Who Are The Highest-paid Formula 1 Drivers In 2024?

Formula 1 is one of the world's most lucrative professional sports. Drivers' income comes mainly from their salaries negotiated with the teams, performance bonuses (based on results achieved), sponsorship contracts and various sources of income linked to their notoriety. Although exact figures are rarely revealed and constantly fluctuate according to contractual negotiations, Forbes provides reliable estimates every year, focusing exclusively on salaries and bonuses. 

For the third year running, Max Verstappen, star of the Red Bull Racing team and four-time world champion, dominates the ranking with estimated earnings of $75 million: $60 million in salary and $15 million in performance bonuses. He thus overtakes his eternal rival, seven-time world champion Lewis Hamilton, whose salary is estimated at $55 million and bonuses at $2 million.

The British driver is set to leave Mercedes for the Italian team Ferrari, making it one of the biggest transfers in F1 history, bringing Ferrari's total salary budget to 83 million euros, 39 million euros more than today. Hamilton will join Monegasque Charles Leclerc and replace Spaniard Carlos Sainz in the ranks of the legendary prancing-horse team.

In third place is 25-year-old Brit Lando Norris (McLaren), who this year took the first four Grand Prix wins of his career. With estimated earnings of $35 million, he benefits from a contract extension signed in January. The team would have more than doubled his salary by 2023, taking his bonuses to $23 million.

According to the annual results of F1 owner Liberty Media, Formula One has never been more powerful, with revenues reaching $3.2 billion in 2023, up 25% on the previous year. These results strengthen sponsorship opportunities for the ten teams on the grid, enabling them to allocate even larger budgets to driver salaries. 

Since 2021, F1 has set a budget spending ceiling of $135 million per team based on twenty races. However, drivers' salaries are not included, allowing the richest teams to offer astronomical contracts.

For 2025, Forbes expects a further rise in salaries, particularly for Charles Leclerc, who extended his contract with Ferrari in January, promising a substantial increase. His new team-mate, Lewis Hamilton, could top the list, whose contract with Ferrari is valued at 120 million euros over two years, giving him an annual base salary of 60 million euros.