P. Diddy has been crowned the wealthiest artist in hip-hop for the second year in a row.

The "Hello Good Morning" rapper - who has an estimated fortune of $550 million - once again beat Jay-Z ($460 million) to claim the top spot in a list compiled by Forbes magazine.

The music mogul's wealth is fueled by his Sean John clothing brand, Bad Boy Worldwide record label, vodka brand Ciroc - a joint venture with drinks brand Diageo, Enyce clothing and Blue Flame marketing. Jay-Z also has a range of lucrative financial interests, including a deal with Live Nation, his Watch the Throne tour with Kanye West, his 40/40 club chain and a stake in the New Jersey Nets basketball team.

Dr. Dre retained the third place spot he took last year while fourth and fifth places on the list were filled by Bryan "Birdman" Williams and 50 Cent respectively.