The golden era of Formula 1 continues financially as well: the top 10 highest-paid drivers of 2024 earned a total of $317 million!
Formula 1 keeps hitting record numbers, both on and off the track. In 2023, the sport’s revenues reached $3.2 billion—a record figure reflected in team budgets and drivers’ salaries. While the Budget Cap limits car development, it does not apply to driver salaries.
In 2020, Franz Tost, then team principal of Scuderia AlphaTauri, proposed a salary cap for drivers. Lewis Hamilton, when asked about it, simply replied, “Who?”—a clear indication of his opposition to the idea.
F1 2024: Max Verstappen, King of Earnings
According to Forbes, the highest-paid driver of 2024 is none other than reigning world champion Max Verstappen. The Red Bull Racing leader earned an impressive $75 million, consisting of a $60 million base salary and $15 million in performance-related bonuses. Nobody comes close to matching the champion from Hasselt—not even Lewis Hamilton, who takes second place with $57 million ($55 million salary from Mercedes and $2 million in bonuses).
The third spot might surprise many: it’s not Charles Leclerc or Fernando Alonso, but Lando Norris. The British driver’s outstanding results on track translated into a significant earnings boost: with $35 million, Norris climbed to third in the earnings rankings, a substantial increase from the $15 million he made in 2023.
Fernando Alonso ranks fourth with $27.5 million, just $500,000 ahead of Charles Leclerc, who comes in fifth.
In total, the top 10 drivers of 2024 earned $317 million—a 23% increase from the $258 million reported by Forbes in 2023, setting an all-time high for F1 drivers.
F1 Drivers’ Salaries 2024: Forbes Rankings
1. Max Verstappen (NED, Red Bull Racing) • $75 million ($60 million salary + $15 million bonuses)
2. Lewis Hamilton (GBR, Mercedes) • $57 million ($55 million salary + $2 million bonuses)
3. Lando Norris (GBR, McLaren) • $35 million ($12 million salary + $23 million bonuses)
4. Fernando Alonso (ESP, Aston Martin) • $27.5 million ($24.5 million salary + $3 million bonuses)
5. Charles Leclerc (MON, Ferrari) • $27 million ($15 million salary + $12 million bonuses)
6. George Russell (GBR, Mercedes) • $23 million ($15 million salary + $8 million bonuses)
7. Oscar Piastri (AUS, McLaren) • $22 million ($5 million salary + $17 million bonuses)
8. Sergio Pérez (MEX, Red Bull Racing) • $19.5 million ($12.5 million salary + $7 million bonuses)
9. Carlos Sainz (ESP, Ferrari) • $19 million ($10 million salary + $9 million bonuses)
10. Pierre Gasly (FRA, Alpine) • $12 million ($10 million salary + $2 million bonuses)
Photo: Oracle Red Bull Racing, Scuderia Ferrari HP