Sean 'Diddy' Combs in pink as he hangs out by the pool of his hotel n Miami. (April 5, 2012)

*Forbes has just released its short list of hip hop’s wealthiest moguls, and Sean “Diddy” Combs tops the list with a net worth of $550 million.

Jay-Z and Dr. Dre follow at No. 2 and 3, respectively, while Cash Money Records cofounder Bryan “Birdman” Williams and 50 Cent round out this year’s “Forbes Five.”

Diddy, founder of Bad Boy Records, receives double-digit millions annually as a share of profits from Diageo-backed Ciroc vodka. Sales of the spirit spiked 122% last year in the wake of strong demand for new flavor Ciroc Peach; he is entitled to a nine-figure chunk of cash if the brand is ever sold. Diddy also boasts stakes in clothing lines Sean John and Enyce, marketing firm Blue Flame, record label Bad Boy and a handful of tech startups. But it’s his deal with Comcast to launch cable channel Revolt in 2013 that could push him into billionaire territory. He’ll own the channel outright, and based on projected viewership totals, its value could soar into the low-to-mid nine figures within the next few years.

Beyonce and Jay Z leave Bar Pitti after lunching in NYC. (April 16, 2012)

Next up is Jay-Z at $460 million. Unlike his fellow Forbes Five members, Jay-Z still churns out music and goes on tour—most recently with pal Kanye West—adding to his considerable war chest. He sold his Rocawear clothing label for $204 million in 2007 and signed 10-year $150 million deal with Live Nation in 2008, and also holds stakes in the New Jersey Nets, his 40/40 Club chain, ad firm Translation, cosmetics company Carol’s Daughter and other businesses.

Dr. Dre performs the last night of the first weekend of the annual Coachella Music Festival in Indio, Calif. (April 15, 2012)

Dr. Dre ranks third with $270 million, doubling from a year ago thanks to a major sale. In August, handset maker HTC paid $300 million to buy a 51% stake in Beats Electronics, the company founded by Dr. Dre and Interscope chief Jimmy Iovine in 2008. Sources say each owned a third of the company before the deal, placing Dre’s cut at $85 million after taxes. The agreement also values Dre’s remaining stake at $100 million, which could increase rapidly as the company continues to expand.

Rapper and co-CEO of Cash Money Records Bryan "Birdman" Williams arrives at the Cash Money Records Annual Pre-Grammy Awards Party at The Lot on Feb. 12, 2011 in West Hollywood

Birdman clocks in at No. 4 with a fortune of $125 million. He cofounded Cash Money Records with brother Ronald “Slim” Williams two decades ago, inking very favorable $30 million distribution deal with Universal in 1998. The label’s value is increasing with the success of rappers Drake, Nicki Minaj and Lil Wayne (who shares ownership of sub-label Young Money). Cash Money’s deal with Universal is up this summer, raising the prospect of a bidding war for the right to distribute the label’s releases.

50 Cent performs the last night of the first weekend of the annual Coachella Music Festival in Indio, Calif. (April 15, 2012)

Rounding out the Forbes Five is Curtis “50 Cent” Jackson at $110 million. The Queens-born rapper earned $100 million on the sale of his Vitaminwater stake in 2007—and tens of millions more from touring, record sales and clothing—but spent freely on cars and renovations to his mansion, formerly owned by Mike Tyson. Even so, a nice cushion remains from his back catalog, acting gigs and 50 Cent-themed videogames, shoes and books, as well as his new headphone line SMS. Next up: an energy shot called Street King, which promises to feed hungry children—and 50’s bank account.