P Diddy
Rapper turned business mogul P Diddy has been named the richest man in hip hop by Forbes thanks to estimated earnings of $60m between 2014 and 2015REUTERS/Danny Moloshok

Dr Dre has relinquished his crown as the richest man in rap to business rival P Diddy, who has topped Forbes' 2015 hip hop cash kings list. The Bad Boy Records boss is estimated to have earned a cool $60m (£39.2m) in the last 12 months, mostly thanks to a string of business deals outside of the music industry.

1. P Diddy

Forbes' hip hop cash kings 2015

  1. P Diddy – $60m
  2. Jay Z – $56m
  3. Drake – $39.5m
  4. Dr Dre – $33m
  5. Pharrell Williams – $32m
  6. Eminem – $31m
  7. Kanye West – $22m
  8. Wiz Khalifa – $21.5m
  9. Nicki Minaj – $21m
  10. Birdman – $18m

Diddy, real name Sean Combs, is believed to have raked in the big bucks thanks to the success of his TV network Revolt, which launched in October 2013. The channel has attracted a large number of viewers in the last year thanks to its syndication of New York's number one hip hop station Power 105.1 and its morning show The Breakfast Club, which is hosted by Charlamagne Tha God, DJ Envy, and Angela Yee.

The 45-year-old is also earning revenue from his Sean John clothing line in addition to his new investment in alkaline water brand Aquahydrate and of course his long-running Ciroc vodka brand. It is possible the hip hop mogul could see an income boost from the music industry in the coming months as he is currently working on a new album.

2. Jay Z

Sitting at number two with estimated earnings of $56m is Jay Z, who enjoyed a healthy increase in his bank balance after performing 22 shows on tour with wife Beyonce, securing successful deals under his entertainment company Roc Nation and its sports management branch, as well as his investment in Armand De Brignac champagne. According to the publication, it is not yet known what kind of impact his purchase and relaunch of music streaming service Tidal has had on his finances.

Jay Z
Hip hop mogul Jay Z reportedly raked in $56m in the last year after touring and deals under his Roc Nation entertainment companyGetty

3. Drake

Enjoying his highest position on the hip hop cash kings list to date is Young Money rapper Drake, who has amassed $39.5m in the last 12 months, courtesy of his 50-date tour which grossed almost $1m per night. As well as releasing the critically-acclaimed mix tape If You're Reading This It's Too Late, the 28-year-old has secured lucrative deals with Sprite and Nike.

Rapper Drake
Drake is enjoying his highest position on the hip hop cash kings list to date Kevin Winter/Getty

4. Dr Dre

Losing his number one position from 2014 is hip hop mogul Dr Dre who has slipped to number four with earnings of $33m in the last year, a huge decline from his previous income of $620m. The 50-year-old is still receiving income from his sale of Beats By Dre and involvement with Apple Music, his extensive production catalogue and, of course, the incredible box office success of N.W.A. biopic Straight Outta Compton, which he produced.

3. Dr. Dre
Dr Dre made $620m in 2014Reuters

5. Pharrell Williams

Rounding off the top five is music producer Pharrell Williams, who has earned an estimated $32m following his role as a judge on The Voice, tours including performances at Glastonbury and Isle Of Wight festivals, and his Billionaire Boys Club and Ice Cream clothing lines.

Pharrell Williams
Happy hitmaker Pharrell Williams has a number of performances scheduled for the UK this summerREUTERS/Andrew Kelly

Nicki Minaj is the only woman to feature in the top 10 list with estimated earnings of $21m. Hip hop fans may also be surprised to find that Kendrick Lamar, arguably the most critically-acclaimed rapper to have emerged on the scene in the last five years, does not make the list with reported earnings of $12m in the last year pre-tax.