Diddy reigns as the highest-paid rap act on Forbes' "Hip-Hop Cash Kings" list this year.

The "Last Night" rapper earned a whopping $60 million, although not from touring or releasing albums, but from his TV network Revolt, clothing line Sean John, alkaline water brand Aquahydrate and Ciroc vodka brand, according to Forbes.

Jay-Z came in second on the list earning $56 million and Drake in third bringing in $39.5 million. The "Empire State of Mind" rapper's fortune is derived from his 22-date massive concert tour with wife Beyoncé, label Roc Nation and sales from his Armand de Brignac champagne brand. Drake's earnings are the result of his record sales, touring and endorsements with Sprite and Nike.

Diddy bumped Dr. Dre out of the top spot from last year and down a few spots, with the rapper earning $32 million, placing Dre at No. 4 on the list in line with Pharrell Williams.

Last year, the "Nuthin' But a 'G' Thang" rapper topped the list with a salary of $620 million, mostly due to Apple's $3 billion purchase of his Beats brand. Next year's earnings should increase for the rapper, as he executive produced the biopic "Straight Outta Compton" and will profit from sales of his third album, "Compton," which was released on Aug. 7.

Other rappers to make it into the top ten include Eminem, Kanye West, Wiz Khalifa, Nicki Minaj and Birdman.

Diddy is in the process of readying his sixth studio album, "No Way Out II," which will be the followup to his 2010 album "Last Train to Paris." Rumors have swirled that this may be the Bad Boy Records mogul's final album. Gizzle, a new addition to the Bad Boy label, spoke about Diddy's next album on the red carpet at the ASCAP's Rhythm & Soul Music Awards in July.

"You know, I'm working on a lot of things," said Gizzle to RapUpTV. "Currently, I'm working on Puff Daddy's last album. It's called No Way Out 2. It's a crazy project. I'm very honored to be a part of it. Nobody can make an album like Puff Daddy. I'll be actually rapping on there too. So it's cool."

Diddy's most recent single "Finna Get Loose," which features Williams, is credited to Puff Daddy and the Family.