Sara Blakely - the glamorous American entrepreneur who invented the figure hugging Spanx underwear - has been named in Forbes annual 'World Billionaires' issue. The self-made businesswoman has been named by Forbes as the 1,226th richest person on the planet after her magic bras and suction panelled pants became must haves.

Born in Clearwater, Florida, Blakely studied legal communications at university before selling fax machines door to door. She invested $5,000 of her savings in what was to become Spanx - she still owns 100 per cent of the company which is now valued at $1 billion. According to the UK's Guardian newspaper, when asked what her "exit strategy" for Spanx was, Blakely replied, "To exit a room looking good in cream pants", before adding more seriously, "We've been approached consistently from day one and it was never something I entertained.Now, for the first time, I may entertain it". Sara began her company after spotting a lucrative gap in the market after she was unable to buy underwear that wouldn't show through her cream coloured trousers. It's been a remarkable rise to fame for the businesswoman, who once worked at Disney World, saying, "I would see friends I hadn't seen for a while and I'd be wearing these big Mickey Mouse ears with my name on.They'd say, 'Sara, is that you?' And I'd reply, 'Yes, now get on the ride".

Blakely's husband, the former rapper Jesse Itzler, co-founded Marquis Jet which rents private planes to celebrities and business executives.