Jay Z tops Forbes list as richest hip hop rapper and richest in all of American music genre.

Photo credit:  Vulture

One of America's most successful rapper and business mogul, Shawn Carter, professionally known as Jay Z, has been crowned Forbes richest hip-hop act of 2018.

The rapper hits the number one position for the first time having overthrown fellow rapper Sean Combs, popularly known as P.Diddy.

It is, in fact, the first time in the list’s seven-year existence that Diddy hasn’t been No. 1

According to Forbes, Jay-Z, Diddy and Dr Dre are not only the wealthiest hip-hop acts on the planet,but also the richest American musicians of any genre in the American music industry.

Jay Z wealth increased as he earn a whopping $900 million in the past year, a huge bump from the $810 million he made in 2017 as he earned the No.2 position on Forbes' 2017 list.

Jay Z's total net worth hit the high because of his many business endeavour such as his label Roc Nation, streaming service Tidal, ventures with spirits brands Armand de Brignac and D'Usse, among others.

In compiling the list, Forbes says it valued major assets, bank financial statement, examined financial documents, and spoke with analysts, attorneys, managers, other industry players and, in most cases, the moguls themselves.

P.Diddy was relegated to No.2 in the Forbes list, with $825 million to his name. Diddy who is also involved in various business ventures including his Ciroc Vodka deal, Deleon Tequila brand, and his Revolt TV.

In the year 2017, Forbes named Diddy as the highest paid musician of 2017 with a total of $130 million in earnings.

Fellow hip-hop stars like Dr Dre, Drake and Eminen also join the two moguls on the Forbes Five Hip-Hop’s Wealthiest Artists 2018 list.