Mercedes Formula 1 team boss Toto Wolff has become a billionaire through his involvement with the sport, according to a report.
Wolff has been at the helm of the Mercedes squad since 2013, before which he was part of Williams, where he held the role of executive director.
Mercedes is one of the most successful teams in F1’s history after it enjoyed unrivalled success in the turbo-hybrid era that began in 2014.
In 2020, Wolff took ownership of 33 per cent of the F1 team, with Daimler AG and Sir Jim Ratcliffe’s INEOS organisation claiming the other two-thirds of the company.
Forbes now reports that due to the increasing value of the F1 squad, Wolff’s net worth has creeped over the $1 billion mark.
“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.”
Although Mercedes enjoyed unprecedented success from 2014 to 2021, its form across the last year has been lacklustre.
It has taken just a single grand prix win since the start of the 2022 campaign, when new technical regulations were introduced.
Wolff isn’t the first Mercedes-associated figure to be included in a Forbes rich-list.
Last year, Lewis Hamilton was named 17th in the category of highest paid athletes of 2022. His ex-title rival Max Verstappen was 26th on the list.