Formula 1 driver salaries continue to soar, reflecting the financial success and global popularity of the sport. The 2024 season has seen unprecedented earnings for top drivers, with the collective income of the top ten highest-paid Formula 1 drivers reaching a staggering $317 million. This figure marks a significant 23% increase from the $258 million earned in 2023.
Amongst these elite earners sits Red Bull driver Max Verstappen, who secured his fourth consecutive drivers' championship in 2024, who tops the Forbes list with massive earnings of $75 million. His lucrative contract extension, signed in 2022, is one of F1's most substantial, binding him to the team until 2028, with a base salary of $60 million and performance-related bonuses amounting to $15 million.
Not far behind is Lewis Hamilton, who drove for Mercedes in 2024 but is set to join Ferrari in 2025. Hamilton's earnings for the 2024 season are $57 million, comprising a $55 million base salary and a $2 million performance bonus. His impending move to Ferrari is expected to further boost his income, potentially reaching $100 million annually. As a seven-time World Champion, Hamilton's enduring career and reputation continue to keep him among F1's highest earners.
Lando Norris of McLaren has seen a remarkable rise, with earnings of $35 million for the season. His earnings breakdown includes a $12 million base salary and $23 million in bonuses, a leap from his sixth-place finish and $15 million earnings in 2023.
Fernando Alonso, representing Aston Martin, follows closely with $27.5 million in earnings. His transition to Aston Martin has resulted in a significant pay rise. His base salary stands at $24 million, with bonuses contributing an additional $3.5 million.
The list continues with Ferrari driver and Hamilton's future teammate Charles Leclerc of Ferrari earning $27 million, a combination of a $15 million salary and $12 million in bonuses. Meanwhile, George Russell from Mercedes received $23 million, split between a $15 million base and $8 million in bonuses. Other big earners include McLaren's Oscar Piastri with $22 million, Red Bull's Sergio Pérez with $19.5 million, Ferrari's Carlos Sainz, who is set to join Williams in 2025, with $19 million, and Pierre Gasly from Alpine with $12 million.
The surge in driver salaries can be traced back to Formula 1's soaring revenues, which reached $3.2 billion in 2023, marking a 25% increase from the prior year as reported by Liberty Media. These financial gains have provided a robust foundation for higher prize money and expanding sponsorship opportunities, allowing teams to offer more lucrative compensation packages to their most valuable assets -- the drivers.
The global popularity of Formula 1, bolstered significantly by the Netflix series "Drive to Survive," has expanded its audience reach, particularly in the United States. This increased visibility has not only brought more fans to the sport but has also attracted a cascade of sponsors, thereby increasing the financial pie available for distribution among drivers and teams.