Toto Wolff named on billionaire list for first time - despite Mercedes' struggles in F1

Toto Wolff named on billionaire list for first time - despite Mercedes' struggles in F1,After a decade as team principal at Mercedes, Toto Wolff has already established himself as one of F1's most successful bosses of all time, driving him to achieve billionaire status

Toto Wolff named on billionaire list for first time – despite Mercedes’ struggles in F1

Mercedes team principal Toto Wolff has moved up a rank on sport's rich list after reportedly seeing his net worth move past the billion mark.

The 51-year-old has joined other major sports figures like LeBron James and Tiger Woods in recently surpassing the 10-figure point. Forbes attribute Wolff's new $1billion (£800million) valuation to the surging success of Netflix series 'Drive to Survive', which has brought Formula 1 to the worldwide masses.

Lewis Hamilton and George Russell have struggled to bring the Silver Arrows any significant success since the start of 2022, but that hasn't been enough to hamper Wolff's handsome finances. In fact, the Austrian appears to be thriving like never before after a decade at the helm of the former F1 kingpins.

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It wasn't always so cut and dry that Wolff would dominate the grid as such a titan of industry, however, having got his start investing in technology and internet services when the 'world wide web' was still in its infancy. A few fortunate pay-outs later saw the Vienna-born financier invest in Williams in 2009, buying his way onto the F1 grid with the British manufacturer.

That stake increased to 15 per cent by 2012 when he was appointed Williams' executive director, but he jumped ship to Mercedes the following year in what would prove the real catalyst for his rise in revenue. Hamilton signed on for the Silver Arrows around the same time, and what soon followed was a streak of eight straight constructors' crowns, as well as seven drivers' championships.

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Mercedes team principal Toto Wolff has become a billionaire (Image: HOCH ZWEI/picture-alliance/dpa/AP Images)

Wolff holds a 33 per cent in Mercedes Benz Grand Prix Ltd, as well as handling much of the team's day-to-day affairs. The last of his holdings in Williams were sold off by 2016, though the business magnate has more recently procured a 0.95 per cent stake in Aston Martin.

While motorsport may be ex-driver Wolff's main fascination at present, he maintains other investments in Mercedes' Formula E counterpart and German parts and car manufacturer HWA AG. All signs suggest Wolff's net worth is only liable to rise in future, though he has in the past revealed things weren't always quite so comfortable.

Lewis Hamilton and Toto Wolff have endured some serious struggles over the past 12 months or so (Image: Formula 1 via Getty Images)

"The worst [job I held] was when I tried to make it as a racing driver, pre-Christmas in the busiest zone of an Austrian city," he told Mercedes-AMG in 2018. "I had to wear a golden cape, I painted my face gold and I had to give away leaflets for the local electronics shops.

"It was so embarrassing because people recognised me. I remember that was really bad, but I pushed through. I really needed the money."

Although Wolff's engineering knowledge is relatively minor compared to many of his principal peers, he has commented in the past about his expertise in assembling the right personnel. Although Red Bull may rule F1's roost for the time being, Mercedes' commander-in-chief will look to take his outfit from relative rags back to the riches of old.

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