Sean ‘Diddy’ Combs has eclipsed Jay-Z to be crowned Hip-Hop's Wealthiest Artist 2012.
Diddy has accumulated a net worth of $550million (£345million) significantly surpassing his closest rival Jay-Z who topped the list in 2011 but has now claimed second place with a net worth of $460million (£288million) according to the Forbes Five, a short list of hip-hop’s wealthiest moguls.
Diddy’s fortune has been built over his 15 years in the industry and is also the product of his own illustrious rap career and several successful business ventures including his record label Bad Boy Records which he founded in 1993 and since then has been home to a number of successful artists including The Notorious B.I.G., Faith Evans and Mase.
Richest rapper: Sean 'Diddy' Combs surpassed Jay-Z with £345millionDiddy has also focused his energies on ventures away from the hip hop industry such as his stakes in his celebrated clothing lines, Sean John and Enyce, marketing firm Blue Flame and his shares in Cîroc vodka. Sales of the spirit spiked 122 per cent last year, after the highly-anticipated launch of Cîroc Peach.
Diddy is a brand ambassador for Cîroc, he receives double-digit millions annually as a share of the company’s profit and is also entitled to a nine-figure sum if the brand is ever sold. In the past Diddy has expressed his interest in becoming the first billionaire hip-hop mogul and his deal with Comcast to launch cable channel Revolt in 2013 is sure to catapult him into billionaire territory.
More... Adele tops the list of richest young British musicians as her fortune swells from £6m to £20m Rock veteran Eric Clapton takes £4m salary despite a near £1m loss for his company
Diddy will own Revolt outright and based on projected viewership totals it has been predicted that the value of the channel could reach nine figures in subsequent years according to Forbes magazine. Diddy’s predecessor, hip-hop veteran Jay-Z is one of the few artists on the list that continues to successfully release albums and tour.
As well as accumulating money from his iconic rap career, a large quantity of Jay-Z’s fortune comes from the proceeds of the sale of his clothing label Rocawear which was sold in 2007 for $204million (£128million).
Number two: Jay-Z is one of the few artists on the rich list that continues to successfully release albums and tourJay-Z also signed a 10-year $150million (£94million) deal with Live Nation in 2008, co-owns the 40/40 Club chain and the NBA’s New Jersey Nets. Diddy and Jay-Z are in good company, the rest of The Forbes Five is made up of record producer Andre ‘Dr. Dre’ Young who came in third place with a fortune of $260million (£163million) followed by Cash Money founder Bryan ‘Birdman’ Williams who took the fourth spot with $125million (£78million). Rapper Curtis ‘50 Cent’ Jackson claimed the fifth and final spot on the celebrated list with a fortune of $110million (£69million).
All of the members of the elite Forbes Five have a fighting chance of reaching the billion pound mark in the next few years although advertising guru Steve Stoute who founded and co-owns Translation with Jay-Z doesn’t believe that it is a clear race, commenting on Facebook’s acquisition of Instagram for $1billion, he said: ‘Who’s going to be hip-hop’s first billionaire is still to be determined, As much as it’s easy to say it’ll be Diddy or Jay, you don’t necessarily know, given what a guy like Kanye or Will.i.am is capable of doing, In a world where people are creating applications that sell for a billion dollars, you never know who’s going to come out of left field.’
The Forbes Five: Hip-Hops Wealthiest Artists 20121. Sean ‘Diddy’ Combs - $550million (£345million)
Diddy has remained a mainstream mainstay for 15 years thanks to his knack for self-promotion. Lately, he’s been channelling that energy toward Cîroc vodka, much to the benefit of his bank account: he receives double-digit millions annually as a share of the spirit’s profits. Better yet, he’s entitled to a nine-figure chunk of cash if Cîroc is ever sold. He also boasts stakes in clothing likes Sean John and Enyce, marketing firm Blue Flame, record label Bad Boy, a handful of tech start-ups and cable channel Revolt, slated for a 2013 debut-all of which means he’s well on his way to becoming hip-hops first billionaire.
2. Shawn ‘Jay-Z’ Carter - $460million (£288million)
Unlike his fellow Forbes Five members, Jay-Z still churns out music and goes on tour-most recently with pal Kanye West-adding to this considerable war chest. He sold his Rocawear clothing label for $204million in 2007 and signed a 10-year $150million 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.
3. Andre ‘Dr Dre’ Young - $260million
Number three: Producer Dr DreFittingly, the bulk of this super-producers wealth comes from headphones. In August, handset maker HTC paid $300million to buy a 51 per cent stake 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 his remaining stake at $100 million, which could increase rapidly as the company continues to expand.
4. Bryan ‘Birdman’ Williams - $125 million
The Cash Money Records cofounder would be higher on this list if he held sole ownership of his label, but he shares it with brother Ronald ‘Slim’ Williams. The duo founded Cash Money two decades ago, inking very favourable $30 million distribution deal with Universal in 1998. The label’s value has soared with the success of rappers Drake, Nicki Minaj and Lil Wayne (who shares in the ownership of sub-label Young Money). There’s even more cash on the horizon—the label’s deal with Universal is up this summer, raising the prospect of a bidding war for the right to distribute Cash Money’s releases.
5. Curtis ‘50 Cent’ Jackson - $110 millionThe Queens-born rapper earned $100 million for his Vitaminwater stake in 2007, and then spent freely on cars and renovations to his Connecticut mansion, formerly owned by Mike Tyson. But a nice cushion remains from his back catalogue, acting gigs and 50 Cent-themed videogames, books and clothes, as well as new headphone line SMS. Next up: an energy shot called Street King, which promises to feed hungry children—and 50’s bank account.
