Jay Z's fortune jumped by 30% in 2016

But it wasn't enough to dethrone Sean "Diddy" Combs from the top of the magazine's annual list of the world's richest hip-hop artists.

Diddy retained his number one spot with an estimated net worth of $820m (£633m).

Forbes said that was helped by his deals with Diageo for Ciroc vodka and his Sean John clothing line.

But rapper and producer Jay Z moved into second place largely because of the $200m (£155m) investment in his Tidal music streaming service from US mobile phone operator and communications company Sprint in January.

Diddy and Jay Z reign supreme as Forbes' Highest-paid Hip Hop artists

Forbes just released their annual list of the highest-paid acts in the musical genre, and for the second year in a row, Diddy comes out on top with a staggering $62 million in earnings over the past year. Trailing closely behind the rapper is none other than Jay Z, who managed to rake in $53.5 million in 2016 despite never having released an album.