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The Come With Me hitmaker made in $50m between June 2012 and June 2013 according to the business magazine, despite not releasing any music under his own name.
The rapper and businessman - who has previously accused Forbes of misjudging just how much he is worth - said: "You started learning how to count right, I see - thank God!"
Diddy's net worth mainly comes from his Bad Boy record label, Sean John clothing line and endorsement deal with Ciroc vodka.
Behind him is Jay Z, with a net worth of $43m, amassed from touring and his recent Magna Carta Holy Grail album - for which technology giant Samsung paid him $5m for one million copies to give away - as well as other interests, including his Roc Nation record label and management company.
Third is Dr Dre - who topped the list last year - whose fortune can also largely be put down to his business interests, with his Beats by Dre line of headphones accounting for a large chunk of his fortune.
The magazine noted the top ten earners in hip-hop made a grand total of $256m, $15m more than its calculations for the ten highest-paid DJs in the world.
Diddy added: "I don't want my career to be defined on whether or not I was quote-unquote a billionaire. But to be honest, I'd be blessed to be a billionaire ... hopefully someday it'll come true and I'll be able to do some good with it."
Forbes Cash Kings 2013, highest paid people in hip-hop:
1. P Diddy, $50m
2. Jay Z, $43m
3. Dr Dre, $40m
4. Nicki Minaj, $29m
5. Birdman, $21m
6. Kanye West, $20m
7. Lil Wayne, $16m
8. Wiz Khalifa, $14m
9. Ludacris, $12m
10. Pitbull, $11m
11. Drake, $10.5m
12. Snoop Dogg aka Snoop Lion, $10m
13. Eminem, $10m
14. Kendrick Lamar, $9m
15. Pharrell Williams, $9m
16. Macklemore & Ryan Lewis, $9m
17. Swizz Beats, $8.5m
18. Tech N9ne, $7.5m
19. 50 Cent, $7m
20. Lil Jon / Rick Ross / Mac Miller / Young Jeezy / Questlove - tie, $6m
