According to Business Book GP 2013, Briton Hamilton now earns an estimated €20 million per season after switching from McLaren to Mercedes over the winter.
The publication claims Spaniard Alonso earns the same at Ferrari.
Curiously, F1's next highest earner is Jenson Button, with €16 million, followed by reigning triple world champion and early 2013 title leader Sebastian Vettel (€12m).
Also in double-digits are Nico Rosberg (€11m) and Mark Webber (€10m), while Brazilian Felipe Massa (€6m) appears to have taken a pay-cut in the wake of his poor 2012 campaign.
Kimi Raikkonen earns €3m per year from Lotus, although the Finn is on a performance based contract that sees him receive an estimated €40,000 per point.
Mexican Sergio Perez is paid just €1.5 million by McLaren, and the only other F1 millionaires are Romain Grosjean, Pastor Maldonado and Nico Hulkenberg (all €1m).
According to the report, the average salary has dropped by €540,000 across the past 12 months, with half of the grid earning less than €1m for their 2013 efforts.