Kevin Magnussen’s Salary and Net Worth March 2024

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Everybody loves veteran Formula One drivers and Kevin Magnussen is no different. Being a mainstay driver for Haas till 2020, then being kicked out of the team due to financial reasons, and finally joining the team back in 2021. He is among the most loved drivers on the grid, with an exciting comeback story. 

Hence, it is inevitable that fans and critics can stay away from knowing his net worth, salary, personal life, career highlights, and more. This is why in this article, we will be discussing all this stuff along with some additional exciting facts and figures about Kevin Magnussen.

Kevin Magnussen's net worth 2024

$24.000.000

Kevin Magnussen earns a handsome amount of money from his work as a Formula One race driver. He is reported to have a net worth of $24 million. In his early years as a Formula One driver, he used to earn $500,000 as a salary from Renault and Mclaren. However, currently, he is known to have a salary of $5 million from the F1 team Haas. 

 
Kevin Magnussen’s financials
Net worth$24.000.000
Salary from Haas (F1 team)$5.000.000
InvestmentsCars and houses
Assets$15.000.000

Kevin Magnussen's salary 2024

$5.000.000

Kevin Magnussen has signed a deal with the Haas team for driving in the Formula One Championship for the year 2022 and ahead with partner Nico Hulkenberg. He has also partnered with Pietro Fittipaldi as a test and reserve driver for driving in the VF-22 in the upcoming season. He is reported to earn $5 million per year from the Haas team. His salary is typical of that of any average salary for a Formula one driver.

Table of Contents

Watch this video to understand Kevin Magnussen’s net worth, salary and lifestyle.

Kevin Magnussen’s endorsements

Kevin Magnussen is among the most popular race drivers of Formula One. This means that he is often sponsored and endorsed by many high-profile brands. Reportedly, Kevin is sponsored by Jack and Jones, which is a fashion company. Apart from that, he is also sponsored by OmniCar and IT Company. Plus, he is majorly sponsored by his team, Haas.

Key takeaways

  • Kevin Magnussen is among the known drivers of Formula One.
  • He is the son of a renowned Formula One driver, Jan Magnussen.
  • He started working toward his passion for racing in 2005 by taking part in karting championships.
  • He made his Formula One debut in 2014 through Mclaren.
  • He later switched to Renault in 2016 and then to Haas in 2017.
  • He has a net worth of $24 million and earns a salary of $5 million per year from the team Haas.
  • He left Formula One racing in 2020 due to some unforeseen circumstances. However, he is back in the game, racing from the 2022 season, representing the team Haas.
kevin magnussen net worth

Learn more about Kevin Magnussen

Full NameKevin Jan Magnussen
NationalityDanish
Date of Birth5th October, 1992
Height5 ft 7 in
Weight72 kg
Salary$5.000.000

With being in the Formula One sport for a considerably longer time and being the son of one of the most prominent Formula One drivers, Kevin Magnussen has sparked the interest of fans and critics in his early life and career. This is why, down below, I have discussed some of the interesting facts and information about Kevin Magnussen.

Early life

Kevin Magnussen was born on 5th October 1992 in Roskilde, Denmark. He was born to Jan Magnussen and Britt Peterson. Jan Magnussen is a renowned Formula One driver who has won many awards and titles during his career. Kevin has two half-siblings from his father’s side as well. Reportedly, he is very close to both his parents and admires his father’s skills in Formula One race driving.

There have been no confirmed reports of his education. However, some people claim that he received his education from a local school, but was never able to complete his education due to race practices and participation. 

Career

In 2005, Kevin Magnussen started working on his lifelong dream of racing. He started with karting and later progressed to further single-seater races. He participated in Formula Ford and won that championship. 

He also participated in many other races such as the European Cup, Eurocup, Formula Renault 3.5 Series, German Formula Three Championship, and more. He emerged as runner-up in the Northern European Cup and British Formula Three Championship. He also won the series title for the Renault 3.5 Series in 2012.

Kevin Magnussen made his Formula One debut in 2014 racing for the team Mclaren. He had quite a decent season that year and ended up scoring a few points and a podium finish. In 2015, he was replaced by Fernando Alonso and became a reserve driver for Mclaren. Hence, in 2015 he ended up leaving the team and joined Renault in 2016.

The season of 2016 with Renault was filled with unfortunate events for the Danish driver. He could not perform well and secured the 16th position in the championship. In 2017, Kevin left Renault and joined Haas.

In 2018, Kevin had secured point finishes in 11 of the races and ended the season by securing the 9th position. 2019 was a very unfortunate year for the Haas team which ended up making Kevin secure a lowly position of 16th in the championship with only 20 points. The year 2020 was the same for Kevin in which he secured the 20th position. As a result, he departed the team along with Grosjean.

After a break of two years, Kevin again joined the Haas team replacing the Russian driver Nikita Mazepin.

Highlights

  • Kevin Magnussen secured the fourth position in the Danish championship in 2005.
  • In 2006, he won the Peugeot Super Kart Championship, and NEZ Championship, and secured the third position in the Viking Trophy.
  • In 2008, he won the Danish Formula Ford with 11 victories and 12 podiums.
  • In 2013, he won the Formula Renault 3.5 Series with five wins and 13 podiums.
  • He made his debut in Formula One racing in 2014.
  • In 2018, Kevin scored his career-best finishing the championship in the ninth position with nineteen points.
  • Kevin Magnussen has won a total of seventy podiums, thirty wins, and twenty-six pole positions.

With being in the Formula One sport for a considerably longer time and being the son of one of the most prominent Formula One drivers, Kevin Magnussen has sparked the interest of fans and critics in his early life and career.

