Max Verstappen sets new F1 record as highest paid driver with Lewis Hamilton way behind

Max Verstappen has extra reason to celebrate after his fourth Formula 1 title success as his eye-watering salary has set a new record for the sport.

That's according to Forbes who have released their findings after analysing the earnings of all 20 drivers on the F1 grid this year.

And, for the third year in a row, it is Red Bull racer Verstappen, 27, who sits at the top of the list after another impressive campaign.

His success on track was not as emphatic as his previous championship success. In 2023, the Dutchman won 19 races out of 22 to complete the most dominant season in F1's long history.

In comparison he managed nine victories this year - still far more than anyone else - and won the title by 63 points over nearest challenger Lando Norris.

As a result of his success, Forbes estimates Verstappen earned a base salary of £47million, a new F1 record.

And that does not even include his bonuses, which the financial experts believe to be around £11.7m.

All in, Verstappen's efforts on track are estimated to have earned him just shy of £60m this year - and that is not even inclusive of other income streams such as sponsorship deals.

Next on the list, naturally, is Lewis Hamilton. The seven-time F1 champion marked his lowest ever finish in the drivers' championship this season, managing only seventh place in his final Mercedes season, but still the 39-year-old remains second only to Verstappen in terms of earnings.

Forbes believes Hamilton's base salary this year was £43m. And, despite the fact he ended a 945-day wait for a race win and secured two victories over the course of the year, the Brit only earned around £1.6m in performance-related bonuses.

He remains the sport's most marketable athlete, though. And, even if he remains in Verstappen's shadow in terms of salary earnings, Hamilton remains well ahead of his fellow Brit Norris as a significant majority of the McLaren racer's earnings this year came through bonuses rather than his relatively meagre base salary.

Norris signed a new contract with McLaren before the start of the 2024 season which doubled his guaranteed wages to around £9.4m.

But his second-placed finish in the drivers' standings and the team's constructors' title success has contributed to a whopping £18m in bonus payments for the 25-year-old.

And despite not racing for one of the top four teams, Fernando Alonso is next on the list.

He too signed a new contract earlier this season and Aston Martin were so keen to keep F1's oldest current driver, 43, that they agreed to pay him a base salary of £18.8m, while his efforts on track earned him an extra £2.7m.

Charles Leclerc finished third in the drivers' championship, just 18 points behind Norris, taking three victories including a special maiden home race win in Monaco.

He was the highest paid Ferrari driver with total earnings of £21.1m in 2024, though he will surely play second fiddle to Hamilton in that regard when they team up next year.

George Russell will become Mercedes team leader in 2025 and already has the same base salary as Leclerc and a higher one than Norris.

But compared to his fellow Brit his bonuses were light this year, though they still brought an extra £6.3m into his bank account. Oscar Piastri, Sergio Perez, Carlos Sainz and Pierre Gasly round off the top 10.