How Much Money Do Formula 1 Drivers Make? | F1 Driver Salary Numbers Revealed

How much money do Formula 1 drivers make
How much money do Formula 1 drivers make

Have you ever wondered, how much do F1 drivers make? Formula One (F1) is one of the most prestigious and lucrative motorsports in the world, attracting the best drivers from around the globe. With millions of fans tuning in to watch each race, it’s no surprise that F1 drivers are some of the highest-paid athletes in the world. But just how much do these elite drivers make?

The answer is not as straightforward as you might think. F1 driver salaries can vary widely depending on a range of factors, including their experience, performance, and the team they race for. Some of the sport’s biggest stars earn tens of millions of dollars per year, while others may make only a fraction of that amount.

In this article, we’ll take a deep dive into the world of F1 driver salaries and explore the factors that determine how much they make. We’ll look at some of the highest-paid drivers in the sport’s history, as well as some up-and-coming stars who are poised to make a big impact on the sport’s financial landscape. We’ll also examine the role that sponsorships, endorsements, and other sources of income play in the overall earnings of F1 drivers.

Just like the cars being separated by seconds from the front of the grid to the back, salaries are the same, with 7-time World Champion Lewis Hamilton pulling in $35 million a year, while Yuki Tsunoda is on a mere $1 million a year at Visa CashApp RB. 

Then we need to take into account pay drivers such as Lando Norris and Lance Stroll who bring money to the team while also drawing a salary. 

As well as salaries from their teams, drivers can also earn additional income based on results as well as personal sponsorships.

How much money do Formula 1 drivers make? 

While the exact amount Formula 1 drivers make isn’t made known to the public, Spotrac places Lewis Hamilton’s salary at $35 million a year, with three-time World Champion Max Verstappen leading the field at $55 million.

Two-time World Champion Fernando Alonso took a pay cut and now earns $5 million from Aston Martin, while his teammate Lance Stroll is on $2 million. 

Interestingly Valtteri Bottas, who made what could be considered a ‘step down’ after moving from Mercedes to Sauber, maintained his $10 million a year salary. 

Below is a list of driver salaries for the 2024 Formula 1 season, in US dollars. 

2024 Formula 1 Driver Salaries

Curious about how much money your favorite F1 drivers are making? Look no further than our comprehensive F1 driver salary table, which breaks down the earnings of each driver for the 2024 F1 season.

DriverTeamSalary ($ million)
Max VerstappenRed Bull55
Lewis HamiltonMercedes45
Charles LeclercFerrari34
Lando NorrisMcLaren20
George RussellMercedes18
Fernando AlonsoAston Martin18
Sergio PerezRed Bull14
Carlos SainzFerrari12
Valtteri BottasSauber10
Daniel RicciardoVisa CashApp RB7
Esteban OconAlpine6
Pierre GaslyAlpine6
Oscar PiastriMcLaren6
Kevin MagnussenHaas5
Alexander AlbonWilliams3
Lance StrollAston Martin3
Guanyu ZhouSauber2
Nico HulkenbergHaas2
Logan SargeantWilliams1
Yuki TsunodaVisa CashApp RB1

Are F1 driver salaries included in the new cost cap?

Formula 1 introduced a new cost cap concept in 2021. Teams were required to keep costs under $145m, with limited exceptions. In 2022, this figure was reduced to $140m, and in 2023 it was further reduced to $135m.

The list of exceptions to the cost cap includes racing driver salaries and fees. Teams are therefore free to pay their star drivers whatever they can afford, which is more than enough for many F1 drivers to live in Monaco.

Sources of income for Formula 1 drivers

The primary source of income for Formula 1 drivers is their salary. The salaries of Formula 1 drivers are determined by a number of factors, including the driver’s standing in the sport, the duration of their contract, and the amount of money that their team has to spend.

