Diddy sat down with Forbes after  topping 2013′s Cash Kings: The World’s Highest Paid Hip Hop Artists list, pulling in $50 million over the past 12 months. And, so naturally, the interview delved into his business model, what he has in the bank, and whether or not he’ll be hip-hop’s first billionaire.

“I can’t deny how humbling and how proud I am to be from Harlem, New York, to be from the inner-city and be on the Forbes list,” Combs says. “But it doesn’t define me.”

The 43-year-old mogul has been launching business ventures for two decades, first founding Bad Boy Records in 1993. As his music career blossomed, Combs displayed an uncanny knack for capitalizing on his brand. His business empire now includes Ciroc vodka, Sean John clothing, talent agency Blue Flame and Revolt, a music-centric cable television channel. Thanks to that diverse portfolio, Forbes pegs his net worth at $580 million, making him one of the wealthiest entertainers in the world. At that pace, Combs could easily join the Forbes 400 list of American billionaires within a decade.

“The way I define my success is how many people I’m able to affect their lives in a positive way. I have over a thousand employees, people that I pay, over a thousand employees and from a kid coming from Harlem, if I could do it then hopefully that inspires somebody else to do it. And then another thing about being number one on the list, is that I openly accept the responsibility that comes with that and that economic power gives me the opportunity to give back. Because I was able to work hard and to earn that money, I was able to take care of my family, I got six kids and that’s kind of expensive.”

Check out the full interview below.

– Scott Randell (@DefinedByMvsic)