Michael Latifi is a Canadian-Iranian businessman. He is the father of F1 driver Nicholas Latifi, who will race for Williams Racing in 2022.
A wealthy businessman, philanthropist and investor, Latifi’s life is worthy of a closer look. He is a pioneer in the industry he operates in and makes his billions from it.
Michael Latifi early life and career
Latifi was born Michael Mehrdad Latifi in 1962. He was born in Iran, but grew up in Canada.
He reached Canada at the age of 15, and he sought refuge there.
Latifi did his education at McGill University, where he graduated with a BS, MBA degree. He soon entered the world of business, and set out to make a name for himself in it. His engineering background combined with his new degree inspired him to start a food processing company in Toronto. That became the current Sofina Foods.
From 1980, the man worked to build his business empire into what it is today. Fast-forward to today, and he is involved directly or indirectly with multiple establishments. He is the owner, Chairman, and CEO of Ontario-based Sofina Foods Inc. The company manufacturers processed animal products, and is an industry leader.
Latifi also owns Lilydale and Santa Maria Foods ULC through Sofina, The former was acquired in 2010 for a C$130 million sum, while the latter was bought two years later as an importer and distributor of certain Italian brands.
A big investment he did was into McLaren Group. Through his investment company Nidala (BVI) Limited, he poured in $270 million into the Woking automobile company.
Latifi was also in the running to buy Williams Racing before Dorilton beat him to the deal. Nevertheless, Latifi remained a key figure behind the scenes, helping the team fend off the scares of leaving the sport due to lack of finances.
When the team’s main sponsor in Rokit pulled out, Latifi arranged for a loan to be given to Williams through his Latrus Racing Company.
Even when the team was about to be sold, his name was doing the rounds as a potential buyer. He had set aside around $150 million to invest in the team as first reported by Gazzetta Dello Sport.
With F1 introducing a budget cap into the sport, Latifi believed that he could make the team more competitive again. Unfortunately, he couldn’t buy the team.
Latifi is also a philanthropist and is active in charity work and humanitarian service. He has spent a lot of money on various noble causes.
The businessman is happily married to Marilena Latifi. She also hails from a family of business people, that being Saputo Inc., a dairy company. He has three siblings – a brother named Max and two sisters named Afschineh and Afsaneh.
Michael Latifi yacht and car collection
The Monaco harbour is home to some of the world’s most extravagant ships, boats, and yachts. The cream of the crop, the elite of the elites and all the other clichés in the world can be used for it.
The largest yacht there has been a 316-foot monster named Faith. Its price is absolutely staggering, coming in at around $200 million dollars.
Naturally, it was snapped up by a rich person, and that someone happened to be Latifi. The money the yacht makes in a day is enough to fund entire establishments. For example, its seasonal charter rate STARTS at €1,200,000 per week.
For that money, you can hop in and out of several yachts, but then again, us peasants don’t know what the allure of rolling in the millions is. Latifi certainly does, and has made a rather shrewd investment on the yacht.
The five-storey yacht has every amenity under the sun, ranging from a gym to an outlandish snow room. It boasts seven bedrooms, a VIP guestroom and also an elevator.
If you are a rich cat on the yacht and like to take leaps of faith (pun intended), there are two jet skis, a surfboard, bobs and kayaks on board. There is also a helipad and helicopter hanger, and the only complaint regarding it is that you have to carry your own helicopter.
As quoted by a charter website, Faith’s “impressive leisure and entertainment facilities make her the ideal charter yacht for socialising and entertaining with family and friends”. Too modest? Yes. Perhaps that is the defining trait of opulence – underperform and overdeliver.
He is also a massive automobile enthusiast, having grown up a big fan of Ferrari. He bought and drove an F2004 that used to belong to the great Michael Schumacher. The man also has an F2007 that was driven by Kimi Raikkonen.
Michael Latifi net worth in 2021
Somebody with the money and the business acumen of Latifi will most certainly have a very high valuation in the financial world. Michael is a billionaire and is running very successful businesses, so it is justified to assign him a great net worth.
He is one of the richest Iranians in the world and is doing his country and the business world proud. He also dabbles in multiple avenues of business, so his reputation in the financial world is multifaceted and credible.
As of 2021, Latifi is worth around $2 billion.