Toto Wolff is the most successful face in Formula 1 with a net worth of $1 Billion. The Mercedes team boss’ leadership and brilliance have brought the Silver Arrows 8 F1 constructors titles and 7 F1 drivers’ titles.
The 50-year-old Austrian also owns one-third of the Mercedes F1 team and heads the entire Mercedes Benz motorsport program. But it was not always so easy for the Mercedes boss. Wolff does not come from a rich background and there was a time when he quit his racing career because he did not have enough money.
At the age of 17, Wolff embarked on his journey as a racing driver and competed in the Austrian Formula Ford. One time, he even won the FIA GT World Championship and later claimed top honors at the 24 Hours of Bahrain. But his racing career was short-lived after he ran out of money and was forced to quit.
Toto Wolff has revealed how childhood loss impacted him 🎙️
“My father was very ill for 10 years with a brain tumour… he passed away in my teenage years and we had, literally, no money. I remember at 14 thinking I wanted to be responsible for myself”.
— formularacers (@formularacers_) November 2, 2021
Toto Wolff reveals why he had to retire from racing
Speaking in an interview with UBS, Wolff revealed that it was not his decision to quit. “I had run out of money, my sponsor had pulled out of the sport after Karl Wendlinger’s accident in Monte Carlo,” he said.
On top of that, the Austrian revealed that he was also very conscious that he didn’t have the proper background to make it into a professional racing career. “I lacked the go-karting background as a kid, I lacked the financing and the connections and I thought that the business world would be the better career path at that age,” said Wolff.
The Mercedes boss said that one day he woke up and thought, “I don’t like what I do.” Wolff changed a few careers in his life to finally make it to the business world of Formula 1. Apart from racing, he had a career in private equity for 10 years which was not at all related to motor racing. After that, investments in various teams led him back to his third career which was the business aspect of motorsport.
Wolff opens up on his son pursuing a motorsport career
Wolff has had a hard time making his career in motorsport. The Austrian was asked if there is something about his career experiences that he would like to pass on to the next generation.
The Austrian explained that he has seen immense pressure among youths of his time to follow the legacy that their parents have built them. Wolff feels that being pushed to pursue that legacy is wrong. He said that everyone needs to discover what they want to do with their career themselves.
He gave an example of his oldest son, Benedict, who was 16 at the time of the interview. Wolff said that Benedict wanted to be a doctor but he was surprised to know that his son was a communications manager for an F1 school team.
Wolff was even more surprised to know that his son’s team even qualified for the World finals in Austin Texas. Benedict had not told his father, Toto, about it. The Austrian explained that it was because it had nothing to do with him but he still found himself having the irrational parent problem.
Wolff explained that after knowing about Benedict’s achievements in motorsport, he was left wondering whether he wanted his son to continue to become a doctor. He later realized, “He needs to figure it out for himself first and we shouldn’t interfere in our kids’ careers.”
