According to Forbes, Mercedes boss Toto Wolff has risen to the status of billionaire as a result of his involvement with the sport.
Wolff has been in charge of the Mercedes team since 2013, and before that, he was an executive director for Williams.
Mercedes is among the most successful teams in Formula 1 history thanks to its unmatched performance in the turbo-hybrid era that started in 2014.
2020 saw Wolff acquire 33% of the Formula 1 team, with the remaining two thirds being held by Daimler AG and Sir Jim Ratcliffe’s INEOS organization.
Wolff’s net worth has reportedly crept over the $1 billion mark, according to Forbes, as a result of the F1 team’s rising value.
“A star of Netflix’s Drive to Survive series, Wolff is team principal and CEO of the Mercedes-AMG Petronas F1 team,” the report said. “A former racecar driver, he bought into the Formula 1 team in 2013, long before team values skyrocketed, and led Mercedes to eight straight Constructors’ Championships.”
Mercedes had unheard-of success from 2014 to 2021, but its performance over the past year has been dismal. Since the beginning of the 2022 season, when new technical regulations were adopted, it has just taken one grand prix victory.
However, Wolff isn’t the first person connected to Mercedes to appear on a Forbes rich list. Lewis Hamilton was ranked 17th among the highest-paid athletes in 2022 last year. Max Verstappen, a former title challenger, came in at number 26.
