His father, Godfrey (Carl Gottfried) Wolff (1704–1788) had already been created a Baron of the Holy Roman Empire in 1761 by Emperor Francis I.
During the Counter-Reformation in the 17th century, they left for the Baltic region, then under the Swedish crown, where the Lutheran faith prevailed.
After the death of his childless uncle, Sir Jacob Wolff inherited his fortune of £120,000.
Sir Jacob Wolff was naturalised 1762 as a British citizen and married 1766 Anne the daughter of Edward Weston of Somerby Hall, Lincolnshire.
The couple first lived at Cams Hall, Hampshire and later Mellyfont Abbey, Wookey, Somerset, and Chulmleigh, Devon and were buried at St Matthew's church, Wookey, Somerset where a monument stands in memory of the 1st Baronet, the Dame and their children.