The highly-anticipated annual Forbes Hip Hop Cash Kings list is finally out. And Jay-Z has once again taken the no. 1 spot. Riding high off this week’s release of his collaborative album with Kanye West, “Watch the Throne, Jay-Z has once again proven that not only is he the top rapper in the game but also the top earner.

Jay-Z’s earnings stem from his portfolio of companies such as Rocawear, Roc Nation, New Jersey Nets, 40/40 Nightclubs, and not to mention income from his music and tours. Hot on Jigga’s heels is the indefatigable Diddy, founder and owner of Bad Bad Worldwide, an empire that consists of a successful clothing line, fragrances, record label and a deep catalogue that includes music from Notorious B.I.G, Mase, 112 and many others. Another major source of Diddy’s income this year was Ciroc Vodka.

Diddy struck a lucrative partnership with Diageo, producer of Ciroc, which requires him to market the product in exchange for a share of the profits. Since he started hawking Ciroc, the sales of the spirit have shot up by more than 400%.

The rest of the Top 10 is rounded up by Kanye West, Lil Wayne, Birdman, Eminem, Dr. Dre, Snoop Dogg, Akon and Ludacris. It’s also good to see fairly new artists like Wiz Khalifa, B.o.B and Nicki Minaj also making a pile of cash. See the full list below.

Cash Kings 2011: Hip-Hop’s Top 20 Earners

1. Jay-Z: $37 million
2. Diddy: $35 million
3. Kanye West: $16 million
4. Lil Wayne (tie): $15 million
4. Birdman (tie): $15 million
6. Eminem (tie): $14 million
6. Dr. Dre (tie): $14 million
6. Snoop Dogg (tie): $14 million
9. Akon: $13 million
10. Ludacris: $12 million
11. Wiz Khalifa (tie): $11 million
11. Drake (tie): $11 million
13. Pharrell Williams: $10 million
14. Timbaland: $7 million
15. Swizz Beatz (tie): $6.5 million
15. Nicki Minaj (tie): $6.5 million
17. Rick Ross (tie): $6 million
17. 50 Cent (tie): $6 million
17. Pitbull (tie): $6 million
20. T-Pain (tie): $5 million
20. B.o.B (tie): $5 million