1) Max Verstappen: $75M

After securing his fourth consecutive title, Max Verstappen, unsurprisingly, remains the highest-paid driver in Formula 1, earning a massive $75 million this year. His income includes a $60 million base salary and $15 million in bonuses. 

This season wasn’t always smooth for Verstappen. His car performed incredibly well on some tracks but struggled on others, making his success even more impressive. Despite these challenges, his high salary keeps him ahead of every other driver in terms of earnings.

Red Bull showed strong confidence in Verstappen by offering him a big seven-year contract extension after his first title win in 2021, which keeps him with the team until 2028. However, Verstappen has many times hinted that he might not continue racing in F1 after his current deal ends, meaning he could retire soon after turning 30.

2) Lewis Hamilton: $57M

Lewis Hamilton, the most successful driver in F1 history, reportedly earned a total of $57 million in 2024. His salary of $55 million is impressive, but his bonuses are much smaller at just $2 million, reflecting the challenges he's faced in recent seasons. 

While his success on the circuit may not be as dominant as in previous years, Hamilton’s business ventures help maintain his wealth. Beyond racing, he runs a production company and has his own clothing line in partnership with Tommy Hilfiger.

In 2024, Hamilton’s performance improved, with two victories at home Silverstone and Spa-Francorchamps, which boosted his earnings with those $2 million in bonuses. However, his future in F1 is set to take a new turn, as he is expected to join Ferrari in 2025. While the exact details of his new salary are not yet public, it's rumored that his contract with Ferrari could potentially push him to the top of the earnings leaderboard, surpassing even Max Verstappen.

3) Lando Norris: $35M

Lando Norris has had a remarkable year in 2024, seeing his earnings rise significantly to $35 million, up from $16 million last season. His base salary increased from $5 million to $12 million, while his bonuses skyrocketed to $23 million as his’ four race wins and major contribution to McLaren’s first Constructors' Championship since 1998 have been key to his increased income.

Off the track, Norris runs Quadrant, a successful business that focuses on lifestyle and entertainment. While not as involved in other business ventures as some drivers, Quadrant continues to grow, adding to Norris' overall wealth, similar to his big partnerships like with Tumi Travel.

4) Fernando Alonso: $27.5M

Fernando Alonso earned a total of $27.5 million in 2024, which is a drop of $6.5 million compared to the previous year. His base salary of $24 million remains high, reflecting his experience and status as one of F1’s most accomplished drivers. However, his bonuses were much smaller at $3.5 million due to Aston Martin’s struggles on the track.

As F1’s oldest driver, Alonso has the experience to demand a high salary, and Aston Martin, with its wealthy owner Lawrence Stroll, is willing to pay for it. Despite being a two-time World Champion, Alonso faced a tough season in 2024, with Aston Martin’s performance declining sharply from the previous year. The team struggled to keep up with the top competitors, leaving Alonso with fewer opportunities to earn bonus payments.

However, Alonso’s aggressive driving style often helps him extract more from the car than its performance would suggest. With the support of Aston Martin’s owner and the possible involvement of Adrian Newey in future projects, Alonso is still eyeing a potential third championship before he retires.

5) Charles Leclerc: $27M

Charles Leclerc earned $27 million in 2024, with a base salary of $15 million from Ferrari and an impressive $12 million in bonuses. His strong season with three race wins led to an $8 million increase in his earnings compared to last year.

As a Ferrari driver, Leclerc faces high expectations, but he has more than delivered. His wins at Monaco and Monza were particularly memorable, and his determination was clear in Abu Dhabi, where he fought back to finish third after starting 19th. 

Off track, he also has some big partnerships like with a jewelery company APM Monaco, which contributes to his wealth.

6) George Russell: $23M

George Russell saw a huge increase in his earnings in 2024, jumping over 250% to a total of $23 million. His base salary with Mercedes rose to $15 million, up from just $4 million in 2023. This big pay rise shows how important Russell has become to the team.

Next season, Russell will step up as a team leader at Mercedes, alongside rookie driver Kimi Antonelli. The Italian is likely to earn much less than the outgoing Lewis Hamilton, but Russell’s higher salary shows that Mercedes is confident in his ability to lead.

7) Oscar Piastri: $22M

Oscar Piastri had a breakout year in 2024, earning a total of $22 million, with $17 million of that coming from bonuses. His success was highlighted by McLaren's victory in the Constructors' Championship, as well as his first two race wins in Hungary and Azerbaijan.

The bonuses Piastri earned were likely tied to these achievements, reflecting the impact of his race wins to McLaren's overall success, with the performance setting him up for even higher earnings in 2025.

8) Sergio Perez: $19.5M

Despite his struggles in 2024, Sergio Perez remains one of the highest-paid drivers in Formula 1, earning a total of $19.5 million. His base salary from Red Bull is reported to be $12 million, but his bonuses likely decreased this year. 

While Perez still benefits from lucrative commercial deals, they may not be enough to secure his future at Red Bull for 2025. His performance this year saw him finish way behind his teammate, Max Verstappen in the championship, marking the lowest position for a driver in a world champion team since Jos Verstappen in 1994.

9) Carlos Sainz: $19M

Carlos Sainz earned $19 million in 2024, with a base salary of $10 million and significant bonuses for his outstanding performance, highlighted by 2 race victories in Australia and Mexico.

Despite his strong results, Sainz is set to leave Ferrari at the end of the season and join Williams, with Lewis Hamilton taking his spot.

10) Pierre Gasly: $12M

Pierre Gasly earned $12 million in 2024, a $4 million increase from the previous year. His base salary at Alpine rose from $5 million to $10 million, and he also earned bonuses for strong finishes, including a podium in Brazil. His performances also played the main part in Alpine’s 6th place finish in the Constructors' Championship.

One of the most impressive achievements of Gasly’s season was that he finished the year without any crash damage across all 24 races.