Sean “Diddy” Combs has danced his way to Forbes‘ list of “Hip-Hop’s Wealthiest Artists,” surpassing power earners such as 50 Cent, Dr. Dre and Jay-Z.

The “Forbes 5″ list, which was released yesterday, included an elite grouping of five rappers with big bank. This list calculates overall net worth, unlike the previous “Cash Kings” lists, which compiled the year’s earnings.

When all the chips were counted, Forbes tallied Diddy’s worth at $550 million, crediting his deal with Ciroc vodka, his new cable channel Revolt, his Sean John clothing line and other lucrative ventures, with setting Combs on his way to becoming “hip-hop’s first billionaire.”

Jay-Z followed with a total of $460 million. The list places heavy emphasis on his touring earnings, the sale of Rocawear in 2007 and $150 million LiveNation deal.

Dr. Dre hit the list at No. 3, with an estimated net worth of $270 million. For Dre’s recent bump in wealth, Forbes points to a $3oo million sale of his stake in Beats Electronics, the company he co-founded that produces the popular Beats headphones.

No. 4 went to Birdman, Mr. Cash Money. His estimated worth is set at $125 million, followed by 50 Cent, who was reported to have $110 million. 50 made a huge chunk of his wealth from selling off his Vitaminwater stake in 2007.

Go to Forbes for more details about the list and calculations. –E. Parker, CBS Local