Toto Wolff will bank a huge sum of money after his Mercedes team announced significant gains in both revenue and profits. As well as being team principal, the 53-year-old also serves as chief executive and is a minority shareholder. He owns a third of the company, sharing ownership equally with Mercedes-Benz and INEOS.

Wolff is among the richest figures in the F1 paddock, boasting a net worth which puts virtually every driver to shame. He is estimated to be worth around £1.3billion by Forbes, with much of that figure owed to his 33 per cent stake in the Mercedes team. They delivered a robust financial performance in 2024, driven by increased commercial income and strong on-track showings.

According to statements filed on Companies House, their revenue surged by 16 percent from £546.5m to £636m. This growth was mainly due to a huge commercial boost, with sponsorship and licensing deals making up over 60 per cent of total revenue.

After taking into account their corporation tax bill of just over £40m, the Mercedes team also recorded a net profit of £120.3m, an increase of nearly 50 per cent when compared to 2023.

Their strong financial performance has allowed them to declare a £125m ordinary dividend, to be paid in two instalments of £75m and £50m. It will benefit Wolff as a shareholder of the team in addition to Mercedes-Benz and INEOS.

While it is unusual for an ordinary dividend to surpass net profit, Mercedes say the £125m figure 'comprises an element of previously undistributed earnings from prior years'.

Wolff purchased his stake in Mercedes back in 2013, securing his investment for an estimated £37m. It turned out to be an inspired decision, with his part-ownership of the team forming the cornerstone of his incredible wealth.

He is not entirely motivated by money, though, having previously told Forbes that he would drain every penny from his bank account in order to win.

"I would give up every single penny of the profits to win," said Wolff. "So choosing between financial success or sporting success, every day of the week, every day of the year, I'll go for the sporting success."

Wolff initially paved the way for his billionaire fortune through his two investment companies, Marchfifteenth and Marchsixteenth. Using money he accrued as a venture capitalist, he set his sights on the Williams team in 2009.

He started out on their board of directors before moving to the role of executive director in 2012. A year later, he jumped ship to Mercedes and the rest, as they say, is history.