Engineering of the dielectric environment represents a powerful strategy to control the electronic and optical properties of two-dimensional (2D) materials without compromising their structural integrity. Here we show that the recent development of high-$\kappa$ 2D materials present new opportunities for dielectric engineering. By solving a 2D Mott-Wannier exciton model for WSe$_2$ on different substrates using a screened electron-hole interaction obtained from first principles, we demonstrate that the exciton Rydberg series changes qualitatively when the dielectric screening within the 2D semiconductor becomes dominated by the substrate. In this regime, the distance dependence of the screening is reversed and the effective screening increases with exciton radius, which is opposite to the conventional 2D screening regime. Consequently, higher excitonic states become underbound rather than overbound as compared to the Hydrogenic Rydberg series. Finally, we derive a general analytical expression for the exciton binding energy of the entire 2D Rydberg series
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