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F1 team boss becomes billionaire

Thanks to a long history of savvy investments, Toto Wolff has joined the billionaires' club.

Mercedes Team Principal Toto Wolff has become a billionaire, according to a Forbes report. The 2023 World Billionaires list includes 12 newcomers from the world of sport, with Wolff joining the likes of Tiger Woods and LeBron James. According to the report, Wolff's net worth has hit precisely $1 billion this year. In addition to having served as Mercedes' Team Principal since 2013, Wolff has also owned one-third of the team since then, with Mercedes' parent company Daimler and chemicals firm INEOS each also owning one third. Forbes credits Netflix with Wolff's increased net worth, noting that the streaming service's Drive To Survive documentary series turned Wolff 'into a celebrity billionaire with [its effect] on the value of Formula 1 teams.'

Wolff's investment history

Wolff has a long history as an investor, initially founding Marchfifteen in 1998 and Marchsixteen Investments in 2004 to focus on Internet and technology companies. The Austrian bought a share of the Williams F1 team in 2009 and joined its board of directors, before selling off all his shares in the team by 2016, long after he had joined and bought into Mercedes. In 2020, Wolff also purchased a one per cent stake in the Aston Martin F1 team, who also use Mercedes power units. After Fernando Alonso finished third in 2023's season-opening Bahrain Grand Prix, Aston Martin's stock price reportedly rose by 15 per cent. Wolff's net worth dwarfs even that of Mercedes' seven-time World Champion driver Lewis Hamilton. According to The Sunday Times Rich List, the Briton's net worth for 2022 was a mere £300 million ($370 million), an increase of £40 million from 2021.

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