Analyzing and Ranking the Highest Paid F1 Drivers in 2024

By Edcel Panganiban May 28, 2024 12:38

Aside from the big races, Formula 1 provides a lot of excitement off the track — most notably when it comes to how much its drivers earn. Leaked 2024 grid wages make for jaw-dropping reading, but who are the top-earning drivers in F1?

The Dominant Max Verstappen

Red Bull Racing's Max Verstappen scored more points than any other driver in 2023 and topped the earnings list of every F1 competitor. This will see him receive a massive $55 million salary from Red Bull Racing in 2024. Verstappen has certainly cemented his status as Formula 1's main driver, taking three World titles and going for a fourth in F1 2024. His prowess on the track converts into big bucks, establishing him as the biggest earner of all on a combined total of $81m from both his racing and non-racing earnings – in other words a cool £54.

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The Marketable Icon, Lewis Hamilton

There is an almost marginal difference between Verstappen and his old enemy Lewis Hamilton who is possibly the most commercial world championship contender in the sport. Hamilton earned $69 million over the year -- with a reported base salary from Mercedes of $55 million - exhibiting his enduring off-track brand. While his winless run has now stretched to the 2021 Saudi Arabian Grand Prix, Hamilton's status as a living legend of the sport means he remains one of its highest paid drivers, and a good portion of that money is generated outside track activities such as endorsements.

Fernando Alonso: Big earner

A rumored $24m stipend is said to draw Alonso even with two-time World Champion in estimates, while the Spaniard can expect at least $10m in extra bonuses on top of a target-based deal due to a successful first year at Aston Martin.

Salaries of Drivers and Impact on Social Media

While the salaries reported provide an intuition into how lucrative of a profession drivers have gotten, if we want to understand the further extent of their popularity one would also need to take a look at their social media reach separately. Moreover, social media forms the basis of a good athlete brand, where an athlete can reach to fans and promote his/her brands too.
Social Media Following-Based Ranking

Max Verstappen: Today, Verstappen boasts one of the biggest followings in social media with engaging content and a charismatic attitude that has seen him become somewhat of a star—a globalized figure binding fans all over the world.
Lewis Hamilton: One of the most influential social media users in voicing his opinions on and off track, Hamilton's actions outside of Formula 1 have given him an immense following that rivals his impact inside the sport.

Lando Norris: Known for his charismatic and down to earth personality across social media, Norris has created a presence that resonates with fans through engaging content, bringing new viewers into the sport from around the world.
Charles Leclerc: The amazing content delivered by the Ferrari driver, and a series of behind-the-scenes peeks from F1 life have provided fans with an authenticity that helps showcase his pursuit of racing.

Sergio Perez: As he grows his social media following, also expanding the ways in which fans are able to interact with him and the types of content we see from him transitioning into a digital figurehead in Formula 1.

Conclusion

What is most striking is the enormous financial rewards being successful in Formula 1 when you combine reported salaries of the highest-paid F1 drivers from 2024. All of this reiterated through the drivers social media, provides a window into connecting with a worldwide virtual community free from the confines of the racing circuit which elevate them as global figures outside motorsport.

So the combination of their performance on track, commercial value in off-track revenue terms and social media profiles all amounts to a snapshot of where they are now in context, and how Formula 1 is continuing to change as the digital age advances.

This article will seek to capture that essence, it will breakdown the publication of drivers' earnings and their social media followings with an adroit as possible analysis while maintaining a light-hearted perspective for our viewing audience.