Formula 1’s Highest-Paid Drivers 2024 [Infographic]

After achieving one of the most dominant seasons in Formula 1 history in 2023, with 19 victories out of 22 races, Max Verstappen encountered a tougher challenge this year, securing the drivers’ championship by a more modest 63 points. However, when it comes to his earnings, the 27-year-old Red Bull Racing star continues to widen his lead over the competition. 

For the third consecutive year, Max Verstappen has been crowned Formula 1’s highest-paid driver, with projected earnings of $75 million in 2024. This total includes a record-breaking $60 million salary, along with an additional $15 million in performance bonuses. Verstappen’s earnings put him $18 million ahead of his long-time rival, Mercedes’ Lewis Hamilton, who earned an estimated $55 million in salary and $2 million in bonuses at the age of 39. The gap between the two has widened from $15 million in 2023 and $5 million in 2022.

McLaren’s Lando Norris, who secured the first four Grand Prix victories of his career this season and mounted a serious challenge to Verstappen for the championship, moved up to third in the earnings race with an estimated $35 million. This is a significant increase from last year’s sixth-place finish and $15 million earnings. The 25-year-old Briton extended his contract in January, which is believed to have significantly boosted his salary to $12 million—more than double what he made in 2023. However, the main contributor to his earnings this year was his roughly $23 million in performance bonuses.

While the compensation details of F1 drivers are rarely disclosed publicly, it is understood that driver salaries are closely tied to on-track performance. A top driver at a leading team usually receives a substantial guaranteed salary, along with bonuses for race wins or championship titles. Drivers with less experience or those at smaller teams often earn smaller salaries but can secure significant bonuses based on race victories or points finishes.

Unlike rankings of the highest-paid athletes in sports like soccer or the NBA, Forbes’ list of top F1 earners excludes endorsement income, focusing solely on salaries and bonuses. This is mainly because drivers’ team and sponsor commitments leave little room for personal deals. For instance, Verstappen earned an estimated $5 million from his business ventures over the 12 months ending in May, which is far less than the endorsement incomes of other global sports stars on Forbes’ 2024 list.

Nonetheless, Formula 1 drivers are far from struggling. The combined earnings of F1’s top 10 earners in 2024 reached $317 million, according to Forbes’ estimates. This is a 23% increase over the previous year’s $258 million and represents the highest total in the four-year history of Forbes’ F1 earnings ranking.

Several factors are driving up salaries. First, Formula 1 has never been more popular, with the series’ central revenue reaching $3.2 billion in 2023—up 25% from the previous year, according to Liberty Media’s annual earnings report. This increased revenue results in more prize money for the 10 teams, as well as better sponsorship deals. Consequently, the value of these teams has risen, with an average valuation of $1.88 billion in Forbes’ latest ranking, providing teams with more funds to invest in their drivers.

Additionally, the introduction of the series’ cost cap in 2021, which limits how much teams can spend on designing and building their cars, has had an impact. Driver salaries are excluded from the cost cap, meaning the wealthiest teams can still invest heavily in attracting top talent, giving them an edge over their competitors.

Looking ahead, the upward trend in F1 salaries is expected to continue, with several high-profile signings and extensions across the paddock. This includes Charles Leclerc, who signed a new deal with Ferrari in January that is expected to include a substantial raise for 2025. It also includes Hamilton, who made headlines in February by announcing he would leave Mercedes to join Ferrari next season.

Hamilton shared on Instagram that driving for Ferrari would “fulfill another childhood dream,” though there’s likely a financial aspect to the move as well. Forbes estimates that his new contract will set an F1 salary record, potentially surpassing Verstappen’s earnings.