Jay-Z tops the list for the first time in his career having pushed his net-worth up to $900 million the past year, up from the $810 million he was at in 2017.
The 48-year-olds income comes from a variety of business ventures including his Roc Nation record label, streaming service Tidal and deals with Armand de Brignac champagne and D'Usse cognac.
In second place is Combs who has dominated the list before and was named Forbes' highest-paid musician in 2017, having increased his net-worth to $825 million. Dr. Dre comes in at third with $770 million.
Drake and Eminem round out the top five list, tied with $100 million each.
Dr. Dre is poised to potentially take the top spot next year due to his investment in Apple stocks. All three men in the top three represent the richest American musicians of any genre.