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Diddy Is Wealthiest Artist In Hip-Hop

He narrowly beat Jay-Z…

Diddy has topped Forbes magazine’s list of the world’s richest rappers.

The hip-hop mogul has an estimated wealth of $475 million thanks to his Bad Boy record label, Sean John fashion line and his most lucrative venture, his vodka brand, Ciroc.

But Diddy told MTV he didn’t pay much attention to the accolade. “I don't really get caught up into the list. I think people think that I have that money actually sitting at home in the basement,” the star said, adding that he would only be worth that much if he sold all his companies and assets. “To everyone calling me for a loan today, I do not have that money today!”

Jay-Z, who was in second place with a fortune of $450m, can console himself with the knowledge that he was the highest earning hip-hop star of 2010. He made $63m last year, more than double what Diddy pocketed.

Jay’s millions come from album and tour sales, his 40/40 nightclub and his part-ownership of NBA basketball team New Jersey Nets.  Of course, if his wealth is combined with his wife Beyoncé’s, the pair are worth far more than Diddy.

Dr. Dre was third on the list of wealthy hip-hop acts with $125m. In joint fourth place was 50 Cent and Cash Money Records founder Birdman, who are both said to be worth a cool $100m.

The annual Forbes list only includes performers, which is why Def Jam mogul Russell Simmons, thought to be worth $340m, didn’t place.