P. Diddy

P. Diddy

P. Diddy claims he doesn't lead a life of excess.

The rapper - who is allegedly the richest person in hip-hop with a net worth of $550 million - is famed for his lavish lifestyle, designer clothes and extravagant parties, but insists people have got the wrong idea about him because he doesn't spend money for the sake of it.

He told Los Angeles Confidential magazine: "I like nice things, but life's pretty normal around here. People think, 'Oh, Diddy's probably running around his mansion spooning caviar into his mouth.' I don't even like caviar."

Diddy - whose real name is Sean Combs - has five children by three different mothers and revealed he feels no shame in spoiling his kids with expensive gifts since his family are the reason he stays grounded.

He explained: "A lot of people say yes to me, I admit that. But I'm blessed by how much the mothers of my children love to tell me the truth. They don't let me get away with anything!

"I don't make apologies for what I have. Especially in these economic times, it's an achievement to have financial success.

"If part of that is to spoil your kids, to give them things, it's okay, as long as they appreciate what they have."

The 43-year-old star - who is rumoured to be dating R&B singer Cassie - believes the best part of fame is discovering brand new talent and mentoring artists to success, which he does via his music label, Bad Boy Records.

Diddy mused: "It's really like a spiritual type of experience, making that connection with someone. You get these goose bumps when you encounter a diamond in the rough.

"You see potential. You see possibilities unfolding before your eyes. It helps me to help them."

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