The growing world of F1 offers some of the most lucrative contracts for drivers to be a part of the sport. While astronomical figures are a norm in the sport, not all drivers earn such amounts. Only the more successful drivers earn huge amounts via their contracts, while others earn significantly less. Logan Sargeant is one such example, who, despite competing at the same as the others, earns a lot less than one would imagine.
Max Verstappen currently stands as the highest-earning driver in F1, with a contract of $55 million a year. Meanwhile, last year’s debutant, Logan Sargeant, earns a mere $450,000 a year, according to Express.co.uk. Yuki Tsunoda sits alongside Sargeant in the contract-earning rankings. There is, however, a slight difference in their overall annual earnings owing to the various sponsorship deals.
Driving for V-CARB, Tsunoda has a good bond with Honda as well. Hence, his time in the Red Bull camp may well extend beyond anyone’s expectations. On the other hand, Sargeant, who is a Williams driver, is a fan favorite. The first American in F1 since Alexander Rossi could only secure one point in 2023 but remains a focal point in his team.
Tsunoda’s teammate, Daniel Ricciardo, has a much higher salary than him, earning $7 million annually. As for Sargeant’s teammate, Alex Albon earns a modest $3 million a year. These earnings pale when compared to the likes of Verstappen or Lewis Hamilton. While the Dutchman earns a whopping $55 million a year, Hamilton pockets $45 million annually.
The ‘lower half’ of F1 contracts
Tens of millions of dollars differentiate the top drivers from those who are still looking to make it big in F1. What drivers like Tsunoda and Sargeant earn in a year, Verstappen and Hamilton make in a matter of weeks, if not days. However, there are a lot more drivers that earn significantly less amounts in the sport.
Zhou Guanyu and Nico Hulkenberg
Driving for Sauber, Zhou Guanyu ranks as the third-lowest-paid driver on the grid. The only Chinese driver on the grid earns $2 million annually, which is $8 million less than his teammate, Valtteri Bottas. Owing to the same, Guanyu’s net worth is estimated to be around up to $5 million.
Joining the list alongside Guanyu, Haas’ Nico Hulkenberg also earns $2 million each year. The 36-year-old driver did not have a great 2023 season, as he finished in P16 with just 9 points to his name. Reports suggest the German driver’s net worth is around the $10 million mark.
Lance Stroll and Kevin Magnussen
Son of billionaire businessman Lawrence Stroll, Lance Stroll is a rather controversial driver in F1. Despite often performing poorly, the Canadian driver remains a part of the Aston Martin outfit because his father owns the team. However, his contract does not reflect any bias, as he stands as the 5th-lowest earner on the grid. Stroll earns $3 million every year, which is the same as Alex Albon.
Kevin Magnussen trumps Stroll and Albon by earning $2 million more than them. The son of 4-time Le Mans winner Jan Magnussen is currently a Haas driver alongside Hulkenberg. He debuted in 2014 with McLaren and switched to Renault in 2016. Having spent a year there, Magnussen became a Haas driver but had to step away from the team in 2020. However, he soon found his way back to the grid with a decent offer.
Esteban Ocon, Pierre Gasly, and Oscar Piastri
Ocon, Gasly, and Piastri make up for the rest of the drivers in the lower half of F1 contracts. Earning $6 million each, the three drivers could serve as the basis for internal ‘beef’ within their teams. Ocon and Gasly are teammates at Alpine, and their equal contracts could soon see them locking horns with each other to one-up each other so they can earn higher contracts.
Meanwhile, Piastri is quickly proving his mettle as a solid driver. The Australian continues to push his teammate, Lando Norris, and could soon negotiate a contract that puts him in the top half of the list. While he makes $6 million annually, his teammate makes $20 million each year.
