Max Verstappen, Red Bull Racing’s star driver, has claimed the title of the highest-paid Formula 1 driver in 2024 with an impressive salary of $55 million. The 26-year-old Dutchman set new standards in the 2023 season, breaking records for points and wins in a single season, and his earnings reflect his dominant performance. Alongside Verstappen, his Red Bull Racing teammate Sergio Pérez ranks seventh, with an annual salary of $14 million. Red Bull’s driver duo highlights the team’s investment in talent, as they join Mercedes and Ferrari as one of only three teams with both drivers in the top 10 earners list.
Following Verstappen, Mercedes’ Lewis Hamilton secures the second spot on the list with an annual income of $45 million, showcasing his longstanding appeal and market value in the sport. Ferrari’s Charles Leclerc ranks third with a $34 million salary, reflecting the Italian team’s confidence in his abilities as their lead driver. McLaren’s Lando Norris ranks fourth, earning $20 million and representing his team as their sole entrant in the top 10.
Rounding out the top five are Mercedes’ George Russell and Aston Martin’s Fernando Alonso, both earning $18 million each. The presence of Russell and Alonso demonstrates the competitive salaries paid by different teams to retain their best talent. Red Bull Racing’s stellar year brought them the Constructors’ Championship title, securing an estimated $131 million prize—funds that will undoubtedly help them maintain their competitive edge and continue supporting their top-performing drivers.
The complete top 10 list provides a glimpse into the financial rewards of top-tier drivers in the fast-paced world of F1. Based on Spotrac’s data, the rankings include a diverse mix of veteran champions and rising stars, with annual salaries ranging from $55 million for Verstappen to $7 million for Daniel Ricciardo, the latter representing Visa Cash App RB.
The financial clout of these drivers underlines Formula 1’s commitment to rewarding exceptional talent and underscores the intensity and marketability of the sport. With drivers from prestigious teams like Red Bull, Mercedes, and Ferrari leading the earnings chart, F1 continues to be a lucrative arena for those at the top of their game.