Toto Wolff Net Worth: King of the Grid, King of Cash

Toto Wolff is an Austrian billionaire motorsport executive, investor and former racing driver.

He holds a 33% stake in the Mercedes-AMG Petronas F1 Team and is the Team Principal and CEO of the team.

Wolff began his motorsport career in the Austrian Formula Ford Championship and the German Formula Ford Series.

He later competed in the FIA GT Championship and Italian GT.

As an investor, Wolff founded investment companies Marchfifteen and Marchsixteen, initially focusing on internet and technology companies.

Since 2003, he has concentrated on strategic investments in medium-sized industrial and listed companies, including a stake in HWA AG, the company behind Mercedes-Benz’s DTM and Formula 3 programs.

Background

Wolff was born in Vienna, Austria on January 12, 1972.

His mother was Polish and his father was of Romanian origin.

His father was terminally ill with brain cancer for 10 years during Wolff’s childhood, and passed away when Wolff was 15 years old.

This was a “tragic loss” that had a major impact on Wolff as a person.

Wolff’s family was not wealthy, and his mother, who was a physician, had to work hard to afford for Wolff and his sister to attend the prestigious Lycée Français de Vienne, a private French school in Vienna.

This led to some financial hardship and embarrassing experiences for Wolff, like being sent home from school when tuition fees were not paid.

Despite the challenges, Wolff was able to excel academically and go on to have a successful career in motorsport and business.

Net worth

Wolff’s net worth is $1.6 billion.

He became a billionaire in 2023, with his net worth increasing dramatically by 60% in the first half of 2023.

This boost to his net worth is likely due to the increasing valuation of the Mercedes F1 team, which is now estimated at $3.8 billion.

Wolff owns a 33.3% stake in the team.

In addition to his stake in Mercedes, he has also invested in other motorsport ventures, including a 1% stake in the Aston Martin F1 team.

Wolff’s net worth is significantly higher than that of other F1 team principals, with the next highest being Christian Horner of Red Bull at $50 million.

Salary

Wolff’s salary as the Team Principal and CEO of the Mercedes-AMG Petronas F1 Team is estimated to be around $17.5 million per year.

However, in 2022, his annual salary dropped significantly, from around $8.2 million down to just $4.4 million – a decrease of over 50%.

This large drop in Wolff’s salary was due to the “unsuccessful exploits” of the Mercedes F1 team for two years, which led to a “massive drop” in his compensation.

Despite the reduced salary, his still benefits from his 33.3% stake in the Mercedes F1 team, which is estimated to be worth $1.6 billion as of 2023.

This allows him to earn dividends and other income from the team’s overall success.

Early career

Wolff began his motorsport career in 1992, competing in the Austrian Formula Ford Championship.

He continued racing in Austrian and German Formula Ford in 1993 and 1994, and in 1994 he achieved a class win at the prestigious Nürburgring 24 Hours endurance race.

This was one of the highlights of his short racing career.

After just three years of racing, Wolff decided to call time on his driving ambitions and instead pursue a business and investment career.

He studied at the Vienna University of Economics and Business, and in 1998 he founded his first investment company, Marchfifteen.

Wolff later founded a second investment firm, Marchsixteen, in 2004.

In the early years, his investment companies focused on internet and technology companies during the “tech boom” era.

Over time, the business evolved to make strategic investments in medium-sized industrial and listed companies.

One notable investment was in HWA AG, the company responsible for developing and racing Mercedes-Benz cars in the DTM (German Touring Car Championship) and Mercedes’ Formula 3 engine program.

In 2002, Wolff co-founded a racing driver management company with two-time Formula 1 world champion Mika Hakkinen.

That same year, Wolff returned to racing, competing in the FIA GT World Championship and winning once.

Entry into Formula 1

Wolff’s entry into Formula 1 began in November 2009, when he invested in the Williams F1 team.

By July 2012, he had become the Executive Director of the Williams team, playing a key leadership role as the team scored its first win in 8 years at the 2012 Spanish Grand Prix.

Less than a year later, in January 2013, Wolff was appointed as the Managing Partner of the Mercedes-AMG F1 team.

At the same time, he acquired a 30% stake in the Brackley-based team, alongside co-shareholder Niki Lauda.

Concurrently, Wolff also assumed the role of Head of Mercedes-Benz Motorsport, with overall responsibility for the company’s entire motorsport program, from Formula 1 to Formula E, sports cars and the Formula 3 engine program.

Under his leadership, the Mercedes-AMG F1 team has gone on to dominate the sport, winning 8 consecutive Constructors’ Championships and 7 Drivers’ Championships.

In 2020, it was announced that Wolff had increased his stake in the Mercedes F1 team, with him, INEOS and Daimler AG each holding a one-third equal shareholding.

This solidified Wolff’s position as the Team Principal and CEO of the team for at least the next three years.

Success at Mercedes

Wolff’s success at Mercedes has been nothing short of remarkable.

Under his leadership, the Mercedes-AMG F1 Team has achieved unprecedented success in Formula 1, solidifying its place as one of the most dominant teams in the sport’s history.

Since 2013, Wolff has overseen the team’s remarkable achievements, including winning six consecutive Constructors’ Championships and seven Drivers’ Championships.

The team’s success has been characterized by a relentless pursuit of excellence, constant self-improvement, and a culture of high performance.

Wolff’s leadership style, which combines empathy and perfectionism, has been instrumental in fostering a winning mentality within the team.

His ability to challenge and motivate the team has been key to their sustained success, with Mercedes becoming almost unbeatable on the track.

Wolff’s strategic vision and management have propelled Mercedes to the forefront of Formula 1, setting new standards of performance and achievement in the sport.

Philanthropic efforts

Wolff has been actively involved in philanthropic initiatives, particularly through his partnership with Lewis Hamilton and the Ignite charity.

In 2022, Wolff and the Mercedes-AMG Petronas F1 Team collaborated with luxury watch brand IWC on a charitable initiative to raise money for Ignite, the joint charitable foundation of Wolff and Hamilton.

The auction of the last piece of the limited-edition Toto Wolff IWC watch raised £160,000 (around $192,500) for the Ignite charity.

Ignite focuses on promoting diversity and inclusion in motorsports, addressing the lack of diversity in the sport and working towards a more equitable and inclusive future.

Wolff has stressed the importance of Formula 1 and motorsports giving back to society, highlighting the personal significance of philanthropy to him.

Personal life

Wolff’s wife is Susie Wolff.

They met during the 2008 DTM season when Susie was a racing driver, and they got married in 2011 on the island of Capri, Italy.

Susie is also involved in motorsports, having competed in Formula 1 as a development driver for Williams in 2014, becoming the first woman to drive in an F1 race weekend in over 22 years.

Susie is currently the team principal of the Venturi Formula E team, where she is also a stakeholder.

Wolff has three children – two from a previous marriage, and one with his current wife Susie.

From his previous marriage to Stephanie, Wolff has a son named Benedict and a daughter named Rosa.

With his current wife Susie, Wolff has a son named Jack Wolff, who was born on April 10, 2017.

Wolff has described his family as a “true ‘patchwork family'” where his ex-wife Stephanie and current wife Susie work together to prioritize the wellbeing of the children.