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, surpassing that of Dangote, whose fortune has decreased to $13.4 billion.

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

Dangote’s fortune primarily comes from his 86% stake in publicly traded Dangote Cement, held directly and through his conglomerate, Dangote Industries, and includes investments in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa, as well as a diverse portfolio spanning food manufacturing, fertilizer, oil, and the 650,000 barrels per day Dangote Refinery in Lagos State.

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