Rap mogul SEAN 'P DIDDY' COMBS has two reasons to celebrate this week (begs06SEP04) - he has just opened a flagship New York clothing store and he has been dubbed America's richest entertainer under 40.

Finance magazine Fortune has named Diddy as the top earner for the past 12 months after calculating the ever-busy star took home a staggering $315 million (GBP175 million).

His ex, Jennifer Lopez, also makes it onto the new TOP 40 UNDER 40 list with a $255 million (GBP141.6 million) year.

Diddy's rap mogul pal Jay-Z, Julia Roberts, Will Smith and Britney Spears also made it onto the new rich list.

08/09/2004 02:11