South African billionaire Johann Rupert has experienced a significant setback in his net worth, just days after Forbes reshuffled its list of Africa’s richest individuals.

The updated rankings revealed a surprising displacement, with Rupert surpassing Nigerian billionaire Aliko Dangote to claim the title of the continent’s wealthiest person.

Forbes, the renowned U.S. business magazine that tracks the fortunes of ultra-high-net-worth individuals worldwide, reported a decline of $200 million in Rupert’s net worth over the past six days.

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

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.

Despite the recent dip in net worth, Rupert, with a fortune of $11.8 billion, retains his position as not only South Africa’s richest man but also the wealthiest individual in Africa, according to Forbes’ latest rankings.

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.

Rupert’s ascent to the top of Africa’s wealth pyramid is noteworthy, but his recent decline in net worth emphasizes the volatility of the market and the constant fluctuations experienced by even the wealthiest individuals.

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.

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