F1 2024 driver salaries

Who ranks as the highest-paid drivers in Formula 1? According to Forbes, Max Verstappen secured the top spot in 2023, boasting a reported base salary of $45 million and an additional $25 million in bonuses for his exceptional season, marking his third consecutive World Championship. Lewis Hamilton, with a reported base salary of $55 million, surpassed Verstappen in base earnings but did not earn extra through bonuses due to a winless season. Despite a significant base salary increase upon moving to Aston Martin, Fernando Alonso earned a reported $24 million supplemented by $10 million in bonuses for a successful first year.

Are driver salaries included in the F1 budget cap? No, driver salaries are not part of the F1 budget cap, allowing teams the flexibility to determine their drivers’ pay without budget constraints. Although all team salaries fall under the annual spending limits, the two drivers and the three other highest-paid staff members are exempt from inclusion in the final report.

Who are the least-paid drivers in Formula 1? Typically, rookies in Formula 1 tend to have lower earning power as they establish themselves in the sport. Additionally, drivers who bring sponsorship income to their team may receive supplementary pay from sponsors, reducing their reliance on team salary. Less experienced drivers such as Logan Sargeant and Zhou Guanyu, along with Yuki Tsunoda, despite being in his fourth F1 season, are among the lower end of reported earning standings. Daniel Ricciardo, once among the highest earners, experienced a significant reduction to his reported $15 million annual salary when taking a reserve role at Red Bull in 2023. Details of his 2024 salary, now that he is back on the track, remain undisclosed.

Reported F1 2024 Driver Salaries: