Over the years, Formula One (F1) has become a global sensation. Thanks to rigorous promotion, strategic placement of tracks, and, of course, the ‘Drive To Survive’ documentary on Netflix, even casual viewers are well acquainted with F1’s heroes. The daredevil drivers have benefitted from the international reach, as it has allowed them to snag more endorsement deals and push their net worth to record levels.
Today, we will take a quick look at the top five racers who have played it smart and accumulated eye-popping wealth in their racing years. Here are the five wealthiest drivers who will be racing in the 2024 F1 season.
#5 Sergio Perez – $75 Million
Mexican speedster Sergio Perez is the fifth-most valuable F1 driver in the world at the moment, with this estimated net worth hovering around $75 million. The Red Bull driver, who came second in the Drivers’ Championship in 2023, took home $26 million last year, with $10 million coming from his fixed salary and $16 million from performance-linked bonuses.
Perez has been one of the most marketable names in the business from the very beginning, owing to his sponsorship deals with Telcel, Telmox, and Claro. The 34-year-old enjoys mega fanfare in his country and has a go-carting track, Kartodromo Checo Perez, as well as a drivers’ academy, Checo Perez Driver Academy. Perez also has a passion for cars and has many supercars in his garage, including Bugatti Chiron and McLaren 720S.
#4 Daniel Ricciardo – $96 Million
Arguably the most charismatic driver in F1, Australian dynamite Daniel Ricciardo’s net worth sits at a cool $96 million. The Visa Cash App RB (formerly AlphaTauri) racer earned around $15 million/year during his time with McLaren. However, his salary took a massive dip when his contract was terminated in 2022, with Oscar Piastri taking his seat. Although he got a healthy payout, the reported $2.1 million/year salary at Visa Cash App RB must sting.
The Honey Badger, as he is so affectionately called, has a clothing line, Enchanté, and multiple brand endorsements. According to reports, Ricciardo represents Singtel Optus, St Hugo, Beats, GoPro, EA Sports, OKX, Afterpay, and Thorne, amongst others. The Australian also has at least three luxurious properties: one in his hometown Perth, one $2 million apartment in Monaco, and a massive $18.6 million mansion in Beverly Hills, Los Angeles.
#3 Max Verstappen – $210 Million
One of the greatest F1 drivers the motorsport has ever seen, Max Verstappen is in third place, owing to his whopping $210 million valuation. The reigning three-time world champion earned an eye-popping $70 million in 2023, with $45 million coming from wages and an additional $25 million for claiming the championship. The Belgian-Dutch racer is expected to sign a contract extension in the coming months, meaning a bump in his salary could very well be on the cards.
Verstappen makes a fortune from his sim-racing team, Team Redline, which was rebranded to Red Bull Verstappen.com Racing in late 2023. He also has a plethora of luxury cars and a $16 million private jet — the Dassault Falcon 900EX, which was formerly owned by Richard Branson. Additionally, Verstappen is close to founding his own GT team, Verstappen.com Racing. The superstar hopes to get it up and running by 2025.
To top it all off, Verstappen lives in Monaco, which shields him from income tax.
#2 Fernando Alonso – $260 Million
Two-time F1 Drivers’ Championship winner Fernando Alonso is currently worth $260 million. The 42-year-old Aston Martin frontman, who will be the oldest driver on the F1 grid this year, took home $24 million in wages and $10 million in performance-related incentives in 2023.
Alonso also is the brand ambassador of a clothing brand called Kimoa, which he founded and then sold in 2021. He has his own museum, Fernando Alonso Sports Complex, in Spain, which not only features his 300-strong car collection but also has a carting track.
#1 Sir Lewis Hamilton – $285 Million
The most recognizable face in F1, Sir Lewis Hamilton, is worth a whopping $285 million, making him the richest driver on the grid in 2024. The seven-time Formula One Drivers’ Champion has the highest pay packet in the sport, with him taking home a cool $55 million in wages last year.
The 39-year-old, who will be aiming for his eighth world title in 2024, has multiple luxury properties around the world, is a stakeholder in National Football League (NFL) team Denver Broncos, and also owns a meat-free burger startup called Neat Burgers. Additionally, Hamilton represents brands like Mercedez Benz, Tommy Hilfiger, Puma, and Qualcomm.
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