South African businessman, Johann Peter Rupert is now the wealthiest person in all of Africa. Last week, Forbes Magazine made the announcement after Rupert’s net worth rose to $12 billion (about R218 billion).

The mogul now sits above Nigerian billionaire Aliko Dangote who previously held the title of Richest Person in Africa for 12 consecutive years.

This drop came shortly after he dethroned Aliko Dangote, who experienced a substantial reduction in his net worth due to Nigeria’s currency plummeting to a record low, Billonaires.africa reported.

This was a result of the country’s central bank’s decision to auction dollars at a rate 36 percent weaker than the official market.

As a result of the $200 million dip, Rupert’s net worth slumped from $12 billion on June 16 to $11.8 billion at the time of writing. This decrease is linked to a decline in the market value of his 9.14-percent stake in the Swiss luxury goods group, Richemont.

Richemont’s shares on the SIX Swiss Exchange experienced a 3.2-percent drop, falling from CHF150.45 ($167.8) on June 16 to CHF145.6 ($162.35) at the time of this report. Consequently, the market value of Rupert’s stake in the company suffered a decline.

At the time of drafting this report, Aliko Dangote, now Africa’s second-richest person, trails behind Rupert with a net worth of $10.4 billion. This represents a decrease of $400 million from his previous net worth of $10.8 billion, which was recorded six days ago.

With Dangote hot on his heels, the battle for the title of Africa’s richest person continues, and the financial world eagerly watches the fortunes of these titans of industry.