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.

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.

©RedBull

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.

Top 10 Driver Earnings for the 2024 F1 Season

Driver Retainer Bonus Total
Max Verstappen $60M $15M $75M
Lewis Hamilton $55M $2M $57M
Lando Norris $12M $23M $35M
Fernando Alonso $24M $3.5M $27.5M
Charles Leclerc $15M $12M $27M
George Russell $15M $8M $23M
Oscar Piastri $5M $17M $22M
Sergio Perez $12M $7.5M $19.5M
Carlos Sainz $10M $9M $19M
Pierre Gasly $10M $2M $12M
Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.

Recent Posts

Aston Martin F1 sells minor stake to billionaire Woody Johnson

Aston Martin F1 has added a high-profile new investor to its rostrum of shareholders, with…

13 hours ago

Dutch GP: Thursday's media in pictures

Formula 1 roars back into action this weekend as the summer break gives way to…

14 hours ago

Gasly praises Verstappen’s manager for achieving ‘nice pay rise’

Pierre Gasly has offered a mischievous glimpse behind the curtain of Max Verstappen’s new Red…

15 hours ago

Russell says Mercedes seat ‘never under threat’ by Verstappen

George Russell has offered a cool-headed response to Max Verstappen’s decision to remain at Red…

15 hours ago

Verstappen says retirement was closer than joining rival F1 team

Max Verstappen has revealed that his Formula 1 future came perilously close to ending altogether,…

17 hours ago

Cadillac F1 quash sale rumours amid TWG investigation

Cadillac has moved swiftly to quash speculation that its fledgling Formula 1 operation could be…

18 hours ago