MUMBAI: Singer and founder of Bad Boy Records, Sean 'P Diddy' Combs has been named as the richest hip-hop artist by Forbes having an estimated net worth of $580 million.

The singer beat the likes of Roc Nation founder and Brooklyn Nets' co-owner Jay-Z, rapper, producer and Beat Electronics CEO Dr Dre, Young Money's label boss Birdman and 50 Cent to top the magazine's annual list.

Diddy's non-musical ventures including a lucrative deal with Diageo's Ciroc saw his net worth growing to $580 million.

Jay-Z who followed up on the second spot with a net worth of $475 mn, mostly earned from his Rocawear sale. His other sources of income include his pact with Live Nation and the Barclays Center.

The third spot was occupied by Dr Dre after earning around $350 mn in the past 12 months mainly from his Beats by Dr Dre headphones.

Birdman was placed fourth on the list with $150 mn, having earned profits from his record label Young Money, home to popular artists like Drake, Nicki Minaj and Lil Wayne. Rounding off the top five was 50 Cent with a net worth of $125 mn attained from music sales and his stake in VitaminWater's parent Glaceau to Coca-Cola amongst others.