Formula 1 (F1) is arguably the most famous of all motorsports disciplines. The F1 calendar is spread throughout the year and across continents, allowing fans from all over the world to enjoy the sport. As a result, it generates huge revenues from ticket sales, sponsorships and widespread media attention. Therefore, it is safe to say that F1 ranks among the wealthiest sports in the world.
Naturally, the drivers associated with the sport reap huge dividends, for at its core, F1 is nothing without the ones behind the wheels. However, the individual F1 Grand Prix races have no prize money on offer for drivers. Even the cash prizes offered at the end of the season go to the constructor teams according to their rankings, not the drivers who actually win the races. So how do the drivers get rewarded for their efforts?
It’s only from the construction teams that the drivers have an opportunity to earn for their performances. Does that sound unfair to the drivers who practically risk their lives around the year? Well, they earn millions of dollars annually from their contracts. Take into account their endorsem*nt deals and other investments, and it becomes clear why F1 drivers rank among the richest sports personalities in the world.
Just like our 2023 richest F1 drivers compilation, it would be unfair to exclude the retired legends in the updated curation. Their dedication to the sport helps underscore the significance of F1 when we talk about it paying the drivers back what they deserve.
On that note, we take a look at the 15 richest F1 drivers in 2024 according to their net worth. The list includes both active and retired drivers.
Sports
By Uddipta Banerjee, Jan 22
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By Uddipta Banerjee, Sep 20
The richest F1 drivers in 2024 and their extravagant earnings
Michael Schumacher
Net worth: USD 600 million
Often regarded as the greatest driver in F1 history, Michael Schumacher is nothing short of a legend. The German driver holds the record for the most world championship titles (alongside Lewis Hamilton). At the time of his retirement in 2012, Schumacher held the records for most wins (91 races), most pole positions (68 races) and most podium finishes (155 races). To date, he holds the record for the highest number of total fastest laps in his career (77).
Schumacher raced for four different teams throughout his career, namely Jordan, Benetton, Ferrari and Mercedes. Besides F1, Schumacher also participated in the coveted 24 Hours of Le Mans race in 1991 with Team Sauber Mercedes (he finished fifth).
In December 2013, the German suffered a near-fatal brain injury in a skiing accident and was placed in a medically induced coma till June 2014. He was later shifted to another hospital for further rehabilitation before finally being allowed by the doctors to return home. The former F1 driver has been receiving treatment and rehabilitating privately since then.
According toCelebrity Net Worth, Michael Schumacher, in 2024, is the richest F1 driver in the world. He was inducted into the FIA Hall of Fame in 2017. In 2020, he was conferred with the FIA President Award in recognition of his incredible achievements.
Lewis Hamilton
Net worth: USD 300 million
Sharing the record for the most world championship titles with Michael Schumacher, Lewis Hamilton is considered to be the greatest ambassador of the F1 fraternity in the modern era, and his contribution to the world of motorsport is unrivalled.
Besides being one of the legends of F1, Hamilton is a philanthropist, known for his environmental work and social activism. The Briton is often credited for widening the fan following of the motorsport with his unorthodox personality.
It pains every F1 fan to say that Hamilton is in the twilight of his illustrious racing career. However, the British F1 driver is still making headlines, most recently with his decision to join Ferrari in 2025. He is among the richest F1 drivers in 2024, as illustrated by his enormous net worth. Forbes named Hamilton in its list of The World’s Highest-Paid Athletes in 2023, where he occupied the 21st spot.
Fernando Alonso
Net worth: USD 270 million
In his 40s, Fernando Alonso is one of the oldest drivers in the F1 circuit at present. One of the greatest drivers of his generation, the Spaniard has won the world championship twice – in 2005 and 2006. He has participated in motorsport with five constructor sides, namely Renault, McLaren, Ferrari, Minardi and Aston Martin (who he currently races with).
In addition, Alonso has won the 24 Hours of Le Mans twice (in 2018 and 2019), the 24 Hours of Daytona once (in 2019) and the coveted FIA World Endurance Championship in 2018-19. In the process, he became the only man to win both the F1 World Drivers’ Championship and the FIA World Endurance Championship.
A winner of 32 Grand Prix races, Alonso, in 2024, has a consolidated annual earning of around USD 40 million and is one of the wealthiest F1 drivers in the world. He was also recognised by Forbes as one of the highest-paid athletes between 2012 and 2018.
Kimi Raikkonen
Net worth: USD 250 million
Kimi Raikkonen is one of the most decorated F1 drivers in the history of the sport. The Finnish driver, who won the world championship in 2017, drew the curtains on his F1 career in 2021. Throughout his career, he raced with five constructor teams, namely Sauber, McLaren, Ferrari, Lotus and Alfa Romeo.
