Diddy tops Jay-Z as Forbes' wealthiest hip hop artist

(CBS News) When it comes to cash money, Sean "Diddy" Combs is king.

The rapper topped Forbes' list of wealthiest hip hop artists, beating out Jay-Z, Dr. Dre, Bryan "Birdman" Williams and 50 Cent.

According to the magazine, Diddy's net worth was estimated at $550 million. He can attribute the high figure to his many ventures, including clothing lines Sean John and Enyce and his Bad Boy record label.

Jay-Z landed in second place on Forbes' list with $460 million. He also has various ventures, as well as investments in the New Jersey Nets and 40/40 night clubs.

At No. 3 was Dr. Dre with $260 million, followed by Cash Money Records co-founder Birdman with $125 million and rapper 50 Cent with a net worth of $110 million.

The list is based on current holdings, past earnings, financial documents and interviews with analysts.