Sean Combs aka Diddy has topped Forbes magazine's 2011 list of Wealthiest Hip-Hop Artists, closely followed by rap moguls Jay-Z and Dr Dre.

With a whopping fortune of $ 475 million, Diddy's net worth is attributed to his Sean John clothing line and Bad Boy Worldwide record label. The 41-year-old's largest profit comes from his deal with vodka brand Ciroc.

"I was on the cover of Forbes back in '98. I been on that list. I don't really get caught up into the list. I think people think that I have that money actually sitting at home in the basement (sic)," Diddy told MTV News.

"It helps inspire people and it shows the power of hip-hop," he added.

Jay-Z, whose net worth totals $ 450 million from his Roc Nation label, fashion line and advertising, grabbed the second spot.

Dr Dre ranked third on the list with a bank account worth $ 125 million, rendered by his own solo career as well launching those of Snoop Dogg and Eminem.

Forbes' list of Hip-Hop's Wealthiest Artists rounds out with a tie between Curtis '50 Cent' Jackson and Birdman at $ 100 million.

While 50 Cent took home a hefty paycheck for the sale of his shares in Vitamin Water to Coca-Cola, Cash Money Records co-founder Birdman continues to rake in the moolah from his Young Money-Cash Money artist roster, which includes Nicki Minaj, Drake and Lil Wayne.