ROBIE Achievement in Industry Award recipient Sean "Diddy" Combs speaks onstage at the 2011 Jackie Robinson Foundation awards gala atThe Waldorf=Astoria on March 7, 2011 in New York City. (Getty Images)more pics » Sean Combs (Getty Images)
Nice job, P. Diddy
. The rapper beat out Jay-Z
-- who has an estimated wealth of $450 million -- to claim the top spot in a list compiled by Forbes
magazine, thanks to his fortune of $475 million.
The rapper and producer’s wealth is fueled by his Sean John clothing brand, Bad Boy Worldwide record label and his vodka brand Ciroc -- a joint venture with drinks brand Diageo -- which generates his largest profit.
Diddy, who has humble roots, recently splashed out on his son, Justin, buying him a $400,000 limousine for becoming an Honors student. Still, he insists none of his seven children are spoiled by wealth.
He said: "Justin has turned himself around so I wanted to treat him. Maybe he will use the car for special occasions like on a first date, but like all my kids, he prefers the simpler things than the expensive things. Simple tastes."
Although Diddy has the most accumulated wealth, Jay-Z was the highest earning hip-hop star of 2010, making some $63 million -- more than double the $30 million taken by Diddy.
Jay-Z’s accumulated wealth is from his 50 million album sales, tour revenue, 40/40 nightclub chain and a stake in the Basketball team New Jersey Nets.
Third on the list was producer Dr. Dre
, with $125 million, although his net worth is expected to increase when he makes a comeback this year.
In joint fourth and fifth place are rapper and entrepreneur 50 Cent
, and Bryan Birdman’ Williams, the founder of hip-hop label Cash Money records, who are worth some $100 million each.
Magazine’s five wealthiest artists:
1. P. Diddy
3. Dr. Dre
4. = 50 Cent
5. = Bryan ‘Birdman’ Williams
More P. Diddy pictures (click any photo):