Legendary Hip Hop artist and producer Dr. Dre has been declared the richest man in Hip Hop by Forbes after recording pre-tax earnings of $620 million.

The California-born rapper, who is more renowned for his production abilities than his lyrical skills, toppled several top Hip Hop artists such as Jay-Z and Diddy, to claim this coveted title.

According to Forbes, Dr. Dre's earnings between June 2013 and 2014 is equivalent to the combined total of the net incomes of the 24 other artists on the company's 2014 Hip Hop Cash Kings list. Dr. Dre has also set the record as the highest earning entertainer ever evaluated by the American business magazine.

The net worth of Dr. Dre, whose legal name is Andre Romelle Young, surged earlier in the year following the $3 billion sale of his headphone company to Apple.

Beats, which the 49-years old veteran artist founded alongside music and film producer Jimmy Iovine, has been described as one of the most successful headphone brands in the country. There have been many rumors about the future of the company since it was sold to Apple. Although pundits agree that it will be likely merged with iTunes, it is unclear how this merger will affect the independent identity of the company.

Meanwhile, Forbes placed veteran rapper Jay-Z and Hip Hop business mogul Diddy both on the second slot, after both men recorded annual earnings of $60 million each. Coming in at the fourth slot, with about $33 million is Canada's own Drake. Since bursting into the Hip Hop scene a few years ago, the 28-years old rapper has carved a niche for himself as a chart stopping versatile musician. His latest album Nothing Was the Same is reported to have sold more than 4 million units.

Coming in at fifth place on Forbes Hip Hop Cash King's list is Macklemore & Ryan Lewis. The duo, who hail from Seattle, have solidified their place in Hip Hop with the last album The Heist which has earned the group awards and widespread recognition.