Max Verstappen topped Forbes’ 2024 list of the 10 highest-paid Formula 1 drivers, with an estimated $75 million in on-track salary and bonuses. Lewis Hamilton ranked second at $57 million, followed by Lando Norris at $35 million. These are estimates of compensation for racing—not take-home pay or total income including endorsements.
Forbes’ 10 highest-paid Formula 1 drivers in 2024
The figures below are Forbes’ estimated U.S.-dollar amounts for driver salaries and performance bonuses in 2024. The team names are those listed in Forbes’ December 11, 2024 report.
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| Rank | Driver | Team in report | Estimated salary | Estimated bonuses | Estimated total |
|---|---|---|---|---|---|
| 1 | Max Verstappen | Red Bull Racing | $60 million | $15 million | $75 million |
| 2 | Lewis Hamilton | Mercedes | $55 million | $2 million | $57 million |
| 3 | Lando Norris | McLaren | $12 million | $23 million | $35 million |
| 4 | Fernando Alonso | Aston Martin | $24 million | $3.5 million | $27.5 million |
| 5 | Charles Leclerc | Ferrari | $15 million | $12 million | $27 million |
| 6 | George Russell | Mercedes | $15 million | $8 million | $23 million |
| 7 | Oscar Piastri | McLaren | $5 million | $17 million | $22 million |
| 8 | Sergio Pérez | Red Bull Racing | $12 million | $7.5 million | $19.5 million |
| 9 | Carlos Sainz | Ferrari | $10 million | $9 million | $19 million |
| 10 | Pierre Gasly | Alpine | $10 million | $2 million | $12 million |
Source for every table figure: Forbes Australia, “Formula 1: Highest-Paid Drivers of 2024,” December 11, 2024. Amounts are estimates rounded to the nearest half-million.
What the ranking counts—and leaves out
Forbes ranked estimated on-track compensation: salary plus bonuses. The report excludes endorsements and does not deduct taxes or agents’ fees. The totals therefore are not net income, take-home pay, or a measure of each driver’s overall wealth.
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Because few Formula 1 driver salaries are publicly available, Forbes says it developed its estimates with Forbes.com contributor Caroline Reid of Formula Money. Its stated inputs include financial documents, legal filings, press reports, and conversations with industry insiders. The figures are estimates, not publicly confirmed or audited contract amounts.
Salary and bonuses show different pay patterns
Verstappen led both the ranking and its salary component, with an estimated $60 million in salary and $15 million in bonuses. Norris’ estimated bonus was $23 million—larger than his $12 million salary—while Oscar Piastri’s estimated $17 million bonus also exceeded his $5 million salary.
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Forbes describes driver bonuses as commonly tied to points, race wins, or championships. The amounts can also depend in part on team size and driver experience, so the table’s totals reflect more than base salary alone.
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The ten drivers’ estimated 2024 on-track earnings add up to $317 million, compared with Forbes’ $258 million estimate for the 2023 top ten—an increase of 23%. Forbes described the 2024 figure as the highest in the four-year history of its F1 earnings ranking at the time it published the report.
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That total is distinct from Formula 1’s business revenue. Forbes reported central revenue of $3.2 billion for the series in 2023, citing Liberty Media’s annual earnings release; that revenue figure is not driver compensation.
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