New York - Diddy is said to be working on a long-awaited album but, even without his music, he was the top-earning rapper of the past year.
Releasing its annual list on Tuesday, Forbes said that Diddy - whose real name is Sean Combs and whose stage names include Puff Daddy - took in $60m from June 2014 to June 2015.
His earnings come mostly through his business projects, especially his venture selling French-made Ciroc liquor, the wealth magazine said.
A photo posted by Sean "Diddy" Combs (@iamdiddy) on Sep 14, 2015 at 8:53pm PDT
Diddy rarely performs and last released an album, Last Train to Paris, in 2010.
But Gizzle, an artist signed to his label, recently told the Rap-Up website that Diddy was working on a sequel to his debut 1997 work No Way Out.
No Way Out 2 would be the final album from Diddy, Gizzle said.
Another rapper turned mogul, Jay Z, was close behind at number two by raking in an estimated $56m, Forbes said.
Jay Z put on a series of sold-out arena shows with his wife Beyoncé and has earned money through assets such as Armand de Brignac, a champagne that he bought last year.
A photo posted by Sean "Diddy" Combs (@iamdiddy) on Sep 17, 2015 at 9:43am PDT
Canadian rapper and Apple collaborator Drake came in third at $39.5m, with Forbes estimating that he earned $1m per show.
Drake is the only artist to go platinum in the United States, or sell more than one million copies, with an album released this year - the mixtape If You're Reading This It's Too Late.
Drake released a new mixtape, What a Time To Be Alive, with fellow rapper Future late on Sunday, with Billboard magazine expecting the work to top the latest album chart.
In 2013-14, Forbes said that Dr. Dre topped the list - and set the record for an entertainer of any genre in a year - by earning $620m.
Dr. Dre had sold Beats, the company he co-founded that is best-known for headphones, to Apple, where he has taken on a corporate role.
Forbes estimated that he came fourth in 2014-15 with $33m in earnings.
Dr. Dre last month released Compton, which he has described as his final album, to accompany the blockbuster film Straight Outta Compton about his former band N.W.A.
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