Jay-Z has been named the richest rapper in the world by Forbes magazine, after he made $63 million over 12 months.

The Empire State Of Mind star raked in over £40 million from touring, merchandise sales and releasing his Blueprint 3 album between June 2009 and June 2010.

PDiddy came second on the list, but could only manage to make $30 million over the same period.

Akon was the third biggest earner, with jailed Lil Wayne fourth and Dr. Dre fifth on Forbes rundown. Kanye West, Snoop Doggand Timbaland also made the top 10.

However Jigga’s achievement reportedly pales compared to his wife Beyonce’s earnings. She apparently bagged $87 million over the same period.