Raikkonen remains the most successful Finnish F1 driver to date by several metrics. He holds the record for the second-most race starts (349) in the history of F1. In total, he has won 21 Grand Prix races in his career.
At his peak, the Finnish driver earned over USD 50 million per year.
Max Verstappen
Net worth: USD 210 million
If F1 is a kingdom, Max Verstappen is its reigning king. Such is the influence that this young driver from the Netherlands has on the world of motorsports.
The Dutch driver has won three consecutive world championships between 2021 and 2023. During his most recent championship win in 2023, he broke two major records, namely the ones for the most wins in a season (19) and the most consecutive wins (10).
In 2015, Verstappen became the youngest driver to compete in F1 at the age of 17 years and 166 days. In his eight-year-long career, he has competed in F1 with two constructor teams, namely Scuderia Toro Rosso and its parent team, Red Bull Racing. The Dutch has won 54 Grand Prix races in his career so far.
Verstappen overtook Lewis Hamilton to become the highest-paid F1 driver of all time by virtue of his present contract with Red Bull Racing, which sees him earn a whopping USD 60 million annually. Forbes also ranked him third in its list of The World’s Highest-Paid Athletes in 2023 aged 25 and under.
Jenson Button
Net worth: USD 150 million
A former F1 world champion (in 2009), Jenson Button is a present-day NASCAR Cup Series driver. The Briton has won 15 Grand Prixes and made 306 starts in his F1 career which spanned over 17 years.
Post his retirement from F1, Button shifted to the Super GT series and won the Autobacs Super GT Series in 2018, before joining the NASCAR Cup series in 2023. He joins Lewis Hamilton as the most decorated British motorsport racer of all time.
Button is among the richest F1 drivers in 2024, seven years after leaving the sport. According to reports, he owns a luxurious mansion in Santa Monica, California worth USD 5.8 million.
Sebastian Vettel
Net worth: USD 140 million
Sebastian Vettel, a four-time world champion (in 2010, 2011, 2012 and 2013) is revered for his riveting rivalry with Lewis Hamilton. The duo dominated the 2010s before the meteoric rise of Max Verstappen. Vettel started his F1 career in 2007, and has raced with five constructor teams ever since — BMW Sauber, Toro Rosso, Red Bull, Ferrari and Aston Martin. He retired from F1 in 2022.
The German, to date, is the youngest world champion in the history of F1 (he achieved this feat in 2010). He also holds the records for the third-highest number of wins (53) and podium finishes (122). In his 15-year-long career, Vettel made 299 starts.
According to reports, Vettel ranks among the richest F1 drivers in the world. Forbes ranked him 32 in its list of The World’s Highest-Paid Athletes in 2020.
Mario Andretti
Net worth: USD 130 million
Italy has a rich history in the world of motorsports. Among the constructors, Ferrari ranks in the highest echelon as a pioneering side in F1. If we talk of Italian drivers, it is hard to look past Mario Andretti. The yesteryear racer, albeit American by birth, is of Italian descent. Although he is renowned for his stint in Formula 1 and NASCAR, Andretti has also competed in open-wheel car racing, sports car racing, midget car racing and sprint car racing.
Andretti is the only driver in the history of motorsports to have won the Daytona 500 (1967), the Indianapolis 500 (1969) and the Formula 1 World Championship (1978). Notably, he remains the most recent American driver to have won an F1 Grand Prix (he did so at the Dutch Grand Prix in 1978). His accomplishments justify his position in the list of the richest F1 drivers in 2024.
Eddie Irvine
Net worth: USD 120 million
Eddie Irvine is a former F1 driver hailing from Northern Ireland who participated in F1 from 1993 to 2002. He finished as the runner-up in the 1999 World Championship. In the course of his nine-year-long career, Irvine raced for three different teams, namely Jordan, Ferrari and Jaguar. Throughout his career, Irvine made 145 starts, he finished on the podium 26 times and won four Grand Prix titles.
Even after retiring two decades back, Irvine continues to rank among the richest F1 drivers in 2024. Interestingly, hestarred in an American romantic comedy film The Prince & Me, featuring Julia Stiles.
Alain Prost
Net worth: USD 100 million
Yesteryear F1 driver Alain Prost has won the world championship on four occasions (in 1985, 1986, 1989 and 1993). The Frenchman was the proud owner of the record for most Grand Prix victories before Michael Schumacher surpassed Prost’s tally of 51 wins at the 2001 Belgian Grand Prix.
Prost was associated with four constructor teams — McLaren, Renault, Ferrari and Williams. He finished on the podium 106 times and started 33 races at the pole position. The French driver also competed in the Andros Trophy, an ice racing championship, from 2003 to 2012, winning the championship three times in that period.
Post his retirement from F1, Prost bought the Ligier team from Flavio Briatore in 1997 and renamed it as Prost Grand Prix. The Prost GP team was eventually dissolved in 2002 due to bankruptcy.
Daniel Ricciardo
Net worth: USD 96 million
Even though he could never match the level of brilliance that his contemporary drivers like Sebastian Vettel and Lewis Hamilton exhibited, Daniel Ricciardo remains a rather gifted driver. A familiar face on the F1 track, the Australian driver has had a rough career trajectory filled with ups and downs.
To date, Ricciardo has won eight F1 races and has finished on the podium 32 times in his career. The Australian made a comeback to the Formula 1 circuit in 2023 at the Hungarian Grand Prix. He enjoyed his best spell with Red Bull Racing, securing seven out of his eight career wins with this constructor.
After spending time with Renault F1 team, McLaren Racing and Scuderia AlphaTauri, he is set to race in 2024 under the banner of RB Formula One Team.
Nigel Mansell
Net worth: USD 90 million
Another yesteryear F1 driver, Nigel Mansell won the 1992 World Championship. He switched to CART racing in 1993 and won the CART Indy Car World Series that year, becoming the first driver to win the CART title in his debut season. The Briton is also the only individual to simultaneously hold both the World Drivers’ Championship and the American open-wheel National Championship.
Mansell ranks second in the list of the most successful British F1 drivers in history, only trailing Lewis Hamilton in terms of race wins (31 wins). He has 187 starts to his name and has 59 podium finishes.
In addition to F1, The Briton also participated in the 24 Hours of Le Mans in 2010. In 2005, Mansell was inducted into the International Motorsports Hall of Fame. Even after three decades of his retirement, the British driver ranks among the richest F1 drivers in 2024.
Sergio Perez
Net worth: USD 75 million
A talented driver, Sergio Perez is one of the finest in business in the F1 circuit at present. However, his brilliance often gets overshadowed by the towering stature of his teammate Max Verstappen. Many followers of the motorsport consider Perez to be the Dutch driver’s wingman.
However, the ones who religiously follow the sport know that Perez is a driver deserving of all the accolades he has missed by a cat’s whisker. In 2023, the Mexican finished second in the race for the driver’s world championship (Verstappen won the title).
A seasoned campaigner, Perez has raced in Formula 1 for several constructors besides Red Bull Racing. These include Sauber, McLaren, Force India and Racing Point. Even though he has only won six races in his career so far, Perez is rewarded for his valiant performances by his Red Bull Racing team. His earnings from the contract, coupled with his endorsem*nt deals and other investments, see Perez rank among the richest F1 drivers in 2024.
Nico Rosberg
Net worth in 2024:USD 50 million
Like father, like son.
This celebrated phrase can be best used for former German F1 driver Nico Rosberg. The only child of Finnish motorsport legend and 1982 Formula 1 world champion Keke Rosberg, Nico Rosberg won the F1 World Drivers’ Championship in 2016 with the Mercedes-AMG Petronas Motorsport side.
The German announced his retirement from F1 five days after lifting the world championship title at the end of the 2016 Abu Dhabi Grand Prix. Post his retirement, Rosberg became an eco-entrepreneur. He also ventured into driver management and television punditry. The former world champion was inducted into the FIA Hall of Fame in 2017.
Lance Stroll
Net worth: USD 50 million
Summing up the list of the richest F1 drivers in 2024 is Lance Stroll, a Canadian motorist under the Aston Martin banner since 2021. He achieved his first podium finish at the 2017 Azerbaijan Grand Prix (he finished in third place). In doing so, Stroll became the second-youngest driver to finish an F1 race on the podium and the youngest to achieve this feat in his rookie season.
Interestingly, Stroll’s net worth is more due to his inheritance than his own earnings from the world of motorsports. He is the son of Canadian billionaire businessman Lawrence Stroll, who is also a part-owner of the Aston Martin Formula 1 team. Besides F1, the driver has competed in endurance racing — he took part in the 24 Hours of Daytona in 2016 and 2018.
Sports
By Uddipta Banerjee, Dec 06
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By Uddipta Banerjee, Jul 06
(Main Image Credits: Lewis Hamilton/Instagram and Max Verstappen/Instagram; Featured Image Credits: Max Verstappen/Instagram)
Frequently Asked Questions (FAQs)
– Who is the richest F1 driver in 2024?
Michael Schumacher is the richest F1 driver in 2024 with a net worth of USD 600 million.
