F1’s Top-Earning Drivers By The Numbers (2024)

By Brett Knight

Beyond the big salaries of Formula 1’s highest-paid drivers are a host of numbers to know.

Formula 1’s ten highest-paid drivers are on pace to earn a combined $211 million on the track this year, with Lewis Hamilton leading the way with a projected total of $62 million in salary and bonuses before taxes. But there are many more numbers to know behind those two big totals. Here’s a breakdown.

The combined number of podium finishes this season by the ten Formula 1 drivers who do not appear on the highest-paid list. (AlphaTauri’s Pierre Gasly came in third at the Azerbaijan Grand Prix in June.) It’s no secret that F1 is a top-heavy sport, but the series’ smaller teams hope that a new budget cap, set at $145 million for 2021, will level the playing field.

The number of teams represented on the list of the ten highest-paid drivers. Alpine and Aston Martin each supply one; Ferrari, McLaren, Mercedes and Red Bull Racing provide two. The series’ four other teams—Alfa Romeo, AlphaTauri, Haas and Williams—don’t make the cut.

Lewis Hamilton’s number of drivers’ championships, tying him with Michael Schumacher for the all-time lead. Hamilton still has a chance to eclipse him with No. 8 this season, but he will have to overcome Max Verstappen, who has an 8-point lead on him in the standings after Hamilton’s win on Sunday at the British Grand Prix.

Max Verstappen’s number of podium finishes so far this season, putting him on pace for 18 this year. No driver has ever recorded more than 17 in a season—although Verstappen would benefit from competing in the longest F1 season ever, with 22 races confirmed and a 23rd hoped for. Verstappen also has five race wins this year.

The number of nationalities represented on the list of the ten highest-paid drivers. The United Kingdom and Spain supply two each; Australia, Finland, Germany, Mexico, Monaco and the Netherlands round out the list. Sergio Pérez (Mexico) and Daniel Ricciardo (Australia) are the only two non-Europeans to make the list.

The number of consecutive years Fernando Alonso spent on Forbes’ list of the world’s highest-paid athletes, from 2010 to 2018. In that time, Alonso never made less than $28 million (including endorsements). This season, after a two-year retirement from F1, he is back with Alpine and earning $25 million in salary, demonstrating the popular driver’s staying power.

The total number of drivers’ championships won by the members of the highest-paid list, with Lewis Hamilton contributing seven, Sebastian Vettel four and Fernando Alonso two. Max Verstappen—or Hamilton with a strong finish—could push that number to 14 this year. Kimi Räikkönen, the 2007 champion, continues to race at age 41, for Alfa Romeo, but his salary was not enough to land him on the highest-paid list.

The age of Fernando Alonso, the oldest among F1’s highest-paid drivers. He won the first of his two drivers’ championships in 2005—when Lando Norris, the list’s youngest driver, was just 5 years old.

Lewis Hamilton’s record number of race wins after Sunday’s triumph at Silverstone. He matched Michael Schumacher’s mark with his 91st win in October and claimed sole possession of first later that month. He’s added four wins in 2021.

The number of career race wins by the ten highest-paid drivers, with Sebastian Vettel (53), Fernando Alonso (32), Max Verstappen (15), Valtteri Bottas (9), Daniel Ricciardo (7), Charles Leclerc (2) and Sergio Pérez (2) adding to Lewis Hamilton’s 99. To put that into perspective, that total translates to 21% of the 1,045 races in Formula 1’s 72-year history.

The bonus that an established F1 driver at a leading team can command for a race win; a championship could carry an even larger bonus. Less experienced drivers or drivers at smaller teams also receive bonuses for race wins or points scored, but the payouts are more modest.

Lewis Hamilton’s estimated annual endorsement earnings. F1 drivers generally make little from sponsors beyond their salaries, though; Max Verstappen, for instance, collects an estimated $1 million from endorsements. Forbes’ 2021 highest-paid F1 drivers list reflects only on-track earnings from salaries and bonuses.

Lewis Hamilton’s earnings for Forbes’ 2021 list of the world’s highest-paid athletes, which placed him eighth. That figure included $70 million in on-track earnings—even better than his $62 million for the highest-paid F1 drivers ranking—because the earlier list tracked income collected in the 12 months ending May 1, 2021, capturing the end of his successful 2020 season. Factoring in his endorsements, Hamilton edged Michael Schumacher ($80 million, 2004) to set an earnings record for F1 drivers.

