South African luxury goods magnate Johann Rupert has become Africa’s wealthiest person, overtaking Nigeria’s Aliko Dangote, who previously held the top position.

Rupert, 74, controls the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust. This Switzerland-based company owns prestigious brands like Jaeger-LeCoultre and Cartier.

According to the latest figures from the Bloomberg Billionaires Index, Rupert’s net worth has climbed to $14.3 billion, pushing him ahead of Dangote, whose fortune has dropped to $13.4 billion.

Dangote, who heads the Dangote Group, has seen his wealth shrink by about $1.69 billion this year. The decline is largely attributed to the difficult economic conditions in Nigeria, which have significantly affected his business empire.

Dangote’s wealth is largely tied to his 86% stake in Dangote Cement, which is publicly traded. His investments also include stakes in Dangote Sugar, Nascon Allied Industries, United Bank for Africa, as well as interests in food manufacturing, fertilizer production, oil, and the Dangote Refinery in Lagos.

In the rankings, South African billionaire Nicky Oppenheimer comes in third with a net worth of $11.3 billion. He is followed by Egyptian businessman Nassef Sawiris with $9.37 billion, while South African investor Natie Kirsh is fifth with $9.14 billion.