By FEMI SALAWU
Barely a year after rocketing to the top of Forbes Five Wealthiest Hip Hop Artistes, Dr. Dre yields the number one position to Diddy.
Other three who makes up the list includes Jay Z, 50 Cent and Birdman.
After his multi-millionaire deal with Apple for Beats By Dre, the showbiz mogul reportedly shelled out a whopping nine figure sum in taxes.
His deal, whose value was reported at $3.2 billion, ended up at an even $3 billion in cash. After taxes, Dre’s 25% stake left him with a $500 million windfall–$100 million more than FORBES estimated his stake to be worth last April–and a net worth of $700 million.
Amazingly enough, Dre is not the richest man in hip-hop; that honor goes to Diddy, who clocks in at $735 million. The news may come as a surprise to many, but while Dre’s wealth derived from a single jackpot idea, Diddy’s is the product of his interests in a slew of companies, a handful of which could one day give him a Beats-esque exit.
Diddy has a deal with Diageo’s Ciroc vodka that guarantees him a split of the proceeds if the brand is ever sold, an event that would surely land him a nine-figure check. He also owns a controlling stake, or close to it, in clothing lines Sean John and Enyce, alkaline water brand Aquahydrate, new tequila DeLeon and multimedia network Revolt. Diddy founded the latter as a sort of next generation MTV with a renewed focus on music.
“Revolt got built out of the frustration Sean was having with music media being able to get his albums out there,” says Revolt chief executive Keith Clinkscales. “Sean has been aggressive in being sure that we put the power of the platform in the hands of musicians to be able to create with fans in their authentic voice.”
The Full List Below.
Though Mr. Combs hasn’t yet had a Beats-level exit, he might soon, thanks to huge stakes in TV network Revolt, clothing line Sean John, alkaline water brand Aquahydrate and tequila DeLeon.
#2 Dr. Dre
His Beats sale got him the largest single-year payday of any musician in history—and a nine-figure tax bill that kept him from the top of the list.
#3 Jay Z
His diversified portfolio continues to grow thanks to assets such as entertainment company Roc Nation and Armand de Brignac champagne. Streaming service Tidal’s impact remains to be seen.
#4 50 Cent
After scoring $100 million on the sale of Vitaminwater in 2008, 50 hopes to repeat the feat with stakes in new ventures including SMS headphones, Effen vodka and Frigo underwear.
His slight dip this year (down from $160 million and the No. 4 slot in 2014) mirrors the value of his label Cash Money, which has been dogged by rumors of the departure of big acts including superstar Lil Wayne.