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F1’s Top-Earning Drivers By The Numbers (2024)

FAQs

Which F1 driver makes the most money? ›

Top 10 Highest-Paid Formula One Drivers for 2024
  • Red Bull Racing's Max Verstappen tops the list with a $55 million salary after the most dominant season in Formula 1 history.
  • RBR is just one of three teams, along with Mercedes and Ferrari, to feature both of its drivers in the top 10 earners.
Apr 16, 2024

Who is the lowest paid F1 driver? ›

F1 driver salaries
PosDriverSalary (USD $)
17Nico Hülkenberg 🇩🇪$2m
Zhou Guanyu 🇨🇳$2m
19Yuki Tsunoda 🇯🇵$1m
Logan Sargeant 🇺🇸$1m
17 more rows
Mar 21, 2024

What is the most successful number in F1? ›

Most Grand Prix Victories (driver)
PosDriverWins
1Lewis Hamilton104
2Michael Schumacher91
3Max Verstappen61
4Sebastian Vettel53
1 more row
Mar 5, 2024

Which F1 driver comes from the richest family? ›

Logan Sergeant's uncle had multi billion dollar contracts for supplying coalition forces in Iraq. Sergio Perez's dad is a multi millionaire and a Mexican politician. George Russel and Oscar Piastri's parents are wealthy but not spectacularly.

Who is the richest team principal in F1? ›

He has led Mercedes to seven consecutive double championships from 2013-2020. Wolff owns 30% of the team, and is estimated to have the highest net worth of any of the other team principals at $1.6 billion.

Who is the billionaire son in F1? ›

Personal life. Stroll is the son of Canadian billionaire businessman Lawrence Stroll (part-owner of the Aston Martin Formula One team) and Belgian fashion designer Claire-Anne Callens, and has an older sister named Chloe. His parents are divorced and his father has since remarried to Raquel Diniz.

Who in F1 is a billionaire? ›

Lawrence Stroll is a Canadian billionaire who owns the Aston Martin F1 team. He made his fortune in fashion, is worth 3 billion dollars, and owns a massive collection of vintage Ferraris and several super yachts.

Is Charles Leclerc's family rich? ›

For the 81st time in the sport's history, the iconic streets of Monaco will host the Monaco Grand Prix. Charles Leclerc is the only Monégasque on the grid and will be enjoying his sixth home race since joining F1 back in 2018. Charles Leclerc did not grow up in a particularly wealthy family by Monaco's standards.

Which F1 driver was not rich? ›

Not all F1 drivers come from wealthy and well-connected families. I'll mention the particular case of Kimi Raikkonen. Kimi Raikkonen spent his childhood in a house built by his great grandfather in Espoo, a suburb of the Finnish capital, Helsinki. Kimi's parents Matti and Paula had the common jobs of…

What is the poorest F1 team? ›

Again, until 2020, there was a big difference between the most successful team and the least successful team in terms of yearly spending. In 2020, Mercedes, the constructors' world champion, spent over $450 million while Haas, the most struggling F1 team, had a budget of around $80 million.

Do F1 drivers get bonuses for winning? ›

What do F1 drivers get for winning? Formula 1 drivers don't get prize money for winning, though they'll likely receive a nice financial bonus on top of the base salary they're paid by their team. Prize money is awarded to F1 teams.

Why is number 17 banned in F1? ›

F1 Driver Number Rules

Choosing a number: Each driver has the opportunity to choose a permanent number between 2 and 99, excluding 17, that they can use throughout their F1 career. The number 17 is not used as a mark of respect following the death of Jules Bianchi, who carried that number throughout his F1 career.

Who is the youngest F1 driver to win a race? ›

Verstappen is also the youngest winner of a Grand Prix; he was 18 years and 228 days old when he won the 2016 Spanish Grand Prix.

Who is the most dominant F1 racer? ›

Lewis Hamilton - 104 wins. In terms of career wins and total career points, Lewis Hamilton is the best Formula 1 driver to have ever graced a circuit.

What is the average salary for a F1 driver? ›

Approximately, F1 drivers make an estimated $13.4 million per year excluding bonuses and sponsors. Max Verstappen makes the most with $55 million per year, while Logan Sargeant and Yuki Tsunoda make the least with $1 million per year.

Who is the highest paid sponsor in F1? ›

The deal with one of the largest companies in the world is the biggest of any sponsor on the grid with Red Bull earning $100 million for five seasons. That value trumps not just F1's ceiling but also makes it one of the most lucrative deals in sport's sponsorship history.

How much money do F1 drivers make if they win? ›

What do F1 drivers get for winning? Formula 1 drivers don't get prize money for winning, though they'll likely receive a nice financial bonus on top of the base salary they're paid by their team. Prize money is awarded to F1 teams.

How much does Lewis Hamilton earn per race? ›

This means that at every GP Lewis Hamilton races, he will earn at least $1 million. Hamilton will also earn just over $2 million at seven GPs throughout the season - Brazil, Canada, Mexico, Austria, Monaco, The Netherlands, and Hungary.

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