Toto Wolff is a former motorsport racer from Austria who now focuses his time and fortune on investing and business. The Austrian currently serves as the CEO and Principal of the Mercedes AMG Petronas Formula 1 team. This will surprise some F1 fans, he’s even richer than Lewis Hamilton who’s worth a cool $285 million.
In April 2023, Forbes listed him on their Sports Billionaires list for the first time, confirming his net worth of $1.1 billion! His annual salary is £13.9 million, which stems from his 33% stake in the Mercedes team.
Born Torger Christian Wolff on January 12, 1972, in Vienna, Wolff was raised by a Polish mother and a Romanian father. Tragically, his father was diagnosed with brain cancer when he was only 8 years old and passed away when he was 15. Despite these hardships, Wolff pursued education at the prestigious Lycée Français de Vienne, a French school in Vienna.
Wolff began his motorsport journey in 1992 with the Austrian Formula Ford Championship, later competing in the German Formula Ford Series. His career boasts several victories, such as winning his category in the 1994 24 Hours Nürburgring, and winning a race in the Italian GT Championship in 2004. In 2006, Wolff secured second place in the Austrian Rally Championship and won the Dubai 24 Hour.
In 2009, Wolff transitioned into Formula 1, joining the board of directors at the Williams Formula 1 Team after acquiring shares in the organization. In 2013, he left Williams F1 to become an executive director of the Mercedes AMG Petronas and also acquired 30% of Mercedes-Benz Grand Prix Ltd.
Under his stewardship, Mercedes won a record-tying seven consecutive Driver’s Championships from 2014 to 2020 and seven consecutive Constructor’s Championships. According to The Daily Express, Wolff’s salary at Mercedes is £13.9 million per year.
As an investor, Wolff founded Marchfifteen in 1998 and Marchsixteen Investments in 2004, with a focus on internet and technology companies.
His other acquisitions included a 49% share in German HWA AG, which he purchased in 2006 and listed on the public exchange in 2007. BRR Rallye Racing is another investment of his. Toto also managed various racing drivers as one of the owners of a sports management firm with former F1 driver Mika Häkkinen.
On the personal front, Wolff married Stephanie Wolff in the 1990s, with whom he had two children. After their divorce, he married Susie Wolff in 2011, the CEO of ROKiT Venturi Racing. Susie was a development driver for Williams, which is how she met Toto. They reside in Monaco and had their first child in 2017.