Formula 1 racing is the highest level of competition in the open-wheel racing series sanctioned by FIA. It is known as the pinnacle of Motorsports. Formula 1 racing features a 24-race championship between 20 drivers and 10 teams. The series is known for producing many motorsport legends like Niki Lauda, Michael Schumacher, and Lewis Hamilton. Max Verstappen is the reigning champion of Formula 1. He dominantly took the 2023 title, winning 21 out of 23 races in the season. Verstappen is currently leading the world championship with 354 points to his name as of October 21, 2024.
Note: These salaries are sourced by Spotrac and are according to the start of the season. There are a few drivers whose contracts were terminated mid-season. As such, there is no estimate about the new drivers racing on behalf of the replacement drivers.
| Name | Team | Driver |
| Max Verstappen | Red Bull | $55 million |
| Lewis Hamilton | Mercedes | $45 million |
| Charles Leclerc | Ferrari | $34 million |
| Lando Norris | McLaren | $20 million |
| Fernando Alonso | Aston Martin | $18 million |
| George Russell | Mercedes | $18 million |
| Sergio Perez | Red Bull | $14 million |
| Carlos Sainz | Ferrari | $12 million |
| Valtteri Bottas | Kick Sauber | $10 million |
| Daniel Ricciardo* | RB | $7 million |
| Esteban Ocon | Alpine | $6 million |
| Oscar Piastri | McLaren | $6 million |
| Pierre Gasly | Alpine | $6 million |
| Kevin Magnussen | Haas | $5 million |
| Alexander Albon | Williams | $3 million |
| Lance Stroll | Aston Martin | $3 million |
| Guanyu Zhou | Kick Sauber | $2 million |
| Nico Hulkenberg | Haas | $2 million |
| Logan Sargeant* | Williams | $1 million |
| Yuki Tsunoda | RB | $1 million |
Driver name in bold indicates world champions
*- Driver replaced mid season
FAQ's On F1 Driver Salary 2024
A. Formula 1 drivers get paid between $55 million to $1 million as per Spotrac’s 2024 rankings.
A. Michael Schumacher is the richest-ever Formula 1 driver.
A. Yuki Tsunoda is the lowest-paid Formula 1 driver in 2024 with a salary of $1 million.
A. Max Verstappen with a salary of $55 million is the most expensive driver in Formula 1 as per reports by Spotrac.
