Few sports are simultaneously as glorious and as dangerous as Formula 1 Racing. Only 20 drivers can claim the honor of being able to get behind the wheel of a formula racing car and careen down a track at speeds averaging 200 miles per hour.
It makes sense then, that these exceptional motor athletes are well-paid for their efforts. But which drivers take home the most dough at the end of the year?
Here’s a look at salaries and compensation across Formula 1.
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How Does Formula 1 Driver Pay Work?
Formula 1 drivers make their money through a compensation of base salary and performance incentives, similar to the way other sport contracts work.
A driver’s base salary is paid by their team, and it’s based on a factors like seniority and experience to performance on the track. Performance incentives are paid out to drivers based on things like winning a race or finishing on the podium, as well as any other goals the team sets for the driver, such as the number of championship points they amass.
Aside from a driver’s base salary and incentives, they often benefit from various sponsorships and endorsements with major brands. Typically, this type of extra compensation is enjoyed by the more successful and well-known drivers, while the rookies and less successful drivers rely more on their salaries.
Since 2021, teams have had to conform to a “cost cap,” similar to salary caps in sports like NFL football, but driver salaries do not fall under it. That means teams are free to open the floodgates to sign the talent they want.
Races also often come with a hefty purse for the winning team, and drivers often get a portion of this through their contracts.
Who Are The Highest Paid Formula 1 Drivers?
When it comes to a driver’s annual earnings in Formula, the top three competitors are way ahead of the rest of the pack.
The top earner is Red Bull’s Max Verstappen, who entered the sport in 2015 as the youngest driver ever at the age of 17 and has been on a tear ever since, winning multiple consecutive championships in the last few years and shattering F1 records in most wins in a season (19), most podium finishes in a season (21) and most back-to-back wins (10), among others. All of that success has (literally) paid off: Verstappen’s annual compensation is a whopping $55 million, a full $10 million higher than the next closest driver…
Lewis Hamilton, a seven-time Formula 1 champion who currently races for Mercedes, was the second-highest earning driver at $45 million per year. Hamilton was the highest-paid racer before Verstappen overtook him, and holds numerous records for total race wins, podium finishes and others. Hamilton is set to reclaim his place at the top of the salary charts, however: He will leave Mercedes and join Ferrari this year, which will reportedly launch him far beyond Verstappen’s annual pay to $100 million per year.
Speaking of Ferrari, our third-highest earning driver makes his home over there. Charles Leclerc was the runner-up to Verstappen in the 2022 World Driver’s Championship and won the Monaco Grand Prix this year. His salary comes in at $34 million per year.
Formula 1 was also home to one of the highest paid athletes in the world, former driver Michael Schumacher, who was a dominant force in the sport for years. Schumacher is also the highest-earning Formula 1 driver of all time.
Formula 1 Driver Salaries in 2024
That rounds out the top three highest-paid Formula 1 drivers, but what about the other 17? Verstappen, Hamilton and Leclerc are outliers to some extent when it comes to Formula 1 earnings, while the rest of the field tends to be closer in pay, ranging from $2 to $20 million per year.
Here’s the full list of compensation in 2024 for Formula 1’s 20 drivers. Keep in mind that the teams don’t publish their drivers’ compensation figures, so these are all estimates.
| Rank | Name | Team | Salary |
| 1 | Max Verstappen | Red Bull | $55 million |
| 2 | Lewis Hamilton | Mercedes | $45 million |
| 3 | Charles Leclerc | Ferrari | $34 million |
| 4 | Lando Norris | McLaren | $20 million |
| T-5 | George Russell | Mercedes | $18 million |
| T-5 | Fernando Alonso | Aston Martin | $18 million |
| 7 | Sergio Perez | Red Bull | $14 million |
| 8 | Carlos Sainz | Ferrari | $12 million |
| 9 | Valtteri Bottas | Sauber | $10 million |
| 10 | Daniel Ricciardo | RB | $7 million |
| T-11 | Esteban Ocon | Alpine | $6 million |
| T-11 | Pierre Gasly | Alpine | $6 million |
| T-11 | Oscar Piastri | McLaren | $6 million |
| 14 | Kevin Magnussen | Haas | $5 million |
| T-15 | Alexander Albon | Williams | $3 million |
| T-15 | Lance Stroll | Aston Martin | $3 million |
| T-17 | Nico Halkenberg | Haas | $2 million |
| T-17 | Zhou Guanyu | Sauber | $2 million |
| T-19 | Yuki Tsunoda | RB | $1 million |
| T-19 | Logan Sargeant | Williams | $1 million |
Formula 1 Team Total Payrolls
So which teams end up paying the most out to their drivers? No surprise that the top three teams with the highest salaries conform to the same order as the top three drivers: Red Bull, Mercedes and Ferrari. McLaren and Aston Martin are in fourth and fifth place.
Here’s the full list of how much each team pays in annual salary:
| Team | Salary |
| Red Bull | $69 million |
| Mercedes | $63 million |
| Ferrari | $46 milliom |
| McLaren | $26 million |
| Aston Martin | $21 million |
| Alpine | $12 million |
| Sauber | $12 million |
| RB | $8 million |
| Haas | $7 million |
| Williams | $4 million |
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Frequently Asked Questions
Which Formula 1 driver makes the most money?
Max Verstappen of Team Red Bull is the highest-earning Formula 1 driver at $55 million per year.
How many Formula 1 drivers are there?
There are 20 Formula 1 drivers.
Which Formula 1 team pays the most money to drivers?
Team Red Bull has the highest F1 payroll, spending $69 million in compensation per year.
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