In Formula 1, drivers put their lives on the line every time they jump in the car. For that risk, it’s safe to say they earn the big bucks.
Prize money is split based on how well teams do in the Constructors’ Championship. While drivers don’t get direct prize money, they often receive bonuses when they win.
Just like any other sport, the best driver tends to earn the most money. Last year, Max Verstappen was the top earner, surpassing his rival Lewis Hamilton.
Teams are also paid a healthy amount. McLaren bagged roughly $161 million for winning the 2024 team championship, but prize money may not necessarily make up their entire income.
The Sporting News takes a look at the highest-paid drivers, the teams that earn the most and what other sources of income are involved in the sport.
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F1 prize money: How much do drivers earn?
In Formula 1, the distribution of prize money is determined by the finishing positions in the Constructors’ Championship standings.
As F1 drivers do not directly receive prize money for victories, they typically still enjoy additional financial rewards beyond their base salary from the team when they achieve success.
In 2024, Verstappen became the highest-paid F1 driver, overtaking seven-time world champion Lewis Hamilton.
While Hamilton’s base salary with new team Ferrari remains below Verstappen’s, he is expected to rake in approximately $100 million annually, inclusive of bonuses.
| Driver | Team | Salary (USD) |
| Max Verstappen | Red Bull | $65 million |
| Lewis Hamilton | Ferrari | $60 million |
| Charles Leclerc | Ferrari | $34 million |
| Fernando Alonso | Aston Martin | $20 million |
| Lando Norris | McLaren | $20 million |
| George Russell | Mercedes | $15 million |
| Carlos Sainz | Williams | $10 million |
| Pierre Gasly | Alpine | $10 million |
| Alex Albon | Williams | $8 million |
| Nico Hulkenberg | Sauber | $7 million |
| Esteban Ocon | Haas | $7 million |
| Oscar Piastri | McLaren | $6 million |
| Lance Stroll | Aston Martin | $3 million |
| Gabriel Bortoleto | Sauber | $2 million |
| Yuki Tsunoda | Racing Bulls | $2 million |
| Kimi Antonelli | Mercedes | $2 million |
| Oliver Bearman | Haas | $1 million |
| Liam Lawson | Red Bull | $1 million |
| Jack Doohan | Alpine | $500k-$1m |
| Isack Hadjar | Racing Bulls | $500k-$1m |
Note: The above salaries are via RacingNews365. The figures are estimated basic salaries (USD) and do not account for performance bonuses or sponsorships.
F1 prize money: How much do teams earn in the Constructors’ Championship?
The team that secures the highest position in the Constructors’ Championship receives the largest share of prize money, and the team in 10th place receives the least.
McLaren is estimated to have received approximately $161 million – an estimated 14 per cent of the prize pool – for securing victory in the 2024 Constructors’ Championship.
Last-placed Sauber, meanwhile, took home $69 million.
Prize money constitutes just one aspect of revenue generation for the teams as significant income streams also stem from sponsorships, merchandise sales, and commercial partnerships.