Toto Wolff’s wages suffer huge drop as Mercedes’ F1 problems take their toll

Mercedes team principal Toto Wolff suffered a huge drop in wages in 2022. The Austrian’s salary was cut in half last year as problems on the track continue to take their toll.

The Silver Arrows haven’t won a constructors’ title in two years following a seven-year reign of dominance. For the past couple of seasons, Mercedes have been beaten to the top spot by Red Bull, who continue to pull further away from the rest of the pack with every race.

Red Bull have already broken Mercedes’ record for the most amount of points accumulated in a single season this year while three-time F1 champion Max Verstappen became the first driver to surpass the coveted 500-point barrier.

With two races to go this year, in Las Vegas and Abu Dhabi, Mercedes are battling it out with Ferrari for second place as Red Bull lavish at the top of the table with a staggering 400-point lead.

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Off the track, things are going considerably better though. According to Business F1, Mercedes have brought in £466.3million in revenue during the course of 2022, up 25 per cent on 2021, making them the most financially successful team on the grid.

Just over half of their revenue, £238m, comes from sponsors and licence fees while £139.9m is accumulated through prize money and £88.3m is earned via other activities outside of F1.

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Yet Wolff’s annual salary has taken a nose dive from £6.7m a year to £3.5m. Luckily for Wolff, he holds a 33 per cent stake in the Mercedes-AMG Petronas F1 team so will get a healthy slice of the £24.5m in dividends shared with partners and investors.

He also isn’t short of money with a reported net worth of £1.3bn in 2023. Meanwhile, Mercedes is said to be worth £3.6bn as of this year.

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