Top 3 Highest-Paid F1 Drivers for 2024 feat. Max Verstappen

As Formula 1 continues its 2024 season, driver salaries remain a hot topic, with many fans curious about who tops the financial charts. With the sport’s elite talents commanding substantial earnings, driver contracts and their accompanying perks are outside of F1’s stringent cost cap, allowing teams to spend whatever is necessary to attract and keep top-tier drivers.

It's worth noting that all of these salaries are base salaries revealed to FIA by both teams and contracted drivers. However, drivers usually receive much more than this as some teams have a policy for bonuses for podium finishes,  winning a grand prix or championships. 

Here are the top three highest-paid drivers for 2024:

3. Charles Leclerc (Ferrari) - $34 Million

In third place is Ferrari's Charles Leclerc, whose base salary for 2024 is $34 million. Leclerc’s rise in F1 has been meteoric, starting with a humble rookie salary of just $150,000 in 2018 with Alfa Romeo. Since joining Ferrari in 2019, he has signed several lucrative contracts, including an extension before the 2024 season. His growth as a driver and his value to Ferrari are evident in his financial progression, cementing his place among the highest earners in Formula 1.

2. Lewis Hamilton (Mercedes) - $45 Million

Lewis Hamilton, a seven-time world champion, secures the second spot with a $45 million base salary for 2024. Although this is Hamilton's final year with Mercedes, as he announced a blockbuster move to Ferrari in 2025, his earnings remain significant.

In 2023, Hamilton's base salary was $35 million, and with bonuses, his total income reached $55 million. The British legend's earnings reflect his enduring impact on the sport and his continued status as one of F1's premier drivers.

1. Max Verstappen (Red Bull) - $55 Million

At the top of the list is Red Bull’s Max Verstappen. As the reigning three-time world champion, Verstappen's base salary for 2024 stands at a staggering $55 million. This marks a $10 million increase from 2023 when his salary was $45 million. Notably, his financial success isn't limited to just his base earnings.

In 2023, Verstappen pocketed an additional $25 million in incentives for his dominant season, further solidifying his status as F1's highest-paid driver. With Red Bull consistently performing at the top of the grid, it’s no surprise that Max Verstappen's contract reflects his immense value to the team.