Toto Wolff has been the team boss of the Mercedes F1 team for almost 10 years now. He has recently increased his net worth to get into the Billionaire’s Club, despite the current performance struggles the team is having right now. So how did Toto Wolff build his fortune?
Toto Wolff has officially reached billionaire status.
He owns 33% of the Mercedes Formula 1 team and acquired the equity stake at a significant discount.
The team now has more than 1,000 employees and brings in $450 million in annual revenue.
Here’s the fascinating story 👇 pic.twitter.com/I7pFOQEdBy
— Joe Pompliano (@JoePompliano) April 11, 2023
Toto Wolff’s salary in Mercedes is estimated to be around $17 million without performance bonuses. This is not enough to build a net worth of $1 Billion. He now has approximately the same net worth as the NBA legend LeBron James.
Toto Wolff has played a vital role in the success of Mercedes. He joined the team in 2013, and since then, they have won 8 WCC and 7 WDC. Toto Wolff always cared about winning, anything lesser than that would not be good enough. This helped the team achieve the success they did.
Toto Wolff – Business investments
In 1998, Toto Wolld founded Marchfifteen. This was an investment company that mainly focused on internet and technology-based companies. Toto Wolff has made several small investments in various companies. In 2004 he founded another investment company, Marchsixteen. This had a similar purpose as the last one. In 2006, Wolff invested in the DTM section of Mercedes. The same section was also in charge of developing Formula 3 engines.
Although Toto started investing in internet and technology-based companies, he made the transition to racing soon after. Wolff owns a sports management company with Former F1 champion, Mika Hakkinen. This company was involved in the management of various racing drivers including Valterri Bottas.
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Wolff also purchased a 15% stake in the Williams F1 team back in 2009. He had agreed with an American investor to sell the shares once he got the offer from Mercedes in 2013. He then purchased a 30% stake in the Mercedes F1 team which was later increased to 33% to make it a 1/3rd stake.
It is speculated Wolff has paid around $40-50 million for the 33% stake in the team. Ever since, the team’s value has skyrocketed, especially after season 1 of Drive to Survive on Netflix.
Wolff has also made investments with Aston Martin after it was taken over by Lawerence Stroll. It is speculated that Wolff has invested roughly $150 million in various businesses.
There is no doubt that Toto Wolff is going to make more money over the next few years.
Toto Wolff’s Car Collection
Toto Wolff has a unique car collection in his garage. Some of his cars include the Mercedes Benz C-Class, Mercedes AMG G TR, Maserati Granturismo, Mercedes AMG GT, Mercedes Benz 300 SL, Bugatti Veyron, Mercedes X-Class, Mercedes Benz SLS AMG, Mercedes Benz G-Class, 1957 Mercedes Benz 300 and a Mercedes Benz GLC.
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His car collection alone is estimated to be around $10 million. It is no surprise that Toto Wolff has an interest in cars as he used to be a racing driver.
Wolff raced and won the 24 hours Nurburgring in 1994. He also raced in the Austrian Formula Ford Championship, Italian GT Championship, Austrian Rally Championship, and the 2006 Dubai 24 hour which he won.