The Bad Boy label head earned $60 million over the past year thanks in part to his business ventures in TV with the Revolt network, Sean John clothing line, alkaline water brand Aquahydrate and Ciroc vodka.
Closely behind is Diddy's New York counterpart Jay Z who earned $56 million after seeing profit from his joint concert series with wife Beyoncé, his entertainment company Roc Nation and Armand de Brignac champagne.
Forbes places Canadian rap superstar Drake in third place, which the magazine called "the best Cash Kings finish of his career." Earning $39.5 million in 2015, Drake's success comes from his 50 $1 million a night performances and his platinum-selling mixtape If You're Reading This It's Too Late, the first 2015 musical release to sell over a million copies.
Rounding out the Cash Kings list is Dr. Dre who earned $33 million and Pharrell who acquired $32 million in 2015.
News of Diddy being named the highest paid hip-hop artist of 2015 comes after allegations from Danity Kane members Aubrey O' Day and Shannon Bex that they never received any money while singing under Diddy's Bad Boy record label.
On Friday, Forbes named Gisele Bundchen as the highest-paid model of 2015.