Favorite quotes from Kevin Magnussen

Here are some of my favorite quotes from Kevin Magnussen:

I am not aiming to be unpopular. I am aiming to get good results, and sometimes you need to stick your elbows out to get those results.”

“The way I see it is: You’ve got to take it to the limit, not over the limit, for sure, but you’ve got to take it to the limit with your driving style.”

“I don’t like compromises. I will give everything.”

“There are so many different media on the internet, taking it from the big media and making their own little article out of that and changing it into something that it isn’t. There’s never one story from an interview, there’s always so many different stories.”

“What matters to me is that I get the most out of myself and my racing.”

“I wouldn’t say I am the most popular driver among the drivers, but I don’t need to be. What matters to me is the results and what the stewards say.”

“When you go to club racing in Denmark, people spend money to buy a race car and go and race, and many don’t actually really have the money, but they spend it anyway because they love it and that’s why I like those kinds of things.”

What else does he own?

Kevin Magnussen is among the household names in the Formula One series which brings him immense wealth from his salary, sponsors, and endorsements. This means that he has invested his revenue in quite a handful of luxuriously expensive things. Hence, down below, I have discussed some of the things that Kevin has invested in.

Kevin Magnussen’s cars

Kevin Magnussen is known to own some of the most luxurious cars in the world. Reportedly, he owns a total of five cars. Here is a list of all the cars that he owns:

  • Volvo XC60
  • Ferrari Portofino
  • Land Rover Discovery
  • Lamborghini Aventador 
  • Bugatti Chiron

Kevin Magnussen’s house

According to a few reports, Kevin Magnussen is known to live in a huge, magnificent 6900 square feet home in Denmark. The house is estimated to be worth $10.000.000.

Kevin Magnussen’s boat/yacht

Kevin Magnussen is not known to own any boats or yachts to his name.

Kevin Magnussen’s stocks

Kevin Magnussen is not reported to own any stocks to his name.

Frequently asked questions

How much does Kevin Magnussen earn in a year?

Kevin Magnussen is reported to earn 5 million dollars per year from the team Haas in accordance with the contract signed by him in 2022.

How rich is Kevin Magnussen?

Kevin Magnussen is reported to have a net worth of twenty-four million dollars. Apart from that he also earns money through different endorsements and sponsors backing him up.

How is Kevin Magnussen so rich?

Kevin Magnussen is a popular name in Formula One sports. This means he gets handsome pay from the team Haas, which he has currently signed a contract with. Plus, he also gets sponsored and endorsed by many high-end brands.

Where did Kevin Magnussen get his money?

Kevin Magnussen got his money from driving in the Formula One series, and by getting sponsors and endorsements.

Is Kevin Magnussen a billionaire?

Kevin Magnussen is not a billionaire as he does not have a net worth of billions of dollars. However, he certainly is a millionaire as he has a net worth of twenty-four million dollars.

Kevin Magnussen’s salary and net worth compared to other Formula 1 drivers

Kevin Magnussen have a net worth of twenty-four million dollars. This is considered an average net worth when compared to those of other Formula One drivers. However, with the skills that he possesses it is estimated that he will raise his net worth by 30% in the upcoming three years. You can read much more about the comparison of net worth between other Formula One drivers at formulapedia.com.

#Read more about the drivers salary and net worthTeamSalary (USD $)Salary (EUR €)
1Max VerstappenRed Bull$55m€51.67m
2Lewis HamiltonMercedes$35m€32.88m
3Charles LeclercFerrari$24m€22.5m
4Lando NorrisMcLaren$20m€19m
5Carlos SainzFerrari$12m€11.27m
6Sergio PerezRed Bull$10m€9.39m
-Valtteri BottasAlfa Romeo$10m€9.39m
8George RussellMercedes$8m€7.5m
9Esteban OconAlpine$6m€5.63m
10Fernando AlonsoAston Martin$5m€4.69m
-Pierre GaslyAlpine$5m€4.69m
-Kevin MagnussenHaas$5m€4.69m
13Alex AlbonWilliams$3m€2.8m
14Lance StrollAston Martin$2m€1.9m
-Nico HulkenbergHaas$2m€1.9m
-Oscar PiastriMcLaren$2m€1.9m
-Nyck De VriesAlphaTauri$2m€1.9m
-Zhou GuanyuAlfa Romeo$2m€1.9m
19Logan SargeantWilliams$1m€950,00
-Yuki TsunodaAlphaTauri$1m€950,00

Kevin Magnussen’s net worth compared to former Formula 1 drivers

Kevin Magnussen is a household name in Formula One racing. He has proved his abilities from time to time in different racing events throughout his life. Plus, he is the son of a renowned Formula One driver, Jan Magnussen.

Kevin made his Formula One debut in 2014 and has since then accumulated a net worth of twenty-four million. He gets a salary of seven million dollars per year from the Haas team, which is the average for any Formula One driver.

Kevin’s net worth is in line with the net worth of other drivers. According to the time he has spent in Formula One racing, he has a pretty average net worth and salary. However, with the skills that he possesses, he can raise his net worth and salary to a considerably higher amount.

Conclusion

Kevin Magnussen is among the popular drivers of Formula One. He has extraordinary driving skills that he may have inherited from his father, Jan Magnussen. He showed promising signs at the start of his single-seater races, securing many wins and positions. However, his recent years at Formula One have been very unlucky. Nonetheless, with a stroke of luck, he is back in the game from the 2022 season and it is expected that he may grow his net worth by thirty percent in the next two years.

Article sources

Lisette Holm
Lisette Holm
Lisette Holm is a Formula 1 expert who has not missed a single Grand Prix in the last 4 years. She is one of the founders and her job at Formulapedia.com is to educate others who are interested in F1 in order to raise their level of knowledge. Lisette cheers on Mercedes AMG-Petronas.

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