Once again, Diddy tops Forbes’ list of the five wealthiest artists in hip-hop. According to reports, the industry heavyweight is worth a whopping $700 million, which means he’s about $120 million richer than last year!
Diddy attributes his money-making success to his Ciroc label vodka, Bad Boy record company, Sean John clothing line, multiple music projects and new cable network Revolt TV.
“Right now my focus is Revolt and making it the number one, most-trusted, most credible worldwide brand for music,” he told Forbes during a recent interview. “And to get Revolt to be the quintessential definition of real time. I think that’s the future.”
The number two spot goes to mega producer and headphone connoisseur Dr. Dre, with a net worth of $550 million. Beyonce’s hubby Jay Z takes third place with $520 million to his name. His earnings come from stadium tours, album sales, Roc Nation Sports and Rocawear, which he recently should for $204 million.
Birdman and 50 Cent go neck-and-neck for the fourth and fifth spots. Bryan “Baby” Williams, the co-founder and CEO of Cash Money Records, is worth $160 million. Thanks to Curtis Jackson’s music career and deal with Vitmainwater, he claims a personal wealth of $140 million.
“My advice to future entrepreneurs is to always know reality, to know what you’re getting yourself into, to know how hard it’s going to be, how competitive it’s going to be,” Diddy says. “We’re in a time where the people that really work hard—and really believe in themselves, and really don’t give up on their dreams, no matter how many times they fall down—are the ones that are going to be successful.”