F1 drivers Massive multi-million bonuses revealed after 2024 season

Formula 1 driver salaries continue to rise, reflecting the sport’s financial success and global popularity. The 2024 season has seen unprecedented earnings for top drivers, with the collective income of the ten highest paid Formula 1 drivers reaching a staggering $317 million. This number marks a significant 23% increase from the $258 million earned in 2023.

Among these elite earners is Red Bull driver Max Verstappen, who secured his fourth consecutive driver’s championship in 2024, who tops the Forbes list with a massive earnings of $75 million. His lucrative contract extension, signed in 2022, is one of F1’s most significant, tying him to the team until 2028, with a base salary of $60 million and performance-related bonuses of $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, which includes a base salary of $55 million and a performance bonus of 2 million dollars. His impending move to Ferrari is expected to increase his income further, 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 jump from his sixth-place finish and $15 million in earnings in 2023.

Fernando Alonso, representing Aston Martin, follows close behind with $27.5 million in earnings. His move to Aston Martin has resulted in a significant pay rise. His base salary is $24 million, with bonuses contributing another $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 of Mercedes received $23 million on a base of $15 million and $8 million in bonuses. Other big earners include McLaren’s Oscar Piastri on $22 million, Red Bull’s Sergio Pérez on $19.5 million, Ferrari’s Carlos Sainz, who will join Williams in 2025, on $19 million, and Alpine’s Pierre Gasly on $12 million .

The increase in drivers’ wages can be traced back to Formula 1’s soaring revenues, which reached $3.2 billion in 2023, marking a 25% increase from the previous year, as reported by Liberty Media. These financial gains have provided a robust basis for higher prize money and expanded sponsorship opportunities, allowing teams to offer more lucrative compensation packages to their most valuable assets – the drivers.

The global popularity of Formula 1, boosted significantly by Netflix the series “Drive to Survive” has expanded its target audience, especially 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.

Top 10 F1 Driver Salaries in 2024

1. Max Verstappen – $75 million (incl. $15 million bonus)
2. Lewis Hamilton – $57 million (incl. $2 million bonus)
3. Lando Norris – $35 million (incl. $23 million bonus)
4. Fernando Alonso – $27.5 million (incl. $3.5 million bonus)
5. Charles Leclerc – $27 million (incl. $12 million bonus)
6. George Russell – $23 million (incl. $8 million bonus)
7. Oscar Piastri – $22 million (incl. $17 million bonus)
8. Sergio Pérez – $19.5 million (incl. $7.5 million bonus)
9. Carlos Sainz – $19 million (incl. $9 million bonus)
10. Pierre Gasly – $12 million (incl. $2 million bonus)