Formula 1 has its newest billionaire, according to the authoritative American finance and business magazine Forbes.

Correspondent Matt Craig explained that the rise of Toto Wolff to his new billionaire status is due to Formula 1’s surging Netflix-fuelled popularity and his third-share stake in the works Mercedes team.

Austrian Wolff, 51, also has a stake in Aston Martin and a much longer history of making strategic investments through his companies Marchfifteen and Marchsixteen.

“A former racecar driver, he bought into the (Mercedes) Formula 1 team in 2013, long before team values skyrocketed, and led Mercedes to eight straight constructors’ championships,” Craig explained.

Wolff told London’s Times newspaper earlier this year of his one-third Mercedes team purchase in 2013: “It was a bit like my life in venture capitalism and private equity – buy, invest, develop, sell, but always an exit.

“Then, in 2020, I came to the conclusion that this is what I like to do. I like the sporting side, and I love the business side. And what we learned during covid is that content companies are crisis resilient.

“If you are able to put on a show, and broadcast it, it will entertain people,” Wolff added.