Diddy is the wealthiest rap star in the world, according to a list put together by US business magazine Forbes.
The rapper has a personal fortune estimated at $550 million (£345m) with stakes in a vodka company, several clothing lines and a record label.
Jay-Z comes second and is said to be worth $460m (£288m).
Former NWA rapper and Eminem producer Dr. Dre is third in the Forbes list with a personal fortune estimated at $260m (£163m).
Most of that money has been made through the company he set up with Interscope chief Jimmy Iovine in 2008, Beats Electronics.
Mobile phone producer HTC bought a 51% stake in the firm for $300m (£188m) last August.
Making up the remaining two places in the top five are Birdman and 50 Cent worth $125m (£78m) and $110m (£69m) respectively.