Fernando Alonso pocketed in the region of $30million last year, making him the highest paid driver in motorsport in the latest Forbes rich list.
The two-time World Champion is estimated to have earned about $28m in salary and winnings through his Ferrari contract, while endorsement deals gave him another $2m.
The Spaniard's current deal with the Italian team runs until the end of the 2016 season, but it remains to be seen if his new team-mate Kimi Raikkonen, who will rejoin from 2015, will make the list next year as he is rumoured to have signed a $20m per annum deal.
Lewis Hamilton sits second on the list following his move from McLaren to Mercedes at the end of last year. The 2008 World Champion's contract and winnings totalled to about $26m.
NASCAR duo Dale Earnhardt Jr, who was voted the sport's most popular driver for the 10th straight year in 2012, and Jimmie Johnson were third and fourth respectively.
Seven-time MotoGP World Champion Valentino Rossi sits fifth on the list despite taking a pay cut to rejoin Yamaha at the start of this season. The 34-year-old Italian is the only MotoGP rider in the top 10 and his endorsement deals were nearly worth as much as his salary.
Tony Stewart and Jeff Gordon, also from NASCAR, are sixth and seventh and they are followed by three-time World Champion Sebastian Vettel.
The Red Bull driver's total earnings are nearly half of that of Alonso while 2009 World Champion Jenson Button from McLaren completes the top 10.
The Forbes list, which includes earnings between June 2012 and June 2013, is derived from salaries, bonuses, endorsements, as well as the drivers' shares of winnings and licensing.
1. Fernando Alonso F1 - $30m (salary/winnnings $28m; endorsements $2m)
2. Lewis Hamilton, F1 - $27.5m (salary/winnnings $26m; endorsements $1.5m)
3. Dale Earnhardt Jr, NASCAR - $26m (salary/winnnings $13m; endorsements $13m)
4. Jimmie Johnson, NASCAR - $24m (salary/winnnings $17.3m; endorsements $6.7m)
5. Valentino Rossi, MotoGP - $22m (salary/winnnings $12m; endorsements $10m)
6. Tony Stewart, NASCAR - $18.5m (salary/winnnings $12.5m; endorsements $6m)
7. Jeff Gordon, NASCAR - $18.2m (salary/winnnings $12.7m; endorsements $5.5m)
8. Sebastian Vettel, F1 - $18m (salary/winnnings $17m; endorsements $1m)
9. Danica Patrick, NASCAR - $15m (salary/winnnings $6m; endorsements $9m)
10. Jenson Button, F1 - $14m (salary/winnnings $14m)