The artist born Sean Combs is worth $550 million, according to the magazine, which includes his stakes in Ciroc Vodka, Sean John and Enyce clothing, Blue Flame marketing and his label, Bad Boy Records.
The entrepreneurial musician could reach new financial heights next year with the launch of his own cable channel, Revolt.
He's followed by Jay-Z, at $460 million -- which includes earnings from the "Watch the Throne" tour in addition to his Live Nation deal and business holdings including the New Jersey Nets and his 40/40 Club chain, among others.
The rest of the top five includes Dr. Dre ($270 million), Birdman ($125 million) and 50 Cent ($110 million). Dr. Dre's worth has doubled in the last year thanks to the sale of Beats Electronics, the producers of the popular Beats by Dre headphones line. HTC bought 51% of the company in August for $300 million, with the recent Coachella headliner reportedly taking home $85 million after taxes.