CEO and Team Principle of Mercedes AMG Petronas Motorsport Formula One Team
Wolff was born on 12 January 1972 in Vienna to a Polish mother and an Austrian father of Romanian origin. Wolff was educated in a French school in Vienna despite not coming from a wealthy family. Wolff's father was diagnosed with brain cancer when Wolff was eight years old. His parents separated following his father's diagnosis. His father died of the disease during Wolff's adolescence. At a tender age of 8, Toto was the man of the house and shouldered a big responsibility.
Wolff revealed that he was dismissed from school along with his sister over their inability to pay the fees. The Austrian was 12 years old at the time and his sister was 9.
“I was in an environment where kids could afford private school, but I couldn’t really”
“We were taken out of class because the school fee wasn’t paid”
The Austrian revealed that he became an entrepreneur as a young teenager in Vienna. Toto recalled an incident of an anti-racism protest in Austria in the ’90s, which paved the way for his first business. “It was a silent protest with the topic of lighting a candle and walking, protesting against racism I thought, there’s going to be a few thousand people and they’re not going to have any lights or candles.” Wolff revealed that he purchased a major stock of candles to sell for the protest. “The protest was due to start at six o' clock and until 3 we had only sold a few hundred so it was a terrible business.” Wolff added that the business picked up a few hours later and became highly profitable. “It showed that if you can create demand for your product, it sells.”
He started attending ‘Vienna University of Economics,’ but dropped out to work as an intern at an investment bank. Wolff went on to capitalize on his entrepreneurial skills and became a strategic investor following a brief stint as a banker. The Austrian went on to buy shares at Williams and joined the Grove outfit as one of the members of the board. “I became a minority shareholder in Williams and got on very well with Frank [Williams]”
During this time of Wolff’s life, he became very interested in investing, specifically investing in automakers and auto racing companies. Wolff’s largest investment was in HWA AG, the company that runs the Deutsche Tourenwegon Masters racing program for Mercedez-Benz by developing new engines and car designs. Recently Wolff bought a 5% share in Astin Martin, which does not affect his role within Mercedes-Benz.
Frank Williams (Left) and Toto Wolff (Right)
Fast forward to today and Wolff is now the CEO of one of the most dominant teams in recent F1 history, Mercedes AMG Petronas Motorsport Formula One Team. The Austrian has come a long way since his humble beginnings as a candle seller in Vienna.