Dr Dre may have released his long-awaited comeback album this year and been behind the NWA biopic Straight Outta Compton – but his place on Forbes’s Hip-Hop Cash Kings list has fallen.

Last year, the hip-hop mogul topped the list with earnings of $620m, the highest annual takings of any musician ever. But 12 months later, it’s Diddy who comes out on top with a comparatively modest $60m. Behind him are Jay-Z with $56m and Drake with $39.5m.

Dre actually comes in at number four, with takings of $32m. This figure is around 5% of last year’s earnings, which were bolstered by Apple’s $3bn purchase of his Beats brand. The producer and rapper shouldn’t feel too disheartened: takings from his Compton album and the NWA biopic will likely make a bigger contribution to next year’s list, with the film taking $157.5m at the US box office.

Diddy’s earnings were based largely around income from his Ciroc vodka brand, with additional help from his clothing line Sean John, TV network Revolt and water brand Aquahydrate. Jay-Z’s finances were more musically focussed: profit from his joint concert with wife Beyoncé and entertainment company Roc Nation combined with additional earnings, thanks to his Armand de Brignac champagne. Toronto rapper Drake has his own music to thank for his high placing – his 50 shows pulled in an average of $1m per night, while his album If You’re Reading This It’s Too Late went platinum.

Making up the top five was Pharrell Williams, whose record sales combined with various clothing lines pulled in $32m.