Folorunsho Alakija, Nigerian fashion designer,replaces Oprah Winfrey as the richest black woman in the world (Photo : Genevieve (via The Huffington Post))

Oprah Winfrey is no longer the richest black woman in the world. The new billionaire topping the list is fashion designer Folorunsho Alakija from Nigeria.

According to The Huffington Post, Alakija is worth a whopping $3.2 billion. The Nigerian socialite was born into a wealthy family and became the richest black woman in the world with her oil business and fashion company.

Like Us on Facebook

The 61-year-old started her career in the 1970s as a secretary at the now defunct International Merchant Bank of Nigeria, one of the country's first investment banks. After years in banking, the young and ambitious Alakija moved to England to study fashion design in the 1980s. Alakija returned to her native Nigeria and started her now lucrative fashion line Supreme Stitches. The designer's creations include elaborate and colorful prints and trimmings. The label is now an exclusive Nigerian fashion staple among the country's elite. Alakija has been considered one of the "pioneers of Nigerian fashion" and stays connected to the industry through the Fashion Designers Association of Nigeria (FDAN).

Alakija is also the owner of FAMFA Oil Limited. The entrepreneur and philanthropist got into the oil business in 1993, and then it was all dollar signs from there. The powerful billionaire also owns at least $100 million in real estate and a $46 million private jet.