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 income that it is currently a multi-trillion-naira industry and ranks as one of the highest-paying professions in the country, this article lists the richest musicians in Nigeria in 2023.
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.
STILL ON NIGERIA
The 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 2023:
TOP 10 RICHEST MUSICIANS IN NIGERIA AND THEIR NET WORTHS
|
Rank |
Artist |
Net worth |
|---|---|---|
|
1. |
$52 million |
|
|
2. |
PSquare |
$37.26 million |
|
3. |
Davido |
$27.6 million |
|
4. |
Wizkid |
$26 million |
|
5. |
Burna Boy |
$16 million |
|
6. |
2Baba |
$10.2 million |
|
7. |
Olamide |
$10 million |
|
8. |
Timaya |
$9.8 million |
|
9. |
Phyno |
$6.7 million |
|
10. |
Yemi Alade |
$5 million |
1.Don Jazzy
Don Jazzy has carved a path in the music industry over the last three decades that has earned him a net worth of $52 million and status of richest musician in Nigeria 2023.
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 Nigerian song on YouTube and Spotify, 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 in 2023. 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 in 2023, 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
With an average of 20 million YouTube views per video, Davido, the son of one of Nigeria’s richest politicians, Chief Adeleke, is the third-richest musician in Nigeria in 2023.
Davido, whose net worth is 27.6 million USD, is contracted to Sony Records, a record company that currently houses SZA, Pink, Future, and Meghan Trainor, amongst others.
Davido, who once held the title of Africa’s best-selling artist, 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 has gained sponsorships from MTN, PUMA, and Guinness Nigeria as brand ambassadors after gaining worldwide fame. His streak of endorsement contracts is the best evidence of his standing as one of the richest musicians in Nigeria in 2023.
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.
Davido showcases his reputation as one of the richest musicians in Nigeria with two opulent homes: a 140 million NGN property in Banana Island and a 20 million USD home in Atlanta.
A Rolls-Royce Cullinan 2019, a Bentley Bentayga, a Bentley Continental GT, a Range Rover SV Autobiography, and a Toyota Land Cruiser are among Davido’s collections of automobiles.
As one of the richest musicians in Nigeria, Davido reportedly demands no less than 10 million NGN for each performance.
With an estimated net worth of $26 million, Wizkid, the first Nigerian to sell out the 02 Arena in London for three consecutive nights, is the fourth-richest musician in Nigeria in 2023.
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.
Wizkid owns two mansions: one in Surulere, Nigeria, worth approximately 13 million NGN, and the other in Los Angeles, California.
A BMW X6 crossover, a Porsche Panamera, a Lamborghini Urus, and a Mercedes-Benz G63 AMG are among Wizkid’s automotive collections.
“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 in 2023, 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, the first Nigerian to get consecutive Grammy nominations and the most streamed Nigerian artist ater Rema, has a net worth of 16 million USD, making him the fifth richest musician in Nigeria in 2023.
Since his 2012 breakout, the Grammy-winning singer, rapper, composer, and lyricist has been one of the genre’s global forerunners.
“Last Last” was one of American rapper Jay Z’s favourite songs of 2022 and was one of the top 10 most-searched songs on Google that year, one of only two non-Asian songs with Harry Styles’ “As It Was”.
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 in 2023, Burna Boy derives a significant portion of his income from touring and ticket sales. In April, he became the first Nigerian musician
to headline a sold-out show in New York City’s Madison Square Garden.
Burna Boy’s standing as one of the richest musicians in Nigeria is said to have increased by at least $7.3 million thanks to this sold-out venue of 20,789 people.
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 sixth-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, President Mohammed Buhari honoured the veteran with the Order of the Niger (MON) for his contribution to the music industry, along with those of others. He has also been honoured with the MTV Music Awards, Headies, and BET Awards, among others.
Being one of the richest musicians in Nigeria in 2023, 2baba has luxurious houses in Ikeja, Festac, Lagos Island, and the United States. It has been established that he owns a Ferrari Coupe, a Toyota Land Cruiser, and a Chevrolet Corvette Coupe, despite doing an amazing job of not flaunting his fleet of automobiles.
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7.Olamide
Renowned for his Yoruba rap and street hip-hop styles, Olamide, who has a net worth of $15 million is the seventh richest musician in Nigeria in 2023.
The current president of YBNL Nation, Olamide, who produced artists such as Asake, Fireboy DML, Jayboi, and others, has 10 albums and over 40 singles to his credit.
In addition to being one of the richest musicians in Nigeria, Olamide has won other honours in the local music industry, such as Best Indigenous Artist and Album of the Year.
Olamide has two opulent homes in Lekki and Bariga, Lagos, as well as a garage stocked with luxury automobiles, including a Range Rover Sports, a Mercedes-Benz G Wagon, a Range Rover Sports V8, a Toyota Venza, and a Rolls-Royce Phantom.
8.Timaya
Born on August 15, 1980, Timaya, who has a net worth of $9.8 million, is the eighth richest musician in Nigeria in 2023. Before releasing “True Story,” he was a member of the musical group “Dem Mama Soldiers.”
Timaya’s standing as one of the richest musicians in Nigeria in 2023 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, who presently owns a 250 million-dollar house in Lekki, Lagos State, is one of the most flamboyant characters on our list of the 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 2023. 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
The first female afrobeats artist to embark on four global tours, Yemi Alade is the tenth-richest musician in Nigeria in 2023. 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 2823, she was reportedly the most booked female Nigerian vocalist ever, making her one of the richest musicians in Nigeria.
Yemi Alade is the only female in the top 10 most-streamed female Afrobeat artists on YouTube as of May 2023. This has been the foundation of her status as Nigeria’s wealthiest female musician in 2023, as her song Johnny was once the most streamed in the country.
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. This has allowed her to leverage her popularity to generate income through sponsored posts and endorsements and become one of Nigeria’s richest artists.
Yemi Alade is one of only a smattering of English-speaking afrobeats performers who have crossed over into the Francophone industry to date.
