Who is the highest paid race car driver?

As of 2024, Max Verstappen is the highest-paid race car driver. Forbes estimates his 2024 earnings at about $92 million (combined salary/bonuses and endorsements), placing him ahead of seven-time world champion Lewis Hamilton and making him the top earner in global motorsport.

The highest earner in motorsport, 2024

Verstappen’s record-setting pay reflects both his sustained dominance in Formula 1 and the sport’s surge in global popularity. The Red Bull Racing driver’s compensation is driven by a rich base salary, substantial performance bonuses tied to wins and championships, and a growing portfolio of commercial partnerships.

How Verstappen’s pay breaks down

While exact contractual terms remain confidential, industry reporting and Forbes’ 2024 athlete earnings list indicate the bulk of Verstappen’s income comes from his Red Bull deal, with multi-million-dollar bonuses layered on top for race victories and titles. A smaller—though rising—portion comes from endorsements and personal ventures linked to his brand and sim-racing activities.

How this compares with other top drivers

Verstappen’s total eclipses that of Lewis Hamilton, who remains the second-highest-paid driver in 2024. Hamilton’s annual earnings are widely reported in the high-$60 million range for the year, reflecting a still-lucrative salary, appearance fees, and a strong endorsement base. A handful of other Formula 1 stars trail at some distance.

The following list highlights other prominent names typically cited among the best compensated drivers, based on 2024 estimates from business media and industry analysts. Figures vary by source due to different methodologies and timing.

• Lewis Hamilton — roughly high-$60 million in 2024 (salary/bonuses plus endorsements).
• Fernando Alonso — generally reported in the mid-$30 million range.
• Sergio Pérez — commonly estimated in the mid-to-high $20 million range.
• Charles Leclerc — often placed a bit above $20 million, depending on bonuses and off-track income.

These figures underscore a steep pay gradient within F1: two megastars at the top, followed by a compact group of highly paid contenders whose totals fluctuate with performance bonuses and contract cycles.

Why Formula 1 dominates driver pay

F1 drivers lead global motorsport earnings thanks to the series’ worldwide reach, deep corporate sponsorship, and performance-linked contracts that amplify pay during dominant seasons.

Key drivers behind high earnings in Formula 1 include the following factors, which together set the sport apart from other series:

• Team spending power: Manufacturer-backed and top independent teams can offer elite base salaries.
• Performance bonuses: Win and title incentives can add tens of millions in peak seasons.
• Commercial footprint: Global TV rights, hospitality, and sponsor demand create large revenue pools.
• Personal branding: Top drivers command premium endorsement deals and appearance fees.
• Market momentum: New and returning venues, plus streaming and social media growth, increase valuations.

The combination of these factors means that standout F1 performers can out-earn peers in other series by large margins, especially in championship-winning years.

Outside Formula 1: NASCAR and IndyCar

Top NASCAR and IndyCar drivers earn well but generally below F1’s upper tier. Recent estimates place the highest-paid NASCAR stars in the low-to-mid eight figures annually (including endorsements), while IndyCar’s top drivers typically earn noticeably less than their F1 counterparts. Differences stem from smaller international media rights, fewer global sponsors, and different bonus structures.

What could change next season

Driver pay is inherently dynamic. Contract renewals, performance swings, and team changes can reorder rankings. For example, Hamilton’s move to Ferrari (effective 2025) has been widely expected to reshape the pay landscape at the very top, while Verstappen’s long-term Red Bull deal provides continuity—subject to ongoing performance and bonus triggers.

Methodology caveats

“Highest paid” can mean different things depending on whether a ranking counts only driver salary, salary plus bonuses, or total annual earnings including endorsements. Timing (fiscal vs. calendar year), currency conversion, and undisclosed bonuses can also shift standings by several million dollars. Forbes’ annual athlete earnings lists provide one widely cited, consistent snapshot.

Summary

Max Verstappen is the highest-paid race car driver as of 2024, with estimated annual earnings around $92 million, per Forbes. He leads a field in which Lewis Hamilton ranks second, followed by a cluster of F1 stars whose totals vary year to year with performance and contract terms. Formula 1’s global commercial engine and performance-based pay make its elite drivers the best compensated in motorsport.