Formula 1 Drivers' Earnings Soar 23% in 2024

The 2024 Forbes list reveals that the top ten highest-paid drivers in Formula 1 collectively earned $317 million, marking a 23% rise from the previous year. Max Verstappen tops the list with $75 million, which includes a substantial $60 million base salary and $15 million in performance bonuses. Following him are Lewis Hamilton with $57 million and Lando Norris at $35 million, whose earnings reflect significant increases in their contracts.

The overall surge in driver salaries can be attributed to Formula 1’s financial growth, with total revenues reaching $3.2 billion in 2023. Additionally, upcoming contract negotiations for some drivers, such as Hamilton and Charles Leclerc, are expected to further boost their earnings starting in 2025. Notably, Oscar Piastri has also seen his income climb to $22 million, partly due to performance-related incentives. This data, derived from various financial documents, underscores how performance on the track directly impacts drivers' earnings in this increasingly lucrative sport.