Sean ‘Diddy’ Combs edged out Jay-Z to earn the title of the Richest Person in Hip Hop, according to Web site Panache Report.

Following six months of research, the site’s creator, Myra Panache, found that Bad Boy mogul Diddy had the most bank with $346 million, followed by Def Jam president Shawn “Jay-Z” Carter at $340 million and Def Jam co-founder Russell Simmons with $325 million.

Most of Jay-Z’s millions come from his stake in the New Jersey Nets, Armadale Vodka, his 40/40 night-club chain and the $3 million in salary fromDef Jam, reports Panache.

Sales of Diddy’s fragrance, “Unforgivable,” proved to be the deciding factor in his win over Jay-Z. According to Panache, he has received an additional $6 million this year from the men’s cologne. Most of his other earnings come from the sale of his Bad Boy record label to Warner Music Group and his Sean Jean clothing line.

So So Def founder Jermaine Dupri was the lone newcomer to the top 10 this year, tying Nelly for 10th place with $10 million.

Here is the full Top 10:

1. P. Diddy, $346 Million
2. Jay-Z, $340 Million
3. Russell Simmons, $325 Million
4. Damon Dash, $200 Million
5. Neptunes, $155 Million
6 Dr. Dre, $150 Million
7. Ice Cube, $145 Million
8. Eminem, $110 Million
9. 50 Cent, $100 Million
10. Nelly, $60 Million
10. (Tie) Jermaine Dupri, $60 Million