Salary of Formula 1 Racers has always remained talk of the town, once every season is announced. The Miami is preparing for Sunday’s Grand Prix. Pertinent to mention, Max Verstappen led the pack, including Oscar Piastri, Carlos Sainz Jnr, and George Russell, with a time of 1:27.641 during Friday’s first practice at the Miami International Autodrome and secured victory in Saturday’s sprint. Max also finished ahead of Charles Leclerc (+3.371) and Sergio Perez (+5.095) in the same match.
Verstappen enters tomorrow’s race as the overwhelming favourite with odds of -600 and leads the drivers’ leaderboard with 100 points following victories in Bahrain, Saudi Arabia, Japan, and China. The Dutch driver, together with Lewis Hamilton and Charles Leclerc, ranks at the top of the highest earners’ list. However, calculating the earnings of their counterparts for 2024 is not an easy thing to do.
Top earners in Formula 1
Recent reports indicate that Max Verstappen is presently the top earner in F1, with his contract poised to fetch him a staggering $55 million annually until 2028. This sum does not encompass any potential bonuses he could receive for victories or championships. Verstappen’s agreement with Red Bull Racing has elevated him to one of the highest-paid drivers in F1’s history, even when adjusting for inflation.
Hamilton boosts fortunes with new agreement
Lewis Hamilton, a Mercedes driver, recently signed a new contract for his final season with the team. He is expected to move to Ferrari next, with an annual income of around $100 million, including bonuses. With seven world titles, Hamilton is one of the most successful F1 racers ever.
Charles Leclerc, expected to become Hamilton’s teammate at Ferrari, experienced a salary increase to $36 million over the past year. The young driver from Monaco has made a notable impact since his Formula 1 debut, currently holding third place on the leaderboard as the Miami Grand Prix approaches, and Ferrari has recognized his achievements with this financial reward.
The list indicates that Lando Norris is in fourth place with a net worth of $20 million. George Russell and Fernando Alonso are tied for fifth and sixth places, each with earnings of approximately 18 million euros. Checo Perez, the 2023 World Vice-Champion and Max Verstappen’s teammate, is in seventh place with $14 million.
At the bottom of the list are two drivers from some of the world’s most advanced economies: Yuki Tsunoda of Japan and Logan Sargeant of the United States. Each driver will receive only one million euros, a sum significantly less than what other drivers earn. However, their sponsorship earnings are expected to be substantially higher. Tsunoda has a confidential sponsorship agreement with Honda, rumored to be around $10 million. Sargeant, on the other hand, has a one-year deal with Williams Racing and, being the sole North American on the grid, has garnered sponsorships from Gulf Oil, Michelob Ultra, Stephens, and Duracell.
It’s important to note that this list only represents their total assets and not their salaries or other sources of income. Sponsors, endorsements, fan revenue, and other sources of income also significantly impact their total assets.