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Who will be hip-hop’s first billionaire? Diddy’s on his way to accomplishing that feat as the mogul can add another title to his name. Forbes names Sean “Diddy” Combs the wealthiest rap artist of 2012 in the Forbes Five, which is a short list of the genre’s top earners. It’s the second year in a row Diddy’s claimed the title, as the Bad Boy Records founder leads the pack with a net worth of $550 million. Diddy’s fortune includes his Ciroc vodka campaign, Sean John clothing line, and marketing firm, Blue Flame. With his newly signed deal with Comcast to launch cable channel Revolt next year, Puff is well be on his way to gaining billionaire status.

continue reading who else made the list and view the top five and their numbers, plus Forbes’ previous lists after the jump….

Following right behind in second place is Jay-Z, with a net worth of $460 Million, which can be attributed to his Watch The Throne tour with Kanye West. While Dr. Dre makes headlines twice this week coming in third at $270 Million. That’s double this year as handset maker HTC paid bought a 51% stake in Beats Electronics, founded by Dr. Dre and Jimmy Iovine. Birdman comes in fourth with $125 Million worth of successful releases on his Cash Money Records label from Drake and Lil’ Wayne last year. Rounding out the top five is 50 Cent at $100 Million with his new headphone line SMS, and energy shot line Street King.

The Forbes Five 2012:

1. Sean “Diddy” Combs – $550 Million

2. Shawn “Jay-Z” Carter – $460 Million

3. Andre “Dr. Dre” Young – $270 Million

4. Bryan “Birdman” Williams – $125 Million

5. Curtis “50 Cent” Jackson -$100 Million

Previously:
Beyoncé & Jay-Z Named Music’s Highest-Paid Couple By Forbes
Jay-Z Reigns #1 As Forbes’ Top Hip Hop Cash King For 2011
Diddy Tops Forbes‘ Top Five Wealthiest Hip-Hop Artists List
Jay-Z Reigns #1 On Forbes 2010 Cash King List