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South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote to become Africa's richest person, according to the latest data from Bloomberg Billionaires Index.
Mr. Robert controls Richemont, one of the world's largest luxury goods companies, which owns brands such as Cartier and Mont Blanc.
His net worth rose by $1.9 billion to $14.3 billion, placing him 147th in the world, 12 places ahead of Dangote.
The Nigerian's wealth has fallen by $1.7bn (£1.3bn) this year, leaving his net worth at $13.4bn, Bloomberg reported.
The decline in Mr Dangote's wealth underscores the difficult economic environment facing Nigeria, where his company primarily operates.
Since President Bola Tinubu took office last year, he has introduced a series of economic reforms in Africa's most populous nation, including the removal of fuel subsidies, which had contributed to soaring inflation, which is now above 30%.
Mr Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.
The sharp depreciation of the naira has hit Dangote hard, whose wealth is largely tied to assets denominated in the local currency.
The 66-year-old businessman made his fortune in the cement and sugar industries – and last year opened an oil refinery in Nigeria's economic hub, Lagos.
His business empire, the Dangote Group, has also faced several setbacks in recent months due to production delays at its refinery and supply chain disruptions.
He was listed by Forbes magazine in January as Africa's richest man for the 13th consecutive year despite the country's economic difficulties.
But the latest Bloomberg index puts it second in Africa, and 159th globally.
Robert's net worth has increased thanks to strong performance in the luxury goods sector.
In addition to Swiss-based Richemont, his other holdings include Remgro, a South African investment firm with stakes in more than 30 companies, Bloomberg reports.
He inherited the family business from his father, Anton Robert, and expanded it from a mostly tobacco business into a multi-billion dollar luxury goods venture.
The businessman attended Stellenbosch University to study economics, but dropped out to join his father's company in 1984.
Mr Robert has been outspoken on political and environmental issues in South Africa, campaigning against white minority rule, and has received numerous awards for his business activities.
The billionaire lives in Cape Town, where he owns a lavish mansion, but he also owns properties in Geneva and London.
South African billionaire Nicky Oppenheimer came in third on the list of Africa's richest people with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with a fortune of $9.48 billion.
South African investor Nati Kirsch completed the list of the top five African billionaires with a fortune of $9.22 billion.
Like Forbes, the Bloomberg ranking monitors daily changes in the net worth of the world's richest individuals.
The title of Africa's richest person is likely to continue to change as market conditions fluctuate and companies face complex challenges.
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