Could it be that the Queen has been dethroned as the richest black woman in the world? According to The Huffington Post, talk-show Queen Oprah Winfrey no longer holds the title as the world’s richest Black woman… there’s a new sheriff in town. The new leading lady is oil baroness Nigerian born, Folorunsho Alakija.
Although drilling oil has reportedly been the 61-year-old’s big money maker — Alakija started her ascent to financial supremacy in fashion.
Alakija was born into a wealthy family, but went on to study fashion design in England in the ’80s and soon after founded the Nigerian clothing label Supreme Stitches. Her one-of-a-kind creations quickly made her the premier fashion designer in the West African country, with her outfitting the who’s who of African Society. She has been called one of the “pioneers of Nigerian fashion” and stays connected to the industry through the Fashion Designers Association of Nigeria (FDAN).
The billionaire businesswoman and philanthropist made the switch to oil in 1993 as the owner of FAMFA Oil Limited and is said to now have an estimated net worth of at least $3.2 billion. With those numbers Alakija is said to have out-earned Ms. Winfrey by approximately $500 million.