The list released Wednesday, has the rap mogul taking in $62 million for 2016 thanks in part to various business ventures in TV with the Revolt network, Sean Jean clothing line, alkaline water brand Aquahydrate, lucrative Ciroc vodka deal and Bad Boy Reunion Tour which runs throughout the fall.
Diddy took in an estimated $60 million last year when he came in at number one. Forbes notes that were it not for Dr. Dre's big Beats payday when the headphone brand was sold to Apple, Diddy would be celebrating his fifth consecutive number one win.
Behind Diddy once again is his New York counterpart Jay Z who earned $53.5 million despite not touring or releasing new music in 2016.
In third place is Dr. Dre who replaces Drake having earned $41 million through his continued Beats buyout and the success from biopic Straight Outta Compton. Drake with $38.5 million and Wiz Khalifa at $24 million round out the top five.
Collectively, the top 20 lists which also includes hip-hop heavyweights Nicki Minaj, Pharrell, Kendrick Lamar, Kanye West, DJ Khaled and more, pulled in $450 million, the highest total since 2014 and the third highest since Forbes started the list ten year's ago.
News of Diddy being named the highest paid hip-hop artist of 2016 come after the 46-year-old made headlines at the 2016 MTV Video Music Awards when he attended the event alongside girlfriend Cassie following rumors of a split.