In the lively world of Nigerian music, there has been a big rise in the popularity of Afro beats in recent years. Nigerian musicians are leading this musical change, not just setting trends but also making a lot of money. Today, we’re looking into the lives of the top 10 richest musicians in Nigeria.
Many of Nigeria’s richest musicians discovered their talents before turning teenagers. Some realized their musical gifts in childhood, while others initially aimed for different careers before pursuing music in high school or college.
All these artists, including the so-called “cool kids,” put in a lot of effort. None of them achieved success and fame without working hard for it.
Who is the Richest Musician in Nigeria?
Considering money from music, endorsements, and overall net worth, here are the richest musicians in Nigeria:
1. Burna Boy (Net Worth: $80 Million)
The African Giant himself, Burna Boy, tops the list as the richest musician in Nigeria for 2024.
Burna, also known as Damini Ebunoluwa Ogulu, has been in the music scene for a while, and he really took off around 2018. He’s the first Nigerian to get nominated for Grammys in consecutive years and the second most-streamed Nigerian artist after Rema.
His global success, luxurious mansion in Lagos worth over 5 billion naira, and an enviable car collection, including a Bugatti Chiron and Lamborghini SVJ, contribute to his astounding net worth of $80 million.
2. Wizkid (Net Worth: $65 Million)
Ayodeji Ibrahim Balogun, born in 1990, popularly known as Big Wiz, is a force to reckon with both locally and internationally.
At 32 years old, he’s well-known as a popular Nigerian singer, songwriter, and record producer. His music journey kicked off in 2009 with EME Records, and he became famous with songs like “Holla at Your Boy” and the widely known “One Dance” featuring Drake, making him a household name.
In 2020, WizKid achieved the remarkable feat of becoming the first Nigerian to win a Grammy.
His recent purchase of a Ferrari SF90 Stradale for 1.4 billion naira showcases his opulence. With a net worth of $65 million, Wizkid remains one of the most influential musicians in Africa.
3. Davido (Net Worth: $60 Million)
Davido, the son of Nigeria’s wealthy politician Chief Adeleke, holds the position as the third wealthiest musician in Nigeria.
Born in the United States, he dropped out of Oakland University, where he was studying business administration, to chase his dream of becoming a successful musician. His dream has come true, making him one of Nigeria’s globally renowned artists.
Davido has had a remarkable career, being Africa’s previous top-selling artist and delivering a standout performance at the 2022 World Cup closing ceremony in Qatar. These achievements, along with awards from BET and MTV, as well as sponsorships from 1xBet, MTN, PUMA, and Guinness Nigeria, highlight Davido’s widespread popularity and financial prosperity.
Once the undisputed richest musician in Nigeria, Davido experienced a massive comeback in 2023 with his Grammy-nominated album “Timeless.” His collection of super-expensive cars, including a Lamborghini Aventador, a Rolls-Royce, and a Mercedes-Benz Maybach, contributes to his estimated net worth of $60 million.
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4. Don Jazzy (Net Worth: $40 Million)
Michael Collins Ajereh, stage name Don Jazzy, the music production maestro and CEO of Mavin Records, stands as the biggest music producer in Africa.
Since his debut in 2002, Don Jazzy has built a remarkable career, securing more than four prestigious awards, such as the Nigerian Music Awards in 2006, Nigerian Entertainment Awards in 2007, The Headies in 2011 and 2014, City People Entertainment Award in 2015, and many others.
With a net worth of $40 million, luxurious mansions, and a fleet of cars, Don Jazzy remains an iconic figure in the music industry.
5. Olamide (Net Worth: $35 Million)
Singer Gbenga Adedeji is a legend and the CEO of YBNL Records, Olamide’s influence in the music industry is unmatched.
As the president of YBNL Nation, Olamide has nurtured talents like Asake and Fireboy DML, with an impressive collection of 10 albums and over 40 singles to his credit.
Olamide has earned recognition, including Best Indigenