What is Toto Wolff's Net Worth and Salary?
Toto Wolff is a billionaire motorsport executive, investor, and former racing driver who has a net worth of $1.1 billion. Toto Wolff serves as the CEO and team principal of the Mercedes-AMG Petronas F1 Team. As a driver, he won the 24 Hours Nürburgring in 1994, and later competed in the FIA GT and Italian GT Championships. In his investing career, Wolff has focused on Internet and technology companies, as well as midsized industrial and listed companies.
Early Life and Education
Toto Wolff was born as Torger Wolff on January 12, 1972 in Vienna, Austria to a Polish mother and a Romanian father. Although of Jewish descent, he was baptized as a Catholic. For his education, Wolff went to the prestigious Lycee Français de Vienne. After his father was diagnosed with cancer, his parents separated. When Wolff was 15, his father passed away.
Racing Career
Wolff began his career as a racing driver in 1992 at the Austrian Formula Ford Championship. He also competed in the German Formula Ford Series. In 1994, Wolff won the 24 Hours Nürburgring in his category. Later, in 2002, he raced in the FIA GT Championship, winning one race and coming in sixth place in the N-GT category. The following year, Wolff switched to the Italian GT Championship, and in 2004 won a race with Lorenzo Case. Meanwhile, he teamed up with Karl Wendlinger for the FIA GT Championship. In 2006, Wolff won the Dubai 24 Hour and came in second at the Austrian Rally Championship.
Motorsport Executive
After retiring from driving, Wolff bought a share of the Williams Formula One Team and joined its board of directors. A few years later, he was named the team's executive director. In early 2013, Wolff left Williams F1 to serve as an executive director of the Mercedes-AMG Petronas F1 Team. That same year Mercedes signed Lewis Hamilton away from McLaren. He also acquired 30% of Mercedes-Benz Grand Prix and took over the coordination of its motorsport activities. As a co-owner of both Williams F1 and Mercedes-Benz Grand Prix, Wolff saw many successes on the track, including a 1-2-3-4 finish at Spielberg, Austria.
In 2018, Mercedes-Benz had its single most successful motorsport year ever after winning both F1 titles, F2, European F3, all three DTM titles, and both F1 eSports titles thanks largely to star driver Lewis Hamilton. The company continued its success in 2019 by winning a sixth-consecutive double world championship. Mercedes went on to win a seventh-consecutive title in 2020, breaking the record held by Ferrari; the company extended the record by winning an eighth in 2021. Among his other positions, Wolff previously served as the CEO and director of the Mercedes-EQ Formula E Team.
(Photo by Mark Thompson/Getty Images)
Investments
A prolific investor, Wolff founded the investment companies Marchfifteen and Marchsixteen. The companies initially focused on investments in Internet and technology companies before branching out to midsized industrial and listed companies. Notable investments have included the German HWA auto racing team, the rally parts dealer BRR Rallye Racing, and Aston Martin Lagonda Global Holdings. Wolff is also a co-owner of a sports management company with former F1 driver Mika Häkkinen.
Contributions to Academia
Due to his comprehensive understanding of the motorsport executive world, Wolff has been invited to contribute to some institutions of higher learning. In late 2021, he was made an associate fellow at the Oxford Saïd Business School for two years so he could impart his wisdom of high-performance culture and team leadership to students. The following year, Wolff taught a case study to MBA students at Harvard, and was named an executive fellow of the business school.
Personal Life and Philanthropy
In 2011, Wolff married fellow racing driver Susie Stoddart, who went on to become the managing director of F1 Academy. She also served as the CEO and team principal of the now-defunct Formula E team Venturi Racing. Together, the Wolffs have a son named Jack. Toto Wolff has two other children, Benedict and Rosa, from his first wife Stephanie.
Involved in philanthropy, Wolff serves as the vice chairman of the Mary Bendet Foundation. Founded in memory of his school friend, the Foundation works to improve the quality of life for underserved children.
