F1 (Formula One) and money are the best friends in sports, as they are one of the most money-oriented sports, and one single F1 car costs around $15.9 million. That clearly shows how much money a single team needs to spend on the car and then the driver’s contract, which is another expensive part of it.
The roar of the engines, the blur of speed, and the strategic battles in F1 aren’t just about the spectacle of racing. It’s a world of big money, too, with the sport’s top drivers commanding eye-watering salaries. Here’s a closer look at the ten highest-paid drivers in F1 for 2024:
1. Max Verstappen (Red Bull Racing) – $84.5 Million
The reigning champion, Max Verstappen, sits firmly at the top of the earning charts. The 26-year-old Dutchman has secured his place as Red Bull’s golden boy with a hefty contract reflecting his exceptional talent and back-to-back championship wins (2023 & 2024).
2. Lewis Hamilton (Mercedes) – $69 Million
A true legend of the sport, Lewis Hamilton remains a force to be reckoned with despite not claiming the 2024 title. His experience, marketability, and undeniable skill on the track keep him at the top of the earning charts, even after a championship defeat.
3. Charles Leclerc (Ferrari) – $52 Million
The young Monegasque driver, Charles Leclerc, is a rising star with exceptional talent and strategic prowess. Ferrari recognized his potential and rewarded him with a lucrative contract signed in 2023. This strategic move positions him for future dominance and secures his place among the sport’s highest earners.
4. Lando Norris (McLaren) – $30.75 Million
Lando Norris, McLaren’s ever-optimistic golden boy, brings youthful charisma and consistent performance to the team. His popularity with the fans is reflected in his impressive salary secured through a contract extension in 2022.
5 (Tie). George Russell (Mercedes) & Fernando Alonso (Aston Martin) – $18 Million Each
The future of Mercedes, George Russell, shares the fifth spot with the evergreen Fernando Alonso. Russell’s undeniable talent is backed by a firm contract signed in 2023 by Mercedes. Meanwhile, Alonso’s experience as a two-time world champion (2005 & 2006) and his continued fight for podium finishes make him a valuable asset to Aston Martin, who extended his contract in 2023.
6. Sergio Perez (Red Bull Racing) – $14 Million
Max Verstappen’s teammate, Sergio Perez, is crucial to Red Bull’s success. His consistent support and strategic racing have earned him a well-deserved spot among the highest-paid drivers. With a contract extension secured in 2022, Perez remains a valuable asset to the team.
7. Carlos Sainz (Ferrari) – $12 Million
The ever-reliable Carlos Sainz brings consistency and strategic racing to Ferrari. While not quite at Leclerc’s level, his contributions are highly valued. His multi-million dollar contract, signed in 2021, reflects his importance to the team.
8. Valtteri Bottas (Alfa Romeo) – $15.4 Million
The former Mercedes driver, Valtteri Bottas, brings his experience and racecraft to Alfa Romeo. Despite not being in a top team, his talent and past performance secured him a significant salary with a multi-year contract signed by Alfa Romeo in 2023.
9. Daniel Ricciardo (Red Bull – Reserve Driver) – $7 Million
After a decent 2023 season with Alpha Tauri Red Bull Racing, Ricciardo was kept on their team for the 2024 season. Now, The Alpha Tauri has changed its name to RB Formula One Team, but due to the downfall of Ricciardo, his contract value goes way down to $7 Million.
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