Wolff consolidates himself as a billionaire on the Forbes list

Toto Wolff, head of the Mercedes team, was already among the billionaires on the 2023 Forbes list, but his fortune increased by US$600 million in 2024. The new edition of the list, published by the renowned business magazine, reveals that the net worth of Wolff jumped to US$1.6 billion (around R$8.4 billion) in April this year.

The dizzying increase in Wolff’s assets is directly linked to the value of his 33% stake in the Mercedes team. Since purchasing it in 2013, the German team has won several Formula 1 titles, which has significantly increased the team’s value.

Forbes estimates Mercedes’ current value at US$3.8 billion (about R$20 billion). It is worth noting that this amount is almost four times greater than the estimated value of the category when Liberty Media took over the commercial rights of Formula 1 in 2017.

Also the implementation of the spending cap in F1 contributed to the profitability of the teams, allowing Wolff and other owners to retain a greater share of the earnings. Previously, teams needed to constantly invest in updates and infrastructure, which drained resources.

Wolff is not the only F1 bigwig to join the Forbes list of billionaires in 2024. Mark Mateschitz, heir to 49% of Red Bull after the death of his father Dietrich, appears in 31st position among the richest people in the world. His fortune increased by US$4.9 billion, totaling US$39.6 billion (about R$209 billion), thanks to his stake in the energy drink giant.

Lawrence Stroll (Aston Martin): Increase of approximately US$300 million (around R$1.6 billion) for an estimated net worth of US$3.9 billion (around R$20.7 billion).
John Elkann (Ferrari): Growth of US$900 million (around R$4.7 billion) in personal wealth, totaling US$2.6 billion (around R$13.8 billion).
Piero Ferrari (Ferrari): Increase of US$3.1 billion (around R$16.4 billion) for a net worth of US$8.6 billion (around R$45.4 billion).

The former owner of Formula 1, Bernie Ecclestone, remains on the Forbes list, however, his fortune has suffered a significant blow. After pleading guilty to tax fraud in October last year, he had to pay a million-dollar fine to the British government and received a suspended prison sentence. His net worth is currently estimated at US$2.4 billion (around R$12.7 billion).

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