Max Verstappen is not only dominating the track but also leading the field in earnings as Formula 1’s top driver. In 2024, the Red Bull Racing star earned an estimated $75 million, marking the third consecutive year he has held the title of F1’s highest-paid driver. This total includes a salary of $60 million, alongside performance bonuses of $15 million. Verstappen’s earnings surpass those of his longtime rival, Lewis Hamilton, who earned $57 million with Mercedes. Hamilton, 39, earned $55 million in salary and $2 million in bonuses.
McLaren’s Lando Norris rose significantly in earnings, placing third with $35 million. Norris’ 2024 income includes a salary of $12 million and bonuses amounting to $23 million, thanks to a contract extension signed earlier in the year. Unlike other sports, Formula 1 salaries are directly tied to performance, with top drivers in competitive teams receiving substantial guaranteed salaries and performance-linked bonuses. Forbes’ ranking excludes off-track earnings such as endorsements, focusing only on on-track pay.
The financial terrain of F1 drivers has seen a remarkable surge. In total, the top 10 earners in 2024 collected an estimated $317 million, a 23% increase from the previous year, driven by F1’s growing popularity. Revenue for the sport surged to $3.2 billion in 2023, with more money flowing into team sponsorships, which, in turn, allows teams to offer higher salaries to their drivers. The introduction of a cost cap in 2021, which excludes driver salaries, has also helped increase pay for top talent.
While Verstappen’s dominance continues, future changes are expected. In 2025, Hamilton will join Ferrari, a move that could reset the salary record, especially given his longstanding relationships with major brands. Other drivers like Charles Leclerc and George Russell are also poised for potential pay increases as F1’s financial terrain continues to evolve.
Forbes estimates that salaries are driven by base pay, bonuses, and performance, with specific contracts and negotiations influencing the final totals. The figures exclude off-track earnings and do not account for taxes or agents’ fees.
