The 2012 Forbes Five List (Hip-Hop’s Wealthiest Artists) was released and Sean “P. Diddy” Combs tops the list, being the closest to being a billionaire with a net worth of $550 million.

This is the second year in a row that P Diddy, aka Sean Combs, has topped Forbes magazine’s list of the top 5 wealthiest hip-hop artists.

Diddy has amassed his wealth through his Sean John and Enyce clothing brand, Bad Boy Worldwide record label, vodka brand Ciroc, marketing company Blue Flame and numerous tech start-ups. Most recently the face of Diageo-backed Ciroc vodka: he reportedly receives double-digit millions annually as a share of profits.

Shawn “Jay-Z” Carter comes in a  at number two with a $460 million net worth (minus what his wife Beyonce earns).

Jay-Z also has a range of lucrative financial interests, including his recent Watch the Throne tour with Kanye West, a deal with Live Nation, advertising agency Translation, and a stake in the New Jersey Nets basketball team.

Steve Stoute, the advertising executive who founded and co-owns Translation with Jay-Z told Forbes: “Who’s going to be hip-hop’s first billionaire is still to be determined, but clearly Jay and Puffy are far and away positioned to surpass that.”

Andre “Dr. Dre” Young takes the third spot by coming in at $270 million in net worth.

Dre has retained the third spot he took last year and upped his wealth with the sale of his Beats Electronics company to mobile phone giant HTC.

Rounding out the top 5 is Bryan “Birdman” Williams and Curtis “50 Cent” Jackson with $125 million and $110 million respectively.

American rapper, Birdman, clocks in at No. 4 with a fortune of $125 million. He co-founded Cash Money Records with brother Ronald “Slim” Williams two decades ago and the label’s value is increasing with the success of rappers Drake, Nicki Minaj and Lil Wayne.

Rounding off the Forbes top Five is Curtis “50 Cent” Jackson with a reported personal wealth of $110 million.  The Queens-born rapper earned $100 million from the sale of his Vitaminwater stake in 2007 — and tens of millions more from touring, record sales and clothing.

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