F1 News: Eye-Watering 2024 Driver Salaries Revealed After Multi-Million Dollar Bonuses

Saajan Jogia | Dec 11, 2024

Oct 19, 2024; Austin, Texas, USA; Sprint Race winner Max Verstappen of Red Bull Racing (right) and third place finisher Lando Norris of McLaren (left) laugh after the Sprint Race at the Formula One US Grand Prix at Circuit of the Americas. Mandatory Credit: Erich Schlegel-Imagn Images / Erich Schlegel-Imagn Images

Formula 1, celebrated as the pinnacle of motorsport, is also synonymous with sky-high salaries. Unsurprisingly, its drivers rank among the wealthiest athletes globally, commanding staggering earnings. The 2024 Forbes list of Formula 1’s highest-paid drivers reveals the jaw-dropping fortunes they amass, bolstered by substantial multi-million-dollar bonuses, showcasing the financial rewards of excelling in the sport's premier class.

The report states that the sport's top ten highest-paid drivers collectively earned an impressive $317 million on the track in 2024. This marks a significant 23% increase from 2023’s total of $258 million. Topping the list for the third straight year is Red Bull’s Max Verstappen, who amassed an impressive $75 million in 2024. This figure includes an unprecedented $60 million base salary, bolstered by $15 million in performance-based bonuses.

Second on the list is Lewis Hamilton, who is set to join Ferrari in 2025, earning an estimated $55 million in salary and an additional $2 million in bonuses. This marks a significant increase from his $15 million earnings in 2023 and $5 million in 2022.

2024 Drivers' Championship runner-up Lando Norris is third on the list with an estimated $35 million in earnings, a notable rise from his sixth-place position and $15 million last year. The 25-year-old Briton secured a contract extension in January, which is believed to have increased his base salary to $12 million.

Formula 1 veteran Fernando Alonso, the first driver in the sport's history to surpass 400 Grand Prix appearances, is reported to earn a salary of $24 million, along with a $3.5 million bonus. In fifth place on the Forbes list is Ferrari's Charles Leclerc, who earned an estimated $15 million in salary, supplemented by $12 million in performance-related bonuses.

George Russell, in sixth place, has a similar salary to Leclerc at $15 million but with bonuses valued at $8 million. McLaren’s second driver, Oscar Piastri, who impressed with his performance this season, ranks seventh with a $5 million salary and up to $17 million in bonuses.

Eighth highest is Red Bull driver Sergio Perez, who earned $12 million in salary and $7.5 million in bonuses despite a challenging 2024 season. Ninth place is secured by Ferrari's Carlos Sainz, who moves to Williams in 2025. He earned an estimated $10 million in salary and $9 million in bonuses. Lastly, Alpine's Pierre Gasly, best known this year for his podium finish in Brazil, earned $10 million in salary and $2 million in bonuses.

Max Verstappen (VER) - $75 million (inc. $15 million bonus)

Lewis Hamilton (HAM) - $57 million (inc. $2 million bonus)

Lando Norris (NOR) - $35 million (inc. $23 million bonus)

Fernando Alonso (ALO) - $27.5 million (inc. $3.5 million bonus)

Charles Leclerc (LEC) - $27 million (inc. $12 million bonus)

George Russell (RUS) - $23 million (inc. $8 million bonus)

Oscar Piastri (PIA) - $22 million (inc. $17 million bonus)

Sergio Pérez (PER) - $19.5 million (inc. $7.5 million bonus)

Carlos Sainz (SAI) - $19 million (inc. $9 million bonus)

Pierre Gasly (GAS) - $12 million (inc. $2 million bonus)

The report highlights two key factors contributing to the rise in salaries. Firstly, Formula 1's unprecedented success, with its central revenue soaring to $3.2 billion in 2023, a 25% increase from the previous year, as revealed in Liberty Media’s annual earnings report. This surge in revenue translates to higher prize money for the 10 teams on the grid, alongside growing sponsorship opportunities.

An additional increase is expected next year, with a notable rise anticipated for Leclerc, who signed a new contract with Ferrari in January that is rumored to include a significant salary bump for 2025. The same is expected for his new teammate, Hamilton, who is also projected to see a substantial boost in his earnings starting in 2025.