Verstappen, Hamilton, and the Five Highest Paid Formula 1 Drivers of 2024

• Formula 1 drivers are among the highest-earning athletes across the globe
• The earnings of a racer often correlate with the driving prowess he possesses
• Sports Brief peeks at the list of the highest-paid F1 drivers on the 2024 grid

Being the pinnacle of Motorsports excellence, it is without doubt that Formula 1 is the most expensive racing category any individual could delve into.

Racing a carbon fibre marvel at speeds exceeding 200 kilometres per hour around a circuit demands not just skill, but a profound display of courage, as the slightest error could herald peril or catastrophe.

The formidable risks and unwavering focus demanded of Formula 1 drivers eclipse those of any other racing category, and it is little wonder that many F1 drivers are paid astronomically.

In a landmark deal inked in early February, seven-time world champion Lewis Hamilton secured a multi-year contract with Italian outfit, Ferrari, which was reported to exceed $100 million in salaries. This lucrative deal undoubtedly cements Hamilton's status as the highest earner in the sport, a position he's poised to dominate starting in 2025. However, as we anticipate this shift, Sports Brief offers insight into the highest-earning drivers of the ongoing 2024 season.

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Highest-earning Formula 1 driver of 2024

Max Verstappen

Sitting atop the roster of highest-earning drivers for the 2024 season is the illustrious three-time World champion.

As per Racingnews365's data, this Dutch driver is set to rake in an impressive $55mil over the course of the season.

Verstappen has unquestionably etched his name into Formula 1 history since his debut with Torro Rosso in 2015. The 26-year-old already boasts a slew of records in the sport, including the most race wins in a single season (21) and the most consecutive wins in a single row (10).

Lewis Hamilton

Although 2025 will see Hamilton reclaim the throne as the highest-earning F1 driver, he will settle for the second spot in 2024.

As per Racingnews365, Hamilton is set to earn $45mil during the 2024 season, marking a significant increase from the $34mil he earned in 2023.

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Since his last victory at the Saudi Arabia Grand Prix in 2021, the Mercedes driver has faced a challenging time on the grid, and sadly, 2024 seems to be unfolding similarly.

However, Hamilton remains hopeful that his stint with Ferrari will bring about better outcomes, reminiscent of his early days at Mercedes.

Charles Leclerc

The smooth-driving Monegasque driver holds the third spot on the list of highest-earning drivers for the 2024 season.

It is estimated that the Ferrari driver will pocket a salary of around $34mil throughout the 2024 season, marking a notable increase from the $24mil he earned in 2023.

Despite this financial success, Leclerc has not secured a victory in Formula 1 since his triumph at the Austrian Grand Prix in 2022.

Lando Norris

The British driver secures the fourth spot on the list of highest-earning drivers for the 2024 season.

It's estimated that the McLaren Mercedes driver will earn a salary in the region of $20mil.

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Norris is yet to clinch a race victory since his debut in F1 in 2018. Nevertheless, the 24-year-old has managed to secure 13 podium finishes in his 105 races thus far.

George Russell

The Mercedes driver jumps Carlos Sainz to join the ranks of the highest-earning Formula 1 drivers in 2024.

Having recently extended his contract with the Brackley team, the British driver is expected to earn salaries in the region of $18mil throughout 2024.

Russell has endured a challenging stretch with Mercedes since his last victory at the 2022 Brazilian Grand Prix. Despite entering the 2024 season with a positive outlook, the 26-year-old has seen this optimism wane following the initial two races of the season.

Milestones Verstappen has eclipsed in 2024

Sports Brief in another report highlighted a list of milestones Red Bull driver, Verstappen, has eclipsed during the 2024 season.

The three-time world champion has clinched victories in the opening two races of the season and has surpassed a flurry of milestones.