Toto Wolff cements billionaire status with skyrocketing net worth in 2024 Forbes list

After being declared a billionaire for the first time in 2023, Mercedes team principal Toto Wolff has seen his net worth rise by $600m in 2024.

The annual World’s Billionaires List has been published by prominent business magazine Forbes for the year, which has seen Wolff listed as being worth $1.6billion this April (£1.27bn).

Toto Wolff among F1 figures to significantly add to net worth

Wolff was declared by Forbes as a billionaire on the same list for the first time last year, with his 33% stake in the Mercedes team having skyrocketed in value since he purchased it in 2013, following the team’s lengthy run of success in Formula 1.

An estimated value of the team at $3.8billion accounts for most of the Austrian’s new net worth, which is almost quadruple the $1billion proposed valuation of when Liberty Media took over the commercial rights of Formula 1 back in 2017.

The newfound profitability of Formula 1 teams under the cost cap has enabled Wolff and other team owners to hold onto more of their earnings when they would have spent continuously on upgrades and other infrastructure previously.

Wolff is not the only Formula figure to be named on Forbes’ list of billionaires for 2024, however, with Red Bull minority owner Mark Mateschitz, who inherited the 49% stake of his father Dietrich when he passed away, ranked 31st among the richest people in the world, with a $4.9billion increase to a reported net worth of $39.6billion (£31.5billion) for his stake in the energy drinks company.

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Aston Martin team owner Lawrence Stroll saw an approximate $300m increase in his personal net worth for 2024, up to $3.9billion (£3.1billion) according to Forbes after the publication of their billionaires list.

At Ferrari, executive chairman John Elkann has seen a reported $900m growth in his personal net worth to $2.6billion (£2.07billion), while vice chairman and son of company founder Enzo Ferrari, Piero Ferrari is now worth a reported $8.6billion (£6.84billion), up from $5.5billion the year before.

Still featured on the World’s Billionaires List is former F1 supremo Bernie Ecclestone, though his net worth has taken a significant hit after pleading guilty to a count of fraud by false representation in October, and agreeing to pay more than £650million in a settlement to HMRC in the UK, along with a suspended prison sentence with his net worth now estimated at $2.4billion (£1.9billion).

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