AUSTIN, TX - MARCH 12: Sean "Diddy" Combs during the 2014 SXSW Music, Film + Interactive at Austin Convention Center on March
Michael Loccisano/Getty Images for SXSW

We all know Diddy is one rich dude, but it seems he's even richer than we thought. The rapper-turned-media mogul topped Forbes' just-released 2014 "Richest Hip Hop Artists" list thanks to an estimated $700 million, a huge increase from last year's valuation. 

In the last year, he added roughly $120 million to the Diddy bank accounts, mainly because of the launch of Revolt TV, his cable TV music channel. 

“Right now my focus is Revolt and making it the number one, most-trusted, most credible worldwide brand for music,” he told Forbes. “And to get Revolt to be the quintessential definition of real time. I think that’s the future.”

Diddy owns a 50% stake in Revolt and had dedicated a large chunk of his day-to-day in getting it off the ground. His last studio album was 2010's Last Train to Paris, but he's reportedly working on a new record entitled MMM as Puff Daddy, the name he dropped 13 years ago. He recently released a new single called "Big Homie," which featured spots from Rick Ross and French Montana. 

Other rappers rounding out the list: Dr. Dre, valued at $550 million, Jay Z, Cash Money co-founder Birdman and 50 Cent.