South African businessman Johann Rupert has leapfrogged Nigeria’s Aliko Dangote and become the richest man in Africa.

Rupert, 74, is a luxury goods tycoon and controls the world’s largest luxury watchmaking brand, Cie Financière Richemont, via a family trust. The Bellevue-based company controls other reputable brands like Cartier and Jaeger-LeCoultre.

Rupert’s net worth increased to $14.3 billion, surpassing Dangote, who suffered losses that decreased his net worth to $13.4 billion, according to data released by the Bloomberg Billionaires Index.

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Nigeria’s challenging macroeconomic environment saw Dangote Group suffer significant losses that dropped his net worth by $1.69 billion.

Dangote’s wealth comes primarily from his 86% stake in the publicly traded Dangote Cement, which is controlled through his conglomerate, Dangote Industries, which also includes investments in the United Bank for Africa, Dangote Sugar, and Nascon Allied Industries, as well as other enterprises in food manufacturing, oil, fertilizer, and the Dangote Refinery in Lagos State that has the capacity of refining 650,000 barrels per day.

Dangote was engulfed in verbal battles with some government officials over agreements reached with the NNPC over his bid to refine oil in Nigeria.

President Bola Tinubu has intervened, but it will take a while for him to stabilize and regain his status as Africa’s richest man.

South African billionaire Nicky Oppenheimer is ranked third in the latest African billionaires list with a net worth of $11.3 billion. Egyptian business tycoon Nassef Sawiris is ranked fourth with a net worth of $9.37 billion, while Natie Kirsh of South Africa closes the top five with a net worth of $9.14 billion.