Formula 1's top 10 highest earners in 2024

Formula 1 may be all about speed on the track, but when it comes to salaries, the sport's top drivers are also racing to new heights.

Led by reigning champion Max Verstappen, F1's top 10 earners took home an estimated $317 million in salary and bonuses in 2024, marking a 23% increase over the previous year according to Forbes' latest compilation.

But how exactly do drivers earn their staggering paychecks, and why are their wallets growing faster than their tyre wear?

Let's start with the basics. F1 drivers' pay packages usually consist of a hefty base retainer – essentially their guaranteed salary – and performance bonuses that can skyrocket with race wins, podium finishes, or championship titles.

Think of it as the ultimate pay-for-performance model, but instead of a pat on the back, we're talking millions of dollars for being the fastest on Sunday afternoons.

For instance, per Forbes, Verstappen's record-breaking $75 million earnings this year include a $60 million base salary from Red Bull and $15 million in bonuses, cementing his position as the sport's highest-paid driver.

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Compare that to Lando Norris, who zoomed up the pay rankings thanks to an estimated $23 million in bonuses after a breakthrough season. It turns out, winning a few Grand Prix races is not only great for the trophy shelf but also the bank account.

However, and this is a big caveat, with all due respect to Forbes, these figures should be taken with a grain of salt – or perhaps with a champagne bottle from the podium celebration.

With F1 contracts shrouded in secrecy, the numbers are best described as educated guesses, pieced together from 'insider Intel' (or rumors), and a dash of speculation. After all, F1 teams guard their financial details as fiercely as their race strategies.

So why are salaries trending higher? Two words: bigger budgets. Formula 1's revenue has emerged, hitting a record $3.2 billion in 2023, and the sport's cost cap—designed to rein in team spending on car development—excludes driver pay.

This leaves the wealthiest teams free to splash the cash on star drivers. More fans, more sponsors, and more prize money mean there's plenty to go around.

As for the drivers, they're hardly crying over spilled champagne. Next year's earnings could climb even higher, with contracts like Lewis Hamilton's move to Ferrari rumored to smash pay records.

F1 may be about pushing the limits, but when it comes to salaries, the only limit is how many teams are willing to pay for glory.

In this race, everyone's a winner – at least in their bank accounts.

Driver Earnings for the 2024 F1 Season