FIA Formula One World Championship 2024 began in March 2024 and final grand prix of the season held in Yas Marina Circuit, Abu Dhabi on 8th December 2024. There are total nine grand prix races left in the season 2024, the constructor championship title is open battle between Red Bull Racing, Ferrari and McLaren-Mercedes. The top position of the teams will play important impact on the Formula 1 prize money.
| F1 Teams | Equal Rights | Merit Payments | Other Commercial | Total Money |
|---|---|---|---|---|
| Red Bull F1 | $45 million | $75 million | $50 million (Bonus Fund) | $170 million |
| Ferrari F1 | $45 million | $68 million | $85 million (Ferrari Payments) | $198 million |
| McLaren F1 | $45 million | $60 million | $40 million (Historical Fund) | $145 million |
| Mercedes F1 | $45 million | $58 million | $35 million (Historical Fund) | $138 million |
| Aston Martin F1 | $45 million | $45 million | $25 million (Historical Fund) | $114 million |
| RB-Honda | $45 million | $38 million | – | $83 million |
| Haas F1 | $45 million | $30 million | $10 million | $85 million |
| Alpine F1 | $45 million | $36 million | – | $81 million |
| Williams F1 | $45 million | $22 million | $20 million (Historical Fund) | $87 million |
| Sauber F1 | $45 million | $20 million | – | $65 million |
- Red Bull Racing team prize money increased in Formula 1 after winning back to back constructor championships and drivers championship titles. Red Bull F1 racing team prize money in 2024 will reach maximum $175 million which include guaranteed equal rights money $45 million, merit payment $75 million which is more than Ferrari and McLaren F1 teams after two successful back to back wins in F1 2022 and 2023 season.
- Ferrari F1 team will make more than $190 million from season 2024 of Formula 1. The figure of merit payments changed if Ferrari F1 wins the championship in 2024, currently based on reported figures Ferrari F1 is making $68 million from merit payment and as per reports "Total Sportal" $85 million received as Ferrari bonus payment which rise overall prize money Ferrari F1 team to $198 million.
- McLaren F1 team in 2024 season of Formula 1 will earn maximum prize money $145 million the prize fund may increase next season based on their performance and standings in the constructor championship. There is historical bonus paid to the McLaren F1 each season worth of $40 million which rise their actual prize money and provide a massive support for upcoming season.
- Mercedes F1 team in 2024 will make maximum $138 million from Formula 1 prize money which include guaranteed equal rights payment worth of $45 million, $58 million from merit payments and maximum bonus upto $35 million at the end of the season.
Aston Martin F1, RB-Honda, Haas F1, Alpine F1, Williams F1 are the other teams who will share prize money between $80 million to $100 million based on their positions in constructor championship title and drivers standings. The lowest money reported to $65 million for Sauber F1 team no bonus reported for the team.
The Formula prize money 2024 rise from $1 billion to $1.4 billion. The F1 prize money specially when it comes to commercial money (tv rights, merit payment and historical payments) split among the teams in secret. The money these teams received through Formula 1 prize money cycle later used in F1 car parts development and changes required for next season.