MARIA BARTIROMO: I was looking at the—Forbes—you know—hip-hop millionaire list and you're right there with Jay-Z. You guys competitive—yeah, you're No. 1, everybody thought he was No. 1.
SEAN COMBS: What did the—
BARTIROMO: The Forbes hip-hop—
COMBS: What—what—what—what did the Forbes say I was?
BARTIROMO: (Laugh) Number—you're No. 1.
(Read more: Buffett: Stocks now 'more or less fairly priced')
COMBS: What'd the Forbes say I was?
COMBS: I can't hear you.
BARTIROMO: (Laugh) You're No. 1.
COMBS: No—what we do is—me and Jay-Z, we play a little game. We trade it back and forth. So—you know, we have an agreement and—we're negotiating to see if I'm going to give it up for next year. (Laugh) But—no, no, we inspire each other. And it's going from just being about money. We want—we don't want to be defined as—the money that we're making all of a sudden is something special because we're—African-American. You know, as far as, like, the numbers at the end of the day, we shouldn't be put in, like—a African-American—
COMBS: Yeah, box or category, you know—we're businessman. And so our competition is the top businessman in the world, you know. So my competition is Warren Buffett, you know—that's who, you know, I'm competing with, and that's who Jay is competing with. I—we don't segment ourselves and just compete with each other. And if anything, we help each other.
BARTIROMO: So Warren Buffett's got about $40 billion. (Note: Actually $58.5 billion in the September 2013 Forbes 400 Richest Americans list) Is that where you're going?
COMBS: I'm going to pass him, (laugh) yeah. Yeah, I'm going to—I'm not going to pass him—it's—I think—even Warren Buffett as you see—you've seen—I've know you've—covered him. It's not about the money for him, it's about the impact that—that he can have.
(Read more: Warren Buffett's generosity grows with Berkshire's stock price)
And I think that's what has changed for me is the impact that I could have philanthropically—with the economic power. So instead of me talking about—and criticizing, you know, just how we—we're treating our young people, I'll be able to give different donations and—you know, come up with different—solutions to problems.
BARTIROMO: It's great to meet you. And you are such a role model. Sean, thank you very much.
COMBS: Oh, one thing I do want to say is—the only way that I could—pass Warren Buffett, if he gives me some advice. So I never met Warren Buffett, so I know you watch the station. I need some advice in order to pass you.
BARTIROMO: Good for you. That's—(laugh) a very good plea to make on our air.
—By CNBC's Alex Crippen.