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Top F1 Driver Salaries for 2024: Verstappen and Norris Lead the Pack

Harry Stone by Harry Stone
December 12, 2024
in Motorsports
Reading Time: 5 mins read
0
Top F1 Driver Salaries for 2024: Verstappen and Norris Lead the Pack

Formula One F1 - Qatar Grand Prix - Lusail International Circuit, Lusail, Qatar - November 30, 2024 Red Bull's Max Verstappen celebrates after qualifying in pole position along with second placed Mercedes' George Russell and third placed McLaren's Lando Norris REUTERS/Hamad I Mohammed

The curtain has closed on an exhilarating 2024 Formula 1 season, and with it, the drivers’ salaries for the year have been revealed, offering insight into the financial rewards for the sport’s elite. From world champion Max Verstappen to rising star Lando Norris, here’s a look at who earned what on the grid.


1. Max Verstappen (Red Bull Racing)

  • Annual Salary: $60 million
  • Bonuses: $15 million
  • Total Earnings: $75 million

Four-time world champion Verstappen tops the earnings chart, reflecting his dominance on and off the track. With Red Bull battling challenges in the 2024 season, Verstappen’s skill shone through, securing his title in Las Vegas. Locked into a lucrative contract until 2028, the Dutchman remains F1’s highest-paid driver and a benchmark for the sport’s financial elite.


2. Lewis Hamilton (Ferrari)

  • Annual Salary: $55 million
  • Bonuses: $2 million
  • Total Earnings: $57 million

Hamilton’s move to Ferrari has been one of the most anticipated shifts in F1 history. While his bonus structure may seem modest, Hamilton’s off-track ventures, including his production company and collaborations with Tommy Hilfiger, solidify his status as a commercial powerhouse. His Ferrari contract reportedly positions him to rival Verstappen’s top earnings next season.


3. Lando Norris (McLaren)

  • Annual Salary: $12 million
  • Bonuses: $23 million
  • Total Earnings: $35 million

Norris’ breakout year saw him become one of the sport’s highest earners, with performance-based bonuses far exceeding his base salary. As a key player in McLaren’s Constructors’ Championship win, Norris’ growing stock signals a potential leap in his base salary for 2025, matching his trajectory toward championship contention.


4. Fernando Alonso (Aston Martin)

  • Annual Salary: $24 million
  • Bonuses: $3.5 million
  • Total Earnings: $27.5 million

Alonso’s vast experience continues to command a premium, even as Aston Martin struggled in 2024. While his opportunities for race wins remain slim, the Spaniard’s relentless driving and partnership with Lawrence Stroll could be revitalized with the arrival of design legend Adrian Newey.


5. Charles Leclerc (Ferrari)

  • Annual Salary: $15 million
  • Bonuses: $12 million
  • Total Earnings: $27 million

Leclerc’s passionate performances for Ferrari earned him a high payday and a dedicated following. With three wins and several iconic drives, the Monegasque remains Ferrari’s hope for ending their championship drought. His strong season puts him in a prime position for a substantial pay raise in the coming years.


6. George Russell (Mercedes)

  • Total Earnings: $23 million

Russell stepped into the team leader role following Hamilton’s departure, earning his place as one of F1’s highest-paid drivers. A victory in Austria and consistent performances helped keep Mercedes in the fight.


7. Oscar Piastri (McLaren)

  • Total Earnings: $22 million

Piastri’s debut victory in Hungary and overall strong season reinforced his value to McLaren. His contributions to the Constructors’ title are likely to result in a significant pay increase in future seasons.


8. Sergio Perez (Red Bull Racing)

  • Total Earnings: $19.5 million

Despite a challenging year, Perez still earns a hefty salary. However, his struggles to compete with Verstappen have made his position at Red Bull increasingly precarious.


9. Carlos Sainz (Ferrari)

  • Total Earnings: $19 million

Sainz’s consistency and two race wins underline his value to Ferrari. However, with Leclerc shining as the team’s lead driver, Sainz’s future earnings may depend on his ability to match his teammate’s performances.


10. Pierre Gasly (Alpine)

  • Total Earnings: $12 million

Gasly’s solid performances at Alpine earned him a spot in the top 10. While Alpine remains a midfield team, Gasly’s consistent scoring keeps him well-compensated.


The Outlook for 2025

With four teams—McLaren, Ferrari, Mercedes, and Red Bull—expected to contend for wins next season, driver earnings are likely to escalate. Verstappen and Norris are well-positioned for even larger paydays, while rising stars like Piastri and Russell could see significant bumps in their salaries. Meanwhile, veterans like Hamilton and Alonso remain vital to their teams, commanding paychecks that reflect their experience and marketability.

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