Formula 1 drivers are often paid a base salary, which may be supplemented with bonuses for performance and/or additional incentives. There are many different ways that Formula 1 drivers can earn additional income during their racing season. Some of the potential sources of revenue for Formula 1 drivers include Race winnings for Formula 1 drivers are typically limited to a percentage of the total prize money for each Grand Prix event.

Race winnings may also include a share of any prize money from team sponsorship deals. Awards and trophies are often given to the top finishers at each race, and these drivers are often paid a small amount of money for them. Drivers may also receive small payments from their team if they help promote the team and its sponsors.

Additionally, drivers can earn money from other sponsorship deals and events outside of the race track.

Formula 1 Drivers’ Instagram Earnings

With millions of followers, Formula 1 drivers have turned their social media accounts into lucrative assets, with earnings per post sometimes rivalling their on-track winnings. Researchers from financial website Invezz.com took a closer look at the top earners on the grid.

1. Lewis Hamilton ($40,400 per post)

Lewis Hamilton, the seven-time Formula 1 World Champion, whose seven world titles have solidified his status as a global icon. With a staggering 36.4 million followers, Hamilton boasts an impressive engagement rate of 3.85%, earning a hefty $40,400 for a single post. His massive following and high engagement make him the undisputed king of social media earnings in Formula 1.

2. Charles Leclerc ($15,700 per post)

Charles Leclerc, the Monegasque driver for Scuderia Ferrari, has been making waves both on and off the track. With 13.9 million followers and an impressive engagement rate of 6.80%, Leclerc commands attention on social media. His earnings per post, standing at $15,700, reflect his growing popularity and influence online. Notably, Leclerc’s growing fan base might not be solely attributed to his prowess on the racetrack but also to his developing music career.

3. Max Verstappen ($12,900 per post)

Max Verstappen, known for his aggressive driving style and fearless attitude, also makes a significant impact in the digital world. With 11.3 million followers and an engagement rate of 4.35%, Verstappen’s social media presence is formidable. Earning $12,900 per post, Verstappen solidifies his position as one of the top earners among Formula 1 drivers. As Red Bull seeks to maintain its competitive edge, Verstappen’s social media influence serves as a valuable asset in engaging fans worldwide.

4. Daniel Ricciardo ($10,300 per post)

Daniel Ricciardo, known for his infectious smile and jovial personality, maintains a strong presence on social media. Boasting 9 million followers and an engagement rate of 4.51%, Ricciardo effectively connects with fans online. His earnings of $10,300 per post demonstrate the value of his engaging content.

5. Carlos Sainz ($10,000 per post)

Carlos Sainz, the Spanish driver known for his smooth driving style, has also found success in the digital sphere. With 8.6 million followers and an impressive engagement rate of 7.90%, Sainz captivates audiences with his online presence. Earning $10,000 per post, Sainz’s ability to resonate with fans both on and off the track underscores his marketability in the world of social media.

6. Lando Norris ($8,700 per post)

Lando Norris, the charismatic McLaren driver, has garnered attention not only for his talent behind the wheel but also for his engaging social media presence. With 7.5 million followers and an engagement rate of 7.17%, Norris captivates his audience with his humor and authenticity. Earning $8,700 per post, Norris has solidified his status as a social media sensation in Formula 1.

7. Sergio Perez ($7,900 per post)

Sergio Perez, the Mexican driver known for his tenacity on the track, also commands attention in the digital world. With 6.7 million followers and an engagement rate of 4.36%, Perez effectively engages with his fan base online. Earning $7,900 per post, Perez showcases his influence both on and off the racetrack.

8. Fernando Alonso ($7,800 per post)

Fernando Alonso, the two-time Formula 1 World Champion, maintains a significant presence on social media despite his veteran status. With 6.7 million followers and an engagement rate of 2.36%, Alonso continues to engage with fans online. Earning $7,800 per post, Alonso’s enduring popularity on and off track is far from over.

9. George Russell ($6,100 per post)

George Russell also makes an impact in the digital realm. With 5.1 million followers and an impressive engagement rate of 7.87%, Russell effectively connects with fans online. Earning $6,100 per post, Russell’s growing presence signifies his potential both on and off the track.

10. Pierre Gasly ($5,800 per post)

Pierre Gasly, the French driver known for his determined approach, has also been making strides in the digital space. With 4.8 million followers and an engagement rate of 8.37%, Gasly’s online presence is steadily growing. Earning $5,800 per post, Gasly’s influence extends beyond the racetrack, making him a valuable asset for the all-French team.

Salary secrets of Formula 1 drivers

The salaries of Formula 1 drivers are usually not publicly available, and the drivers may be hesitant to report the exact figures, since these salaries can vary from year to year. The salaries of F1 drivers can also vary depending on the team for which they are racing.

Some of the highest-paid drivers in the sport are also some of the most successful, and these drivers can make a great living from their racing salaries alone. The salaries of Formula 1 drivers can be broken down into three main categories – basic salary, win bonuses, and other bonuses.

The basic salary is a set amount that drivers are paid regardless of performance. Win bonuses are paid out when a driver finishes in the top three at a Grand Prix event, while other bonuses may be paid out when a driver records a fastest lap, scores a certain number of points, or wins a championship.

Formula 1 drivers can make a great living from their salaries alone, but the amount that they make is limited by the amount of money that their team has to spend.

Endorsement deals for Formula 1 drivers

Endorsement deals are agreements in which a company pays a driver to wear or display their product as part of their sponsorship of the racing team. Many drivers also receive money from their sponsorship deals and sponsor advertisements.

A Formula 1 driver may enter into multiple sponsorship deals for their driving services, but these deals are limited by the amount of time that a driver is able to spend away from the race track. The busy racing schedule of Formula 1 drivers often puts pressure on them to sign endorsement deals quickly and efficiently.

Endorsement deals can bring in a substantial amount of money for successful Formula 1 drivers. The exact amount that a driver receives from these deals can vary greatly depending on the popularity of the driver and the reputation of the company. Some drivers may be able to demand a significant amount of money for their endorsement services, while others may be content with smaller payments.

Race winnings for Formula 1 drivers

In addition to the prize money that is up for grabs during each Grand Prix event, the top finishers of each race also have a chance to win prize money from bonus payments. The overall prize money that is up for grabs during the season is divided between the top finishers at each race.

The top finishers may also be given shares of any prize money from team sponsorship deals. Certain races of the season may also be designated as “special prizes,” which are not part of the overall prize money for the season. Special prizes may be awarded to drivers who set new records during a race or perform a feat that is significant to the sport.

These prize payments can be incredibly lucrative for successful Formula 1 drivers. These bonus payments can sometimes even surpass the overall prize money for a race. Formula 1 drivers who win special prizes may be awarded millions of dollars for their achievements. However, these prizes are not guaranteed, and many drivers fail to collect the money from these prizes.

Other potential sources of income for Formula 1 drivers

The list of potential sources of income for Formula 1 drivers is almost endless, as these drivers can earn money from a wide variety of events and activities. Successful Formula 1 drivers may even find themselves with multiple job offers from other racing series.

Drivers who are successful in Formula 1 may be offered a contract to drive in other racing series and events, especially those that are not held during the Formula 1 season. Formula 1 drivers may also be offered a chance to participate in non-driving roles in racing teams, such as management positions.

Other potential sources of income for Formula 1 drivers include event hosting, coaching, and other forms of instruction. Drivers may be asked to host events and exhibitions, or they may be offered a public speaking gig as a way to earn extra money. These drivers may even be able to make a living by coaching younger drivers and providing them with instruction.

The lifestyle of a Formula 1 driver

The lifestyle of a Formula 1 driver can greatly depend on the amount of money that he or she is making. A driver who is earning a million dollars a year can afford a very luxurious lifestyle, while a driver who is earning $100,000 a year may have to be much more frugal.

Since drivers have very busy schedules, they often live in areas that are close to the race track, so they can minimize the time that they spend travelling. The lifestyle of a Formula 1 driver can also be greatly influenced by their family and friends. Drivers who are able to bring their loved ones with them to the track often live in more luxurious conditions than those who must travel alone.

How Much Money Do Formula 1 Drivers Make? – FAQs

How much do F1 drivers make?

In the 2023 F1 season Max Verstappen was the highest paid at USD $55 million while Yuki Tsunoda and Logan Sergeant were the lowest at just $1 million. The amount of money that a Formula 1 driver earns can vary greatly depending on a number of factors, such as their experience, skill level, and the team they are driving for. Some of the top drivers in the sport can earn tens of millions of dollars per year, while others may earn significantly less.

How do Formula 1 drivers get paid?

Formula 1 drivers typically earn money through a combination of salary, bonuses, and sponsorship deals. Their salary is typically paid by the team they are driving for, while bonuses may be awarded for things like winning races or achieving podium finishes. Additionally, many drivers also have personal sponsorship deals with companies outside of the sport, which can bring in significant additional income.

Who are the highest paid Formula 1 drivers?

Some of the highest paid Formula 1 drivers in recent years include Max Verstappen ($55 million)and Lewis Hamilton ($35 million). Former champions Sebastian Vettel Fernando Alonso have earned tens of millions of dollars per year through their salary, bonuses, and personal sponsorship deals.

How do Formula 1 team payments work?

Formula 1 teams receive payments from the sport’s governing body, the FIA, as well as from individual race organizers. Additionally, teams may also receive income through sponsorship deals, merchandise sales, and other commercial activities. However, the teams usually spend a lot of money in order to be competitive in the sport.

Are there any additional financial benefits for Formula 1 drivers?

In addition to their salary and other income, Formula 1 drivers also enjoy a number of other benefits. These can include things like free travel and accommodation, exclusive access to events and parties, and valuable exposure and publicity. They also enjoy the prestige of competing at the highest level of motorsport.

Does a Formula 1 driver’s income change depending on their team?

Yes, a Formula 1 driver’s income can vary depending on the team they are driving for. Drivers who are signed to teams at the top of the standings are likely to earn more than those driving for teams lower down in the standings. Additionally, drivers who are considered to be “stars” within the sport may be able to negotiate higher salaries and more lucrative sponsorship deals.

Are there any other ways for a Formula 1 driver to earn money?

In addition to their salary and sponsorship deals, Formula 1 drivers may also earn money through other activities such as public speaking engagements, personal appearances, and product endorsements. Some drivers may also have their own business ventures, such as a clothing line or a racing team.

Who is the lowest paid F1 driver?

In the 2023 F1 season, AlphaTauri driver Yuki Tsunoda was the lowest paid F1 driver on the grid, bringing in a mere $1 million USD for his efforts.

Who is the highest paid F1 driver?

In the 2023 F1 season Max Verstappen was the highest paid F1 driver, earning $55 million USD for the season. He was followed closely by Lewis Hamilton, who earned $35 million USD for his season with Mercedes.

How much does Lewis Hamilton earn?

Lewis Hamilton is considered one of the highest paid athletes in the world, with an estimated annual income of around $50.4 million made up of $35 million USD of on-track earnings, with an additional $15 million USD in off-track endorsements.

Does F1 pay more than Nascar?

Yes, on average, F1 drivers earn considerably more money than NASCAR drivers. While NASCAR is contested by double the number of drivers on F1’s grid, including some part-time competitors who make much less than $1 million, all of the top-five earners in NASCAR make less than the most highly-paid Formula 1 drivers. Additionally, each year, multiple Formula 1 drivers crack Forbes’ list of the top 60 highest-paid athletes in the world, but no NASCAR driver has ever made an appearance on the list.

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