar Piastri earns $6 million a year as a salary to race for the McLaren F1 team, as reported by Spotrac. Piastri signed a contract extension with McLaren that will see him racing for the Papaya team till the end of the 2026 season. It is not known whether the contract has provisions for performance-based bonuses.


Salaries Beyond the Track

Formula 1 salaries are more than just rewards for speed. They represent drivers’ marketability, experience, and the faith their teams place in them. Drivers like Verstappen and Hamilton not only dominate on the track but also shape the sport’s global narrative. Meanwhile, younger talents like Norris and Leclerc are carving out their own legacies, with lucrative contracts reflecting their star power.

As the sport evolves, so too will its financial landscape, ensuring F1 remains the pinnacle of motorsport both in performance and paychecks.

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