Formula 1 rewards prize money to its constructors (teams) based on their performance in the championship. However, drivers aren’t financially rewarded by the race organisers for their performance in each Grand Prix, as is the case in other sports, such as badminton or tennis.
Drivers earn a base salary from their team and pocket anything extra as financial rewards depending on how good they perform in the races. Therefore, it is on the team on how much they are willing to pay their drivers apart from their best salary.
In 2024, reigning Drivers’ Champion Max Verstappen was the highest paid driver on the grid, according to Racing News 365, picking up a base salary of $55 million from Red Bull Racing. Lewis Hamilton’s move to Ferrari next year is expected to fetch him around $100 million, including bonuses.
McLaren emerged as Formula 1 constructors’ champions 2024 after Lando Norris beat Ferrari’s Carlos Sainz to win the season-ending Abu Dhabi Grand Prix.
Norris, who secured pole position, led from start to finish to register his fourth win of the season. His victory in Abu Dhabi was enough for Mc Laren to seal the championship by 14 points.
Abu Dhabi GP Result: Top 10
1) Lando Norris, McLaren
2) Carlos Sainz, Ferrari
3) Charles Leclerc, Ferrari
4) Lewis Hamilton, Mercedes
5) George Russell, Mercedes
6) Max Verstappen, Red Bull
7) Pierre Gasly, Alpine
8) Nico Hulkenberg, Haas
9) Fernando Alonso, Aston Martin
10) Oscar Piastri, McLaren
How much prize money does the Constructors’ Championship winner earn?
The team that finishes highest in the Constructors’ Championship earns the most prize money, with the 10th-placed team making the least.
As per the revised Concorde Agreement signed in 2021, the top team in the Constructors’ Championship receives 14% of the team prize pot, with 6% going to the bottom team (previously 20% and 4%).
The team prize pot, after discounting the bonus payments for historical achievements, amounts to $1 billion, which means McLaren are in line to receive $140 million as financial rewards, the same as Red Bull collected in 2023.
Sauber, who finished in last place, will be handed $60 million.
Here’s the list of prize money for each team:
| Position | Team | Prize money |
| 1 | McLaren | $140m |
| 2 | Ferrari | $131m |
| 3 | Red Bull Racing | $122m |
| 4 | Mercedes | $113m |
| 5 | Aston Martin | $104m |
| 6 | Alpine | $95m |
| 7 | Haas | $87m |
| 8 | RB | $78m |
| 9 | Williams | $69m |
| 10 | Sauber | $60m |
Also Read: Top 5 Highest-Paid Formula 1 Drivers
