The pair married in 2012 after Mr Ecclestone, 85, divorced his then wife Slavica Radic. Mr Ecclestone is worth an estimated US$3.1 billion.

The kidnappers were said to be in contact with the Ecclestone family and had demanded R$120 million (£27.84 million), to be paid in sterling in four separate bags. The details were confirmed by other publications, which had held off reporting the abduction.

Security services in São Paulo said they did not comment on kidnapping cases for the safety of the victim and could not confirm the reports. The Ecclestone family also declined to comment.

However, it was described as the biggest ever kidnapping ransom in the country amid heightened security concerns ahead of the Rio 2016 Olympics, which start in less than two weeks.

In the host city, a New Zealand athlete reported being “express kidnapped” by police officers at the weekend and forced to withdraw money from an ATM as a bribe.