Drinks are on Diddy this weekend. The unsinkable hip hop magnate has a new reason to celebrate, having just been named the wealthiest man in rap by Forbes magazine.
Diddy tops the Forbes Five for 2012, which tabulates hip hop's wealthiest moguls. The Bad Boy Records founder has a healthy lead in the field, with a current net worth of $550 million.
Aside from his record label and Sean John clothing line, Diddy makes most of his money from his partnership with the Cîroc vodka company, in which he owns a stake. The spirit's sales increased 122 percent in 2011 alone, due in part to relentless promotion.
Rounding out the list is No. 2 Jay-Z ($460 million), No. 3 Dr. Dre ($270 million), No. 4 Birdman ($125 million) and No. 5 50 Cent ($110 million).
For Diddy, all that wealth has attracted some unwanted attention, as well. Puff recently made the news when a crazed fan was found squatting in his unoccupied mansion in the Hamptons. This is all summed up by his once-stated mantra, "Mo money, mo problems."

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(Photo: Danny Martindale/FilmMagic)