There’s an old adage in motorsport that goes like this: how do you make a small fortune in Formula 1? Start with a large one.
Well, few people who have come into the sport have had a fortune that matches that of Lawrence Stroll.
In series three of Netflix ’s documentary Formula 1: Drive to Survive, viewers meet the billionaire owner of the Racing Point team.
The Canadian businessman has a commanding presence – whether that’s during interviews or in a meeting with his management team, when he announces how much time he has with them, before listening intently to updates in a manner that could leave some people intimidated into stumbling over their reports.
In the documentary, Stroll says: “I’ve always won in the businesses I’ve run, I plan on winning here.”
Lawrence Stroll’s net worth
According to Forbes ’ most recent update, Lawrence Stroll’s net worth stands at $2.6billion (£1.8bn).
That figure puts him a ‘mere’ 804th on the business magazine’s Billionaires 2020 list.
How did he make his money?
Lawrence Stroll has made the majority of his money from the fashion industry.
He brought Pierre Cardin and Ralph Lauren clothing to his native Canada.
Since then he has invested in clothing designer Tommy Hilfiger and Michael Kors, helping turn both into the global brands they are today.
In particular he and business partner, Hong Kong fashion tycoon Silas Chou, spearheaded Michael Kors’ highly successful initial public offering in 2011.
Over the following three years he sold off his shares in the American fashion brand, which is where a bulk of his fortune comes from.
Despite making most of his money from the fashion industry, Stroll is a petrolhead.
He colleges vintage Ferraris, spending a US-record on a rare 1967 Ferrari 275 GTB at auction in 2013. At the time Stroll owned more than 20 Ferraris.
He also owns the Mont Tremblant race track in Canada and a luxury super yacht name Faith.
Buying Racing Point
Being a petrolhead, and with son Lance as a racing driver, it was perhaps inevitable that Stroll would get involved in Formula 1.
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When Lance joined Williams in 2017 he supported the team, but when Force India was put into administration the following year, Stroll led a consortium to buy it.
They purchased the team for £90million – plus assumption of £15m of debt to loans providers and suppliers – rebranded it Racing Point, and signed son Lance for the following season.
In Drive to Survive Stroll describes the purchase as a "tremendous opportunity in something that I have a lot of passion for".
Since then he has invested heavily, and in 2020 the team secured its first win since 2003 – when it was called Jordan – at the Sakhir Grand Prix.
In 2020 Stroll led a £182m investment in Aston Martin for a 16.7% stake in the company, becoming executive chairman in the process.
As a result of leading investments in both companies, Racing Point has been rebranded to Aston Martin for 2021.
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