Toto Wolff came from a non-motorsport background to rise the ranks and become the most successful team principal of all time in F1. However, his childhood was not easy. The hardship he had to endure, shaped his mindset and drove him to chase wealth, which brought him to where he is today.
Wolff recently recalled an incident from when he was in school — a private school, which was very expensive. While his father was suffering from brain cancer, Wolff and his family were struggling with finances, and could not pay the fees, which in turn forced him to endure an embarrassing moment.
“My sister and I were called out of class to the headmaster,” Wolff said on the High Performance Podcast. “He told us, ‘You’ve got to leave the school, the fees are not paid’.”
Wolff went back to his class, collected his belongings, and left with his sister, who was just 10 years old at the time. He couldn’t bring himself to explain to her why they were leaving for home earlier than usual.
“So, this financial hardship plus the family situation, created a drive in me to be self-responsible, become an adult really. Look after my family financially and emotionally different to what I had,” the Mercedes boss added.
Wolff concluded by admitting that he might not have reached the very top of F1 had he not gone through those experiences.
Wolff doesn’t need to worry about paying bills anymore
The 52-year-old has to pay his bills — as every person does — but he doesn’t have to worry about not being able to make ends meet anymore. With a net worth of $1.6 billion, Wolff is the richest team principal in motorsports, and also a part-owner of the Mercedes F1 team.
However, his success did not come overnight. First, Wolff tried a career in motorsports and competed in local and regional formula categories, quickly realizing that he was not good enough as a racer. He decided to go down a more conventional path and worked in the finance sector, where he gained invaluable knowledge on how to manage and make money.
Toto Wolff has become a billionaire
Wolff’s net worth hits $1 billion according to Forbes’ list of sports billionaires in 2023 pic.twitter.com/XEjHzpojp0— Motorsport.com (@Motorsport) April 7, 2023
Those skills would come in handy for the Austrian in the future, as after amassing wealth away from the track, Wolff returned to motorsports by buying shares in Williams. He became Executive Director and oversaw the team’s last race victory [in 2012] to this date.
Mercedes approached him in 2013, and Wolff — along with a certain Lewis Hamilton — changed the sport forever, unleashing an era of dominance previously unseen. Between 2014 and 2021, the team won all Constructors’ titles, and although the Brackley-based squad is going through a slump right now, Wolff has shown no sign of slowing down.
