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The salaries in 2024: this is what Verstappen, Hamilton and co will earn!

The salaries in 2024: This is what Verstappen, Hamilton and co will earn!

31 January at 10:00
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  • Ludo van Denderen

Max Verstappen not only won the most prizes in Formula 1 in 2023 but the Red Bull Racing driver also earned by far the most of all drivers. Verstappen is also expected to be the absolute biggest earner in 2024, although he is closely followed by his biggest rival, Lewis Hamilton.

Exactly how much F1 drivers earn is, of course, a secret. Nevertheless, amounts do leak out regularly, giving some indication. For instance, Verstappen is said to receive $55 million in salary from Red Bull Racing in 2024. That is as much as Lewis Hamilton gets from Mercedes. Still, there is a significant chance that Verstappen will earn (much) more by the end of the year.

Verstappen opts for bonuses

In his contract talks last year, Hamilton reportedly negotiated to get a higher base salary and fewer bonuses. In Verstappen's case, the many bonuses - as in 2023 - could actually increase the salary substantially. Charles Leclerc and Lando Norris are third and fourth in the salary rankings, respectively. Although they signed new contracts last week, they will only take effect from 2025 or 2026.

Not every driver in Formula 1 becomes wealthy from racing in this class. Logan Sargeant and Yuki Tsunoda would have to make do with change compared to Verstappen or Hamilton. However, some have personal sponsors who give them some extra money.

Estimated salaries in Formula 1

DriverTeamEstimated salary in dollars
Max VerstappenRed Bull Racing55 million
Sergio PerezRed Bull Racing10 million
Lewis HamiltonMercedes55 million
George RussellMercedes13 million
Charles LeclercFerrari30 million
Carlos SainzFerrari10 million
Lando NorrisMcLaren25 million
Oscar PiastriMcLaren3 million
Fernando AlonsoAston Martin5 million
Lance StrollAston Martin2 million
Pierre GaslyAlpine5 million
Esteban OconAlpine6 million
Valtteri BottasStake F110 million
Guanyu ZhouStake F12 million
Alex AlbonWilliams3 million
Logan SargeantWilliams1 million
Yuki TsunodaVisa Cash App F1 Team1 million
Daniel RicciardoVisa Cash App F1 Team2 million
Kevin MagnussenHaas5 million
Nico HulkenbergHaas2 million
Source: speedcafe.com