F1 Driver Salaries: What the stars earn as Hamilton makes HUGE move

F1 is now in the budget cap era, which means money to develop cars is tighter, but that won't impact driver salaries in 2024, just as it didn't during the 2022 season.

The contract teams give their drivers is an exemption from the cap, meaning those at the front of the grid will remain some of the highest-paid sports stars around.

But just how much does each driver earn in the 2024 season? Let's take a look.

READ MORE: F1 Explained: A beginner's guide to all the key terms and definitions

Salary for every F1 driver in 2024

Salaries for F1 drivers are notoriously difficult to pin down; there can be a range of external elements such as contract upgrades, bonuses, and sponsorships, which makes it hard to identify just how much each driver earns.

In 2022, Max Verstappen penned one of the most lucrative deals for a driver in F1 history and was then financially rubbing shoulders with rival Lewis Hamilton. That continued into the 2023 season, with both men holding clear financial dominance over the remainder of the grid.

The reigning F1 champion signed a five-year extension to an already existing agreement last year, which now sees him tied to Red Bull through to the end of 2028.

According to a recent report by Forbes, Verstappen's recent contract extension has propelled him to the top of the F1 pay chart, earning a staggering $70 million per season. This includes a base salary of $45 million and performance-related bonuses of $25 million, putting him a significant $15 million ahead of his closest rival, Lewis Hamilton.

Hamilton, with his $55 million annual earnings, remains comfortably within the top tier of F1 earners. His salary consists solely of his base pay, as he didn't earn any performance bonuses with Mercedes in 2023. However, the bombshell news of his move to Ferrari in 2025 throws his future earnings into high gear!

READ MORE: Lewis Hamilton net worth: What F1 megastar earns from salary, sponsorship and endorsements

Beyond Verstappen and Hamilton, the rest of the F1 driver salaries follow a descending order. Fernando Alonso, with his $34 million annual earnings (salary $24m, bonuses $10m), stands as the third-highest paid driver, followed by Sergio Perez ($26 million - salary $10m, bonuses $16m) and Charles Leclerc ($19 million - salary $14m, bonuses $5m).

Lando Norris has emerged as the team's highest-paid driver, earning $15 million per season (salary $5m, bonuses $10m). Ferrari's Carlos Sainz follows closely with $14 million (salary $8m, bonuses $6m) in annual earnings.

Rounding out the top 10 earners in 2023 are George Russell ($9 million - salary $4m, bonuses $5m), Pierre Gasly ($8 million - salary $5m, bonuses $3m), and McLaren's new boy Oscar Piastri ($8 million - salary $3m, bonuses $5m).

Here are the base salaries of F1 drivers, as reported by Forbes and other sources, excluding any performance-based bonuses.

READ MORE: Max Verstappen net worth: Newey Aston Martin and Mercedes key to luxury assets

Does the F1 budget cap affect driver salaries?

As mentioned, driver salaries are kept separate from the budget cap. Indeed the salaries of the three highest-paid employees are exempt, which in virtually all cases will include the team principals as well.

Other items which are kept exempt include marketing costs and utility bills incurred by the teams.

READ MORE: F1 drivers age: How old are Lewis Hamilton, Verstappen, Norris and co

Related

F1 Explained

How much do F1 tyres cost? INSANE prices revealed for Las Vegas Grand Prix

• Yesterday 16:54

Latest F1 News

Verstappen reveals F1 RETIREMENT clue ahead of Las Vegas GP

• November 21, 2024 20:47