Recent reports have unveiled 2024 F1 drivers salaries and bonuses as the Formula 1 season comes to a close, showcasing a remarkable increase in earnings across the board.
This year the total earnings of the top ten drivers reached an astonishing $317 million, marking a 23% increase from the previous year’s total of $258 million. This financial landscape is not only indicative of the drivers’ performances but also highlights the growing commercial appeal of Formula 1 as a global sport.
2024 F1 drivers salaries and bonuses
Max Verstappen
Leading the charge once again in 2024 F1 drivers salaries and bonuses is Max Verstappen who has firmly established himself as the highest-paid driver in Formula 1 for the third consecutive year.
The Red Bull Racing star’s total earnings for 2024 are estimated at $75 million, which includes a record-breaking base salary of $60 million along with performance-based bonuses totaling $15 million.
Verstappen’s impressive earnings reflect his dominance on the track, having secured his fourth consecutive World Championship despite facing stiffer competition this season. His contract extension with Red Bull, signed after his first title in 2021 has solidified his status as one of the highest earners in sports.
Lewis Hamilton
In second place is seven-time world champion Lewis Hamilton who earned approximately $57 million this year.
Hamilton’s earnings comprise a base salary of $55 million supplemented by $2 million in bonuses. While this marks an increase from his previous earnings, it is significantly lower than what he has commanded in earlier years.
The Brit’s performance this season included two race victories, including a poignant win at Silverstone, which helped boost his earnings despite a challenging year for Mercedes.
As Hamilton prepares for a new chapter with Ferrari in 2025, his financial trajectory remains robust but his legacy as one of the sport’s greatest drivers continues to attract huge financial backing.
Lando Norris
The rising star of Lando Norris has also made waves in the 2024 F1 drivers salaries and bonuses rankings, landing third place with a total of around $35 million. This figure represents a substantial increase from his previous year’s earnings of $15 million.
This leap is attributed to a new contract that raised his base salary to $12 million, complemented by an impressive $23 million in bonuses following his first four Grand Prix victories and contributions to McLaren’s Constructors’ Championship success.
Norris’s ascent reflects not only his growing prowess on the track but also the lucrative potential that comes with success in Formula 1.
Fernando Alonso
Meanwhile Fernando Alonso remains a formidable presence on the grid, earning an estimated total of $27.5 million this year. His salary consists of a base pay of $24 million along with bonuses totaling about $3.5 million.
Despite Aston Martin’s struggles this season compared to their previous competitiveness, Alonso’s experience and skill have ensured he remains among the highest earners showcasing that age is no barrier to success in the demanding sport.
Charles Leclerc
Charles Leclerc follows closely behind Alonso in the 2024 F1 drivers salaries and bonuses rankings, with estimated earnings of approximately $27 million.
Leclerc’s income includes a base salary of around $15 million and performance-related bonuses amounting to $12 million. His consistent performances have solidified his position within Ferrari and contributed to his impressive financial standing.
George Russell
George Russell has experienced significant growth in his earnings as well, bringing home approximately $23 million this year. His salary consists of a base pay of $15 million and bonuses totaling about $8 million.
Russell’s rise within Mercedes reflects both his talent as a driver and the team’s confidence in him as they navigate their transition post-Hamilton.
Oscar Piastri
Oscar Piastri has emerged as one of the most exciting talents on the grid, earning an estimated total of $22 million this year.
Piastri’s salary includes a base pay of around $5 million and an impressive $17 million in bonuses, reflecting his pivotal role in McLaren’s success this season following their Constructors’ Championship win.
His ability to secure race victories has significantly boosted his financial rewards and established him as a driver to watch in future seasons.
Sergio Perez
Sergio Perez earned about $19.5 million in 2024, which consists of a base salary of approximately $12 million and bonuses totaling around $7.5 million.
Despite facing challenges throughout the season and not achieving race wins, Perez remains one of F1’s top earners due to Red Bull’s competitive edge and his contributions to their overall success.
Carlos Sainz
Carlos Sainz rounds out the top ten highest-paid in 2024 F1 drivers salaries and bonuses with estimated earnings of around $19 million. His income includes a base pay of approximately $10 million supplemented by bonuses totaling about $9 million.
As Sainz prepares for a new chapter with Williams in 2025 after concluding his tenure with Ferrari, he reflects on a successful season that included notable performances.
Pierre Gasly
Finally, Pierre Gasly earned about $12 million this year, comprising a base salary that doubled from previous years alongside performance-based bonuses following strong finishes late in the season.
The overall differences in 2024 F1 drivers salaries and bonuses illustrates how performance on the track directly correlates with financial success off it.
The significant increase in earnings across many drivers compared to previous years highlights not only individual successes but also Formula 1’s growing commercial viability as it expands its global reach.
As Formula 1 continues to evolve with new regulations and technologies aimed at boosting competition and sustainability, it is clear that driver salaries will remain a focal point for fans and analysts alike.
The financial stakes are higher than ever making it imperative for teams to invest wisely in talent while also navigating the complexities of contracts and sponsorships.
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