Who is the highest-paid Formula One driver? Verstappen, Hamilton lead list

The 2024 Formula 1 season is nearly at the halfway mark following a close finish in the Spanish Grand Prix. Max Verstappen earned another win over Lando Norris with Lewis Hamilton rounding out the podium.

That was Hamilton's first podium of the season in what will be his final year with Mercedes, where he's raced since 2013. He announced a shock move to Ferrari next season prior to the first race of 2024 for what's reported to be $100 million per year combined from salary, sponsorships, bonuses, and image rights. That's a big jump from his current salary as one of the highest-paid drivers in Formula 1.

Since 2021, Formula 1 teams have operated with a cost cap to reduce spending discrepancies between larger and smaller teams. The 2024 cost cap is set at $135 million and will remain at that mark next year. Driver salaries are one of the items not included in the yearly cost cap, allowing teams to spend as much as they'd like to sign and retain top talent.

Here's what to know about Formula 1 driver salaries with information from Spotrac.

How much does Max Verstappen make?

Max Verstappen is the highest-paid driver on the Formula 1 grid, according to data from Spotrac. His contract pays him $55 million in base salary for 2024.

In 2023, his base salary was $45 million and he made an additional $25 million in incentives after winning his third consecutive world championship.

How much does Lewis Hamilton make?

Hamilton is the second-highest paid driver in Formula 1. The seven-time world champion is making $45 million in base salary for 2024.

In 2023, Hamilton earned $35 million in base salary before another $20 million in incentives, bringing his year total to $55 million.

2024 Formula One driver salaries

These are base salary figures. Yearly incentives will be paid out after the season concludes in December.

1. Max Verstappen (Red Bull): $55 million

2. Lewis Hamilton (Mercedes): $45 million

3. Charles Leclerc (Ferrari): $34 million

Leclerc made just $150,000 as a rookie with Alfa Romeo in 2018. He signed a deal with Ferrari starting in the 2019 season for $3.5 million. He later signed an extension in 2021 and another one prior to the 2024 season.

4. Lando Norris (McLaren): $20 million

Norris first signed with McLaren ahead of the 2019 season. He recently signed a multi-year extension with the team ahead of the 2024 season that will keep him there until at least 2026.

T-5. Fernando Alonso (Aston Martin): $18 million

T-5. George Russell (Mercedes): $18 million

Alonso moved to Aston Martin for the 2023 season and earned $5 million in base salary before a whopping $29 million in incentives.

Russell gives Mercedes the second-highest paid driver duo on the grid. He signed an extension during the summer break in 2023 keeping him at the team through 2025.

7. Sergio Perez (Red Bull): $14 million

Perez is earning a career-high base salary this season, up from $10 million in 2023. He made $16 million in incentives last year to bring his yearly total to $26 million. He signed a two-year extension with Red Bull earlier this month.

8. Carlos Sainz (Ferrari): $12 million

Sainz is currently unsigned for 2025 and considered the biggest domino to fall in the driver market.

9. Valtteri Bottas (Sauber): $10 million

Bottas moved from Mercedes to Sauber in 2022 and has earned $10 million per year ever since. His future is in doubt with one seat in Sauber filled for 2025.

10. Daniel Ricciardo (VCARB): $7 million

Ricciardo's return to the Formula 1 grid full-time in 2024 saw his lowest base salary since 2018. He does not have a secure seat for 2025 yet.

T-11. Esteban Ocon (Alpine): $6 million

T-11. Oscar Piastri (McLaren): $6 million

T-11. Pierre Gasly (Alpine): $6 million

Since taking a year off in 2019, Ocon's made at least $5 million per year with the Renault/Alpine team. He will not be returning to the team in 2025 and is one of multiple drivers looking for a seat next year.

Piastri is the highest-paid second-year driver on the grid. The Australian signed an extension with McLaren late last season and will remain with the team through 2026.

Gasly made a career-high $8 million in 2023 between his base salary ($5 million) and incentives ($3 million). He is currently unsigned for 2025.

14. Kevin Magnussen (Haas): $5 million

Magnussen is making $5 million again in 2024 in his seventh season with Haas. He may not return to the team in 2025 and remains unsigned.

T-15. Alexander Albon (Williams): $3 million

T-15. Lance Stroll (Aston Martin): $3 million

Albon's made a mark since his return to the grid in 2022. He made a career-high $32 million in 2020 with Red Bull but has made at least $2 million a year with Williams since 2022. He signed a multi-year extension with Williams in May.

Stroll will remain with Aston Martin indefinitely because his father Lawrence owns the team.

T-17. Guanyu Zhou (Sauber): $2 million

T-17. Nico Hülkenberg (Haas): $2 million

Zhou's been with Sauber for all three years of his Formula 1 career and has made $2 million in 2023 and 2024. He's out of contract next season with one seat open at the team.

Hülkenberg is one of the older drivers on the grid (36) and has driven for five teams. He returned to the grid full-time in 2023 after a three-year hiatus. He is set to switch teams to Sauber in 2025.

T-19. Logan Sargeant (Williams): $1 million

T-19. Yuki Tsunoda (VCARB): $1 million

The lone American on the grid, Sargeant's made $1 million per year with Williams in his two years on the grid. He's currently a free agent for 2025.

Tsunoda's enjoying one of his best seasons in Formula 1 in 2024. He's set to stay with the Red Bull junior team on an extension he signed in June.

This article originally appeared on USA TODAY: Formula 1 driver salaries list topped by Verstappen, Hamilton