Having raked in $130 million in the last year, rapper and entrepreneur Sean "Diddy" Combs has toppled Taylor Swift from the top spot on the new Forbes' annual global celebrity rich list for 2017. 

Combs, 47, received a boost on this year's list after he sold one-third of his Sean John clothing line in November for $70 million. He also has a lucrative partnership with Ciroc vodka, which is said to be worth eight figures, and stakes in Revolt TV, DeLeon tequila and Aquahydrate alkaline water.

27-year-old Swift slipped from number one to 49th place on the list after her earnings dropped to $126 million in a year.

She topped the top 100 list in 2016 with takings of $170 million thanks to her successful 1989 World Tour, which tool a quarter of a billion dollars and saw her travel the world from May to December in 2015 including a gig in Dublin's 3Arena.

Taylor: still sitting pretty

While she gained plenty of attention in 2016, it was largely due to personal reasons rather other than her music.

The 27-year-old singer grabbed headlines with her romance with actor Tom Hiddleston and feuds with Kanye West and his wife Kim Kardashian West, and pop rival Katy Perry.

She also went through a high-profile split from DJ Calvin Harris and was later involved in a dispute with him around her involvement in his chart-topping track This Is What You Came For.

Without a tour last year, Swift's earnings have dipped 74%, the largest per cent and dollar decrease of anyone on the Forbes list.