Red Bull Racing heir Mark Mateschitz becomes the richest millennial in Europe

Mark Mateschitz's father, Dietrich, bought Red Bull Racing F1 team in 2005.

Red Bull Racing heir Mark Mateschitz becomes the richest millennial in Europe

Mark Mateschitz. Image via Luxury Launches.

Dietrich Mateschitz was an Austrian billionaire. He co-founded the energy drink giants Red Bull in 1987 and had 49% ownership. His only son, Mark Mateschitz, inherited the 49 percent stake after the elder passed away in October 2022. According to Forbes, this puts the net worth of Mateschitz at $ 34.7 billion. It makes him the world’s 37th richest person.

Forbes released their annual 2023 Billionaires list. Bernard Arnault, the founder, and chairman of the luxury brand LVMH has taken the number one spot. He ranked above Elon Musk, Jeff Bezos, and Bill Gates. However, Mark Mateschitz was the highest new entrant on the list. That earned him the title of Europe’s richest millennial. 

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The Jaguar Racing Formula 1 team was put up for sale in 2004 September. It was when Ford decided it could not do a compelling business for its brands to compete in F1 anymore. Red Bull purchased Jaguar Racing on the final day of the sale. The team officially became Red Bull Racing. Prior to that, the energy drinks company sponsored Sauber from 1995 to 2004. After Dietrich bought his F1 team, the partnership with the Swiss team ended.

Related: Why was F1 banned in Switzerland?

Apart from F1, Red Bull has invested in extreme sports and football

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Mark and Dietrich Mateschitz. Image via DMARGE.

Dietrich Mateschitz, known as “Didi,” was known for his love for motorsports and football. The businessman came across the drink that would be popularly known as Red Bull when he was on a business trip to Thailand in the 1980s. Didi was awe-struck by a drink(Krating Daeng) that helped him with his jet lag. It was developed by a pharmacist Chaleo Yoovidhya. Didi struck a deal with him to promote it internationally. The company carbonated the drink and marketed it with the catchphrase “Give you wings”. It was hugely successful, and Red Bull was launched in 1987. Dietrich Mateschitz took a 49 percent share in the company. 

As the senior Mateschitz’s wealth grew, he invested in extreme sports, Formula 1, and several football teams. His love and passion for sports made him combine the company with it. As of now, Red Bull sponsors many different teams all over the world. The energy drink company bought the Red Bull Formula 1 team in 2005. They also bought a Major League soccer team in the US, New York Red Bulls. They also own Austrian and German football teams, Red Bull Salzburg and RB Leipzig. 

Mark Mateschitz has also inherited luxury properties, from a dreamy Fijian island to lovely Austrian castles. He also owns an estate in London’s Knightsbridge. In addition to all this wealth, Mateschitz already owned his beverage company, Thalheimer Heilwasser. It sources water from Austrian springs for its drinks. As the only child of Dietrich, he was exposed to his father’s business at a very young age. The junior Mateschitz studied business at the University of Applied Science in Salzburg.

It is no doubt that Mateschitz had a privileged upbringing, but despite that, he is down to earth. Mark Mateschitz had been working in senior positions at Red Bull before his father’s death, and as a result of that, he understands the business he has inherited. Due to his role as a shareholder, Mateschitz stepped down from his role as the head of Red Bull’s organic division. 

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