Formula 1 is the most popular motorsport worldwide, and widely considered as the most expensive sport, with that in mind, check out the list of the richest team principals and their net worth in the F1 2023 season
Serving as a team principal comes with a lot of pressure but certainly comes with some incredible perks as well.
F1 2023 team principals list, salary and net worth
F1 team principals receive a salary anywhere from $1 million to $10 million per year and the amount they earn depends on a number of factors, including the team’s budget, results, and their own experience.
F1 Team Principal Annual Salary💸 and Net Worth💰. Team principals are the face of teams during Formula 1 Grand Prix weekend.
[Thread] Toto Wolff investment outside of F1 that makes him the Team Principal with highest Net Worth ⤵️#F1 #Formula1 pic.twitter.com/CBLbvacbaE
— RaceBose (@theracebose) August 11, 2022
Tensions were running high between the Team Principals at this group meeting 😅
Drive To Survive Season 5, now streaming on @netflix 📺
￼#F1 #DriveToSurvive5 pic.twitter.com/Tonx3pxANa
— Formula 1 (@F1) February 27, 2023
Besides managing affairs and being responsible for the success of their drivers, principals serve as the face of their teams and make the major decisions.
List of richest Formula 1 team principals and their current net worth
Toto Wolff – 478m
Toto Wolff is currently the wealthiest team principal on the grid with a staggering estimated net worth of £478million. Wolff leads the list with a huge difference. The Mercedes – AMG Petronas team principal is also the second-highest paid, earning £7.6million a year.
The Austrian international aged 51 started off his venture in Formula 1 as a racing driver himself. He also owns a 33 per cent stake in the Mercedes team, besides serving as the managing director and executive director.
Christian Horner – £41.4m
In second place is Red Bull team principal Christian Horner, who has worked at role since 2005. He is currently married to former Spice Girl Geri and the couple together own a stunning country home in Oxfordshire. Christian Horner is currently the highest-paid team boss with a salary of around £8.2million a year.
Otmar Szafnauer – £4.1m
Otmar Szafnauer has been working in the sport for decades now and currently has a net worth of £4.1million Despite being the most experienced team principal, having been involved with Formula 1 since 1989, Otmar’s has a considerably less salary compared to Toto and Christian’s.
Otmar has been the boss of Alpine since 2002 and currently earns around £822,500. Like many of the other principals on the grid, Otmar was also a driver back in the early 90s.
Franz Tost – £4.1m
67-year-old AlphaTauri team principal, Franz Tost, is currently the oldest team principal on the grid. Tost has been overseeing the Alpha Tauri team since 2005 and he earns a salary of £822,500 a year.
James Vowles – £4.1m
James Vowles is the new team principal at Williams and he is currently in his first season after previously working as Mercedes’ motorsport strategy director. The Englishman has an estimated net worth of around £4.1million and is currently the youngest team principal aged just 44.
Interestingly, James has a motorsport degree from Cranfield University, which is quite rare among F1 bosses. James made his Formula 1 debut working as an engineer for the Honda racing team.
Guenther Steiner – £4.1m
Guenther Steiner is the team principal for the Haas team, which he built from the ground up. Steiner currently has an estimated £4.1million net worth. The 57-year-old previously served as managing director of Jaguar and technical operations director at Red Bull, before setting up Haas.
The Italian American has humble backgrounds, having begun his career as a mechanic in Belgium for the Mazda Rally Championships. He currently earns an annual salary of £822,500 for his work as the team’s leader.
Alessandro Alunni Bravi – £4.1m
Italian Alessandro is also a lawyer by profession and Team Representative of Alfa Romeo since last year. Alfa Romeo changed their structure last year and set up a management structure to oversee the team.
Alessandro Alunni Bravi, currently has an estimated net worth of £4.1million. As the Team Representative, the 49-year-old Italian, will perform most of the roles of a principal while dealing with other F1 bosses and sponsors.
Frederic Vasseur – £2.5m
Frederic Vasseur is the new Ferrari boss who recently took over from Mattia Binotto this season, and has a net worth of £2.5million. The 54-year-old Frenchman studied aeronautics before joining Formula One and even founded his own team back in 1996.
The team went on to win several trophies in the junior formulae. Vasseur will probably see his net worth shoot up, as he will now earn a reported £5.2million.
Andrea Stella – £1.2m
Andrea Stella is the new team principal at McLaren, who will replace Andreas Seidl, and currently has an estimated net worth of £1.2million. Just like Vasseur, Andrea will see his net worth increase thanks to his £5.2million-a-year role. Andrea’s new appointment is an internal promotion as he was previously serving as the team’s executive director.
Mike Krack – £800k
Mike Krack is the team principal of Aston Martin having worked with the team since 2002, and he has a reported net worth of over £800,000. Krack recently replaced Otmar Szafnauer and he will now earn around £822,500 a year. This new income will surely boost his bank balance.
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