Athletic midfielder Scarlett Johnson had been in the mix for the Tigers' pick as late as Sunday, while Chloe Bown, who slipped to Adelaide's pick No.5, was favourite for most of the year.
Then Richmond, who are without a coach after sacking Ryan Ferguson following a 16th-placed finish, settled on Wolmarans late.
"I didn't find out, I just think I had a little feeling just a little bit before - and I'm very grateful to be at this club," the 18-year-old said.
"It (being No.1) means the world to me, but right now I'm on a list and so I'm back on zero."
Wolmarans is the first No.1 pick from WA.
"I'm very proud of myself, and hopefully I can be inspiration to the other girls in WA that this is possible, and that they can do it," she said.
Richmond had traded with Gold Coast to ensure first dibs on the best talent ahead of GWS's picks No.2 and No.3.
The Giants then snapped up Johnson.
"At the end of the day I just wanted to end up on an AFLW list - it didn't matter if it was pick one," Johnson said.
GWS then successfully bid on Sydney academy prospect Kiera Yerbury with the third selection.
Yerbury found out on Monday afternoon that Sydney wouldn't match the bid, but she's excited to join their cross-town rivals.
"I kind of had an idea that if things happened, they might not fall the way I expected," she said.
"But at the end of the day I'm just stoked to be a Giant."
A power key forward with a booming kick and huge contested mark, 180cm-tall Wolmarans had a background in heptathlon before turning to football.
She will likely be a foil to veteran Katie Brennan in the Tigers' attack as she develops.
The Suns traded pick No.1 to help them add as many top selections as possible to match bids on highly-rated academy prospects including Sunny Lappin, Georja Davies, Ava Usher, Dekota Baron and Alannah Welsh.
Lappin, who could have been a father-daughter selection to either Carlton or St Kilda, where her father Matthew played, was the first Suns academy cab off the rank, with Gold Coast matching Adelaide's bid at pick No.4.
Three Suns academy selections were taken in the top 10 while Sydney snapped up Alex Neyland at pick No.6 after overlooking Yerbury.
Pick No.9 Georja Davies followed older sisters Giselle (Sydney), Fleur (GWS) and Darcie (Gold Coast) onto an AFLW list after the Suns matched Essendon's bid.
Gold Coast had six academy selections inside the top 15 and took eight overall.
Two years after she was the Western Bulldogs' No.1 pick, Kristie-Lee Weston-Turner slid to North Melbourne's pick No.37, days after North and the Dogs were unable to agree on a trade.
The reigning premiers also drafted Irishwoman Sarah Wall, sister of two-time premiership Kangaroo Vikki Wall, with pick No.53.
Twins Mizuki and Nalu Brothwell landed at the Bulldogs (pick No.14) and Essendon (pick No.50) respectively.
Hawthorn drafted Maya Dear, sister of AFL forward Calsher and daughter of the late Hawks star Paul Dear, at pick No.57, while Birsbane snagged Meg Lappin, daughter of triple-premiership star Nigel, two picks later.
AFLW DRAFT TOP 10
1. Richmond - Olivia Wolmarans (Subicao)
2. GWS Giants - Scarlett Johnson (Northern Knights)
3. GWS Giants - Kiera Yerbury (Sydney Swans academy - bid not matched)
4. Gold Coast - Sunny Lappin (Gold Coast academy - matched bid from Adelaide)
5. Adelaide - Chloe Bown (Oakleigh Chargers)
6. Sydney - Alex Neyland (Sydney Swans academy - matched bid from Collingwood)
7. Gold Coast - Ava Usher (Gold Coast academy - matched bid from Collingwood)
8. Collingwood - Imogen Trengove (Woodville-West Torrens)
9. Gold Coast - Georja Davies (Gold Coast academy - matched bid from Essendon)
10. Essendon - Maggie Johnstone (Greater Western Victoria Rebels)
19°C