Sean “Diddy” Combs is the richest man in Hip-Hop, according to a new list released by Forbes Magazine. Fresh off of his appointment as the keynote commencement speaker for his alma mater Howard University, Diddy (or Puffy or whatever he’s going by today) increased his net worth by $120 million over last year. Right now, he’s king at a staggering fortune of $700 million, followed by Dr. Dre ($550 million) and Jay-Z ($520 million). He can thank the launch of his new cable network Revolt TV for that nice bump in fortune.
The massive success of Beats By Dre was enough for Dr. Dre to leap frog Jay-Z on the list. Dre’s company enjoys more $1 billion dollars in sales annually but Jay-Z still cashed in with his music label and management firm Roc Nation, which also includes a recently launched a sports division that counts the highest paid man in baseball Robinson Cano among its clients. And, of course, he still has Beyonce.
Rounding out the top five are Bryan “Birdman” Williams ($160 million) and 50 Cent ($140 million).
In order to complete their Forbes Five list:
“We follow the same procedures we follow while calculating our list of the world’s billionaires: looking at past earnings, valuing current holdings, leafing through financial documents and talking to analysts, attorneys, managers, other industry players and even some of the moguls themselves—like Diddy, who already has his eye on the next generation.”