South Africa’s luxury goods tycoon, Johann Rupert, has become Africa’s top billionaires, overtaking Nigeria’s Aliko Dangote, who has lost the prime spot.

The 74-year-old controls the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust, with the Bellevue-based company owning renowned brands like Jaeger-LeCoultre and Cartier.

According to the latest data from the Bloomberg Billionaires Index, Rupert’s net worth has increased to 14.3 billion dollars, surpassing that of Dangote, whose fortune has decreased to 13.4 billion dollars.

Nigerian billionaire, Dangote, owner of the Dangote Group, has experienced significant losses, with his net worth dropping by around 1.69 billion dollars year-to-date, largely due to the severe impact of Nigeria’s challenging macroeconomic environment on his conglomerate.

Meanwhile, another South African billionaire, Nicky Oppenheimer, ranked third with a net worth of 11.3 billion dollars, followed by Egyptian businessman, Nassef Sawiris with 9.37 billion dollars, while South African investor, Natie Kirsh rounded out the top five with 9.14 billion dollars.