2024 Formula 1 Driver Salaries: Everything You Need To Know

Published at :March 4, 2024 at 3:37 PM

Modified at :March 4, 2024 at 3:37 PM

(Courtesy : Formula 1)

There’s more to the 2024 Formula 1 season than simply the exciting races and high-speed action on the track as it prepares for its much-anticipated debut in Bahrain. One of the main talking points for this season is the large salary that the best drivers in the business will be receiving.

How does the F1 2024 season look so far?

With a staggering 24 races on the schedule this year, fans can expect a long-lasting show that takes place from Bahrain to Abu Dhabi. After winning 19 of the 22 races in the previous season, Red Bull Racing—led by three-time world champion Max Verstappen—is the team to beat. But the team’s future is clouded by charges against Christian Horner, the team chief, which presents off-track issues.

Huge changes are approaching amidst the excitement. In an attempt to get a competitive car, seven-time champion Lewis Hamilton is planning to leave Mercedes at the end of this season and join Ferrari the next year.

The legendary Imola track from Italy and China is among the notable circuit returnees that give the season even more appeal.

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Multi-Million Dollar Commitment: Leclerc and Norris sign lucrative deals

Ahead of the 2024 F1 season, Ferrari’s Charles Leclerc and McLaren’s Lando Norris signed multi-year contracts, solidifying their positions as key drivers for their respective teams. These deals—which are estimated to be worth $34 million and $20 million, respectively—showcase the substantial investments made by Ferrari and McLaren to hold onto their elite athletes.

The significant pay differences between Norris and fellow player Oscar Piastri and Carlos Sainz and Leclerc highlight how skills are valued in F1.

Additionally, their contracts could impact market dynamics, particularly amidst Lewis Hamilton’s move to Ferrari and potential vacancies at Mercedes.

The drivers’ salaries are expected to increase with on-track success, with bonuses tied to performance. Overall, these lucrative contracts highlight the intersection of talent and financial reward in Formula One.

Formula 1 Driver Salaries 2024

DRIVER	TEAM	ESTIMATED SALARY ($)	CONTRACT DURATION
Max Verstappen	Red Bull Racing	55 million	2028
Lewis Hamilton	Mercedes	45 million	2025
Charles Leclerc	Ferrari	34 million	2028
Lando Norris	McLaren	20 million	2025
George Russell	Mercedes	18 million	2025
Fernando Alonso	Aston Martin	18 million	2024
Sergio Perez	Red Bull Racing	14 million	2024
Carlos Sainz	Ferrari	12 million	2024
Valtteri Bottas	Stake F1 Team	10 million	2024
Daniel Ricciardo	Visa Cash App RB	7 million	2024
Esteban Ocon	Alpine	6 million	2024
Pierre Gasly	Alpine	6 million	2024
Oscar Piastri	McLaren	6 million	2026
Kevin Magnussen	Haas F1	5 million	2024
Alexander Albon	Williams	3 million	2024
Lance Stroll	Aston Martin	3 million	Open
Nico Hulkenberg	Haas F1	2 million	2024
Guanyu Zhou	Stake F1 Team	2 million	2024
Yuki Tsunoda	Visa Cash App RB	1 million	2024
Logan Sargeant	Williams	1 million	2024

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