Top 10 richest musicians in Nigeria

The music space

Nigeria's music industry has been on a worldwide streaming binge as one of the nation's fastest-growing sectors. With prominent singers earning so much that it is currently a multi-trillion-naira industry and ranks among the highest-paying professions in the country.

While performers in these parts still have a tall task to compete with the world's wealthiest musicians, or other industries like the world's richest football players, the Afrobeats genre, heralded by Nigerian artists, has had a favourable impact on the general perception of African music throughout the globe.

The Nigerian music industry's success can be largely attributed to Wizkid, Don Jazzy, Tuface Idibia, Davido, and others, who have shown incredible longevity and now have some of the top trending songs in Nigeria.

Based on endorsements, assets, and total net worth generated from music, the following are the richest musicians in Nigeria:

1. Don Jazzy

Don Jazzy is Nigeria's richest musician. In the last 3 decades, Dan Jazzy has carved a path in the Nigerian music industry. His net worth of $52 million ranks him as the richest in Nigeria.

Mo-Hits Records, which he co-founded with Oladapo Daniel Oyebanjo, also known as Dbanj, contributed significantly to the accumulation of Don Jazzy's fortune.

Nevertheless, Don Jazzy and Dbanj eventually split ways, resulting in the 2012 establishment of Mavin Records, Nigeria's leading record company.

Tiwa Savage, Wande Coal, Reekado Banks, and Iyana have made names for themselves through Mavin Records. At the same time, Korede Bello, Dr. SID, D'Prince, Di'Ja, Johnny Drille, Ladipoe, DNA Twins, Rema, Crayon, Ayra Starr, Magixx, Boy Spynx, and Bayanni are now forerunners on the label.

While many have questioned Don Jazzy's position as Nigeria's richest musician, he heralds that crown with relative ease as he has found success in the Nigerian music industry in three different eras: the CD era, the download era, and the streaming era.

Don Jazzy produced the entirety of Wande Coal's Mushin 2 Mo' Hits, one of the best selling debut albums of all time. He also produced and co-wrote D'banj's Oliver Twist, which is the first successful cross-border hit in Nigerian history.

In the streaming era, Rema's Calm Down which is the most streamed African song of all time, was also released under Don Jazzy's Mavin brand.

Being the richest musician in Nigeria, Don Jazzy has a strong interest in luxury automobiles and mansions. His car collection consists of a 2016 Cadillac Escalade, a Bentley Continental Flying Spur, a Range Rover Sport, and a Porsche 911 Carrera.

2. P-Square

With a combined estimated net worth of 37.26 million USD, a sum which significantly exceed the billion milestone in today's dollar-naira black market exchange rate, Peter and Paul Okoye of Psquare are the 2nd richest musicians in Nigeria. P-Square had a prosperous career in their prime, charging up to 15 million NGN per performance, a significant fee when accounting for inflation.

The duo's career remained brisk until 2016 when they acrimoniously disbanded. Along with Burna Boy, P-Sqaure are one of the most successful touring artists in the country.

As one of the richest musicians in Nigeria, Paul Okoye of P-Square has a luxuriously furnished 1.5 billion NGN condominium in Banana Island, Lagos. He also has an expensive array of automobiles, including a Range Rover, a G Wagon, a Dodge Challenger, and a Porsche 718 Cayman.

Rudeboy of Psquare is the owner of a magnificent home in Parkview Estate, Ikoyi, Lagos, Nigeria, and also owns a Bentley Bentayga, a Mercedes-Benz GLE43 AMG 4MATIC Coupe, a Lamborghini Aventador Roadster, and a Lamborghini Huracan, among others.

3. Davido

Davido is the 3rd richest musician in Nigeria. At the time of update, Davido averages 20 million YouTube views per video. Davido is also the son of one of Nigeria's richest politicians, Chief Adeleke

Davido's net worth is estimated at $27.6m. He is contracted to Sony Records, a record company that currently houses SZA, Pink, Future, and Meghan Trainor, amongst others. 

Davido, once held the title of Africa's best-selling artist, he has a long list of accomplishments that culminated in his performance at the World Cup closing ceremony in Qatar in 2022, cementing his spot among Nigeria's richest musicians.

Davido has won several honours, including BET and MTV awards, and garnered sponsorships deals from MTN, PUMA, and Guinness Nigeria as brand ambassadors. His streak of endorsement contracts is the best evidence of his standing as one of the richest musicians in Nigeria.

In 2021, Davido became the brand ambassador for Martell Cognac in a €12 million agreement, while PlayStation hired him in a similar capacity in 2022.

4. Wizkid

Wizkid is the 4th richest musician in Nigeria. Wizkid's net worth is estimated at $26million. Wizkid is the first Nigerian artist to sell the 02 Arena in London for three consecutive nights.

Since the release of his first song, "Holla at Your Boy," in 2010, Wizkid has smashed several national and international music records. A deeper examination of Wizkid's progression over the years reveals that his ascent onto this list of the richest musicians in Nigeria was inevitable.

"Essence," from Wizkid's highly praised 2020 album "Made in Lagos," is the first Nigerian song in history to rank on the Billboard Hot 100 and Billboard Global 200.

The song was nominated for "Best Global Music Performance" at the 64th Annual Grammy Awards and selected as the best song of 2021 by the US magazine Rolling Stone.

In addition to being one of the richest musicians in Nigeria, Wizkid is one of the country's most streamed artistes, as described by Apple Music, which dubbed him "a representative for not only the sounds of Lagos, but Afrobeats as a whole."

5. Burna Boy

Burna Boy is the first Nigerian to get consecutive Grammy nominations and the most streamed Nigerian artist after Rema, Burna Boy has an estimated net worth of 16 million USD, making him the fifth richest musician in Nigeria in 2024.

Since his 2012 breakout, the Grammy-winning singer, rapper, composer, and lyricist has been one of the genre's global forerunners.

The vast bulk of Burna Boy's status as one of the richest musicians in Nigeria is attributable to exposure through streaming, with his song "It's Plenty" being named one of 2022's most streamed songs.

Burna Boy made history in 2021 when he won the 63rd Annual Grammy Award for Best World Music Album, becoming the first Nigerian solo artist to win the prize.

Being one of the richest musicians in Nigeria , Burna Boy derives a significant portion of his income from touring and ticket sales. On 28 April, 2022, Burna boy became the first Nigerian musician to headline a sold-out show in New York City's Madison Square Garden.

Burna Boy has a home with eight bedrooms in Lekki, Lagos, as well as a number of expensive vehicles, including a Range Rover Autobiography, a 2022 Lamborghini Urus Novitec Edition, a 2013 Ferrari 458 Italia, and a Rolls-Royce Dawn Convertible.

6. 2baba

With an estimated net worth of $10.2 million, legendary African singer 2baba is the 6th richest musician in Nigeria.

2baba, a music superstar who rose to worldwide prominence with his 2004 song African Queen, demonstrated his financial prowess in 2022 by donating a multimillion-naira music studio to the Faculty of Music at Obafemi Awolowo University, OAU, in Ile Ife, Osun State.

On October 11, 2022, the forner president of Nigeria, President Mohammed Buhari honoured the veteran with the Order of the Niger (MON) for his contribution to the music industry, along with others. 2Face is also honoured with the MTV Music Awards, Headies, BET Awards, among others.

7. Olamide

Renowned for his Yoruba rap and street hip-hop styles, Olamide has a net worth of $15 million and ranks as the 7th richest musician in Nigeria.

Olamide is the founder of Yahoo Boy No Laptop Nation (YBNL), a record label he created in 2021. The label has since then produced artists such as Asake, Fireboy DML, Jayboi, and others, has 10 albums and over 40 singles to his credit. 

8. Timaya

Born on August 15, 1980, Timaya has a net worth of $9.8 million. Timaya ranks as the eighth richest musician in Nigeria. Before releasing "True Story," he was a member of the musical group "Dem Mama Soldiers." 

Today, Timaya's standing as one of the richest musicians in Nigeria is enhanced by his role as CEO of the DM record company, which debuted with King Perry. Runtown and Patoranking are two popular artists.

Timaya owns a 250 million-dollar house in Lekki, Lagos State. He is one of the most flamboyant characters on our list of richest musicians in Nigeria. The singer never fails to flaunt himself, notably with his fleet of multicoloured Mercedes G-Wagons, which once went viral on social media.

Timaya's automobile collection is outstanding, including a Mercedes-Benz GLE, a Bentley Continental GT, a Lexus LX570 2015, and a Mercedes-Benz G55 AMG.

9. Phyno

With an estimated $6.7 million net worth, native Igbo rapper Phyno is the eighth richest musician in Nigeria in 2024. Since 2003, when he began his career, Phyno has dabbled in music production and movie acting.

In 2018, Phyno solidified his position as one of the richest musicians in Nigeria by starring in Genevieve Nnaji's Lion Heart, the first Nigerian Netflix original.

His endorsement partnerships include Nairabet, Nigerian breweries, Airtel Telecommunications, and others.

Phyno demonstrates his reputation as one of the richest musicians in Nigeria with a duplex on Chevron Drive that allegedly cost over 170 million NGN and contains three bedrooms.

Phyno reportedly has a 70 million NGN mansion in his birthplace of Enugu and a fleet of flashy automobiles, including the Bentley Continental GT, Rolls Royce Phantom, Toyota Avalon, and Range Rover Sport.

10. Yemi Alade

Yemi Alade is the 10th richest musician in Nigeria. Yemi Alade is the first female afrobeats artist to embark on four global tours. Her music has garnered her many accolades, including the MTV Africa Music Award for Best Female and the BET Award for Best International Act: Africa.

Yemi Alade's status as one of the richest singers in Nigeria is due to her lucrative endorsement agreements with major brands including Peak Milk, Close-Up, and Bland2Glam. She has also served as a representative for Shell Petroleum Development Company and telecommunications company Globacom. 

Yemi Alade is one of only fourteen Nigerian musicians whose YouTube music video has received more than 100 million views. As of April 2023, she was reportedly the most booked female Nigerian vocalist ever, making her one of the richest musicians in Nigeria.

In may 2023, Yemi Alade was the only female in the top 10 most-streamed female Afrobeat artists on YouTube. This has been the foundation of her status as Nigeria's wealthiest female musicians.

Yemi Alade has a significant social media presence, with millions of followers on Instagram, where she is the most followed female afrobeats performer with 17.4 million followers.

Yemi Alade is one of only a smattering of English-speaking afrobeats performers who have crossed over into the Francophone industry to date.