Sean “Diddy” Combs ranks No. 1 on this year’s Forbes Five list of hip-hop’s wealthiest artists with an estimated fortune of $700 million, an increase of $120 million over his net worth last year. The change comes largely from the addition of Revolt TV—the new, music-focused, multi-platform channel of which he’s the majority owner—to his already-hefty portfolio. “Right now my focus is Revolt and making it the number one, most-trusted, most credible worldwide brand for music,” he told FORBES in a recent interview. “And to get Revolt to be the quintessential definition of real time. I think that’s the future.”
Diddy is also set to give this year’s commencement speech at Howard University, his alma mater (although he eventually dropped out). Diddy will also receive an honorary degree for being a trailblazer in his field. Last year, after he donated $250,000 to The Network for Teaching Entrepreneurship, he told the aspiring, young business owners:
I understood that it was being an entrepreneur, I understood that that was my career path. Being an entrepreneur means freedom, it means independence. It means being invested and believing in myself.[…]I did the research and did the work to make sure that I was a master in whatever category I went into, too. If I went into apparel, I wanted to know everything about that. I went into spirits, so I knew everything about that. I’m starting Revolt, and I’m still learning on that one. [Laughs] But it’s about starting a brand, which I’m a specialist at.
I think it’s easier now [to start a company]. Over the years, entrepreneurs — people take it as a serious career and respect entrepreneurs, because they’re risk takers. Now people celebrate entrepreneurship.
Before, it was just, ‘That guy’s crazy! He needs to get a real job!’
Forbes recently released their list of the top 5 wealthiest Hip Hop artists. Amazingly, Diddy tops the list, beating out Jay-Z and 50 Cent. Diddy just won’t stop. The best thing that ever happened to Diddy was Biggie. However, Diddy took that exposure further and built a huge empire and brand. Regardless of what you think of the man, you have to admire his work ethic. The Forbes list was formed using the same procedures used to form the list of the world’s top billionaires – valuing current holdings, looking at past earnings, leafing through financial documents and talking to a bevy of analysts, attorneys, managers and other industry players to find the nitty-gritty details.
The top spot goes to Sean “Diddy” Combs, who tops our accounting of rap’s richest with a fortune of $475 million, fueled by his interests in Sean John clothing, Bad Boy Worldwide record label and, most significantly, his Diageo joint-venture vodka brand Ciroc. Jay-Z ranks a close second, with $450 million. (more…)