F1 driver salaries 2024

In total, 13 drivers are set to enter the final year of their current deals this season – almost two-thirds of the field.

Of those, arguably the most desirable seat is currently filled by Sergio Perez at Red Bull Racing.

The Mexican finished second to team-mate Max Verstappen in last year’s drivers’ championship but it was a close run thing with Lewis Hamilton, despite the inherent car advantage in the RB19.

It is estimated Perez takes home around $10 million, an expense that falls outside of the F1 cost cap, making him the joint sixth top earner.

His team-mate holds the top spot, though a new deal for Hamilton during 2023, which will keep the seven-time champion around until the end of 2025 at least, has seen the Brit match that figure.

George Russell also picked up an increase with his own deal, signed midway through last season, and is thought to earn around $13 million.

Behind Verstappen and Hamilton, Charles Leclerc is thought to be the third-best-paid driver in Formula 1.

The Monegasque driver has recently inked a new deal, and while confirmation has not been forthcoming, it’s suggested that takes the 26-year-old through until the end of 2029 – a five-year extension mirroring his first deal with the Scuderia.

There is thought to be a break clause after three years, but should he remain in Maranello for the duration of the contract, his salary is thought to accelerate to nearly $55 million.

For now, the immediate bump is forecast to have driven his income up to $30 million a year.

Lando Norris has also locked in his future with McLaren with another ‘multi-year’ deal.

Zak Brown refused to be drawn on specifics of the contract, but we can infer a few details.

His previous deal took the 24-year-old up to the end of 2025, so it would be reasonable to assume at least two years on top of that.

However, McLaren tends to work in three-year increments with its driver deals, so applying that logic, Norris could remain in Woking until 2028.

As far as his salary goes, specifics are again sparse, but we can expect a reasonable increase to around $25 million annually – likely with a generous bonus system.

That is how Oscar Piastri could allegedly earn as much as $8 million this year despite a comparatively cheap $3 million base.

The Australian signed an extension to his first F1 contract midway through 2023 and will remain in papaya until the end of 2026.

Compatriot Daniel Ricciardo made his racing return midway through last year, having been third driver for Red Bull Racing.

Back in the hot seat for the newly rebranded RB, formerly AlphaTauri, the eight-time race winner took a hefty pay cut following his McLaren exit at the end of 2022.

At an estimated $2 million, he arguably offers the best value on the grid – a point that could well come into consideration when Red Bull Racing comes to making a call on its second driver for 2025.

All figures quoted in USD.

F1 2024 driver salaries