F1 drivers’ bonuses and salaries in 2024

The 2024 Formula 1 season was marked by significant changes in drivers’ earnings, mainly due to the unexpected performances of certain teams and thus negotiated bonuses that significantly increase the base salary.

Max Verstappen with a 15 million dollar bonus

According to the ranking published by Forbes this week, Max Verstappen, the Dutch prodigy from Red Bull Racing, leads for the third consecutive year with estimated earnings of $75 million, including a record salary of $60 million and $15 million in performance bonuses. This top position in the ranking reflects his sporting supremacy in recent years, even though the suspense for the 2024 drivers’ title remained until the Las Vegas Grand Prix.

Behind him, Lewis Hamilton, the seven-time world champion, displays earnings of 57 million dollars, including a salary of 55 million and 2 million in bonuses. Despite a less successful season with Mercedes, marked by two victories, one at Silverstone and the other in Belgium after his teammate’s disqualification, Hamilton is preparing for a major turning point by joining Ferrari for the next season. This transfer, motivated by a “childhood dream,” should also allow the world champion to have a historically high salary in 2025 and likely secure the top position in the rankings this time.

Norris has a better bonus than his salary.

Lando Norris, the young Briton from McLaren who is only 25 years old, has already completed his 6th F1 season and experienced a meteoric rise in 2024. With four Grand Prix victories and challenging Max Verstappen for the drivers’ title, he saw his earnings soar to $35 million, thanks notably to $23 million in bonuses. This progression highlights the importance of performance on drivers’ earnings, especially for those from teams that weren’t at the top in recent years.

His colleague at McLaren, Oscar Piastri, also received a considerable bonus of 17 million dollars, which is three times his estimated salary at the beginning of the season.

Fernando Alonso still at the top, salary-wise

Fernando Alonso, the Spanish veteran at Aston Martin, earned 27.5 million dollars despite a lukewarm season riddled with health issues and declining performances. Nevertheless, his contract extension until 2026 demonstrates his determination to remain competitive and shows Lawrence Stroll’s confidence in him at Aston Martin to lead the team towards success.

Charles Leclerc (Ferrari) completes the top 5 with 27 million dollars, bolstered by a contract extension in January before the announcement of Lewis Hamilton’s arrival as a teammate. Although he couldn’t compete for the championship title this season, he was regularly in the race for victory. He won his home Grand Prix in Monaco, which is undoubtedly a memory far more important to him than any bonus he might receive in 2024. Nevertheless, according to Forbes estimates, he achieved a bonus of 12 million dollars, notably thanks to his 13 podiums and 3 victories.

The ranking continues with George Russell (Mercedes) at $23 million, Oscar Piastri (McLaren) at $22 million, and Sergio Pérez (Red Bull) at $19.5 million. The latter faces uncertainties regarding his future at Red Bull, despite a contract extension in June. Carlos Sainz, with $19 million, is preparing to join Williams after four seasons with Ferrari, while Pierre Gasly, at Alpine, closes the top 10 with $12 million, following an extension until 2026.

In the end, the ten highest-paid drivers accumulated $317 million in 2024, a 23% increase compared to the previous year. This rise is explained by the growth in F1 revenues, reaching $3.2 billion in 2023, and the cost cap that excludes drivers’ salaries, allowing teams to invest more in their drivers.

Note that no F1 driver is in the top 10 highest-paid athletes. These positions are reserved for either footballers or basketball players. For example, the 10th highest-paid athlete according to BFMTV in 2025 was Lamar Jackson, an American football player, with over 100 million dollars.

However, it is important to put things into perspective, as the figures mentioned here regarding Formula 1 drivers do not include all the sponsorship and marketing operations from which the drivers could earn income. For instance, while Max Verstappen is low-key in terms of marketing, Sergio Pérez, for example, has a marketing empire in Mexico that could generate much more significant income than his salary and bonuses in the championship.

Salaries of F1 Drivers 2024 with Bonuses