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, owner of the Dangote Group, has seen a significant drop in his net worth, falling by about $1.69 billion this year, largely due to the adverse effects of Nigeria’s difficult macroeconomic conditions on his conglomerate. His wealth mainly comes from his 86% ownership in Dangote Cement, as well as investments in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa, and includes a diverse range of interests such as food manufacturing, fertilizer, oil, and the Dangote Refinery, which processes 650,000 barrels per day in Lagos State. In the rankings, South African billionaire Nicky Oppenheimer holds the third spot with a net worth of $11.3 billion, Egyptian businessman Nassef Sawiris is fourth with $9.37 billion, and South African investor Natie Kirsh completes the top five with $9.14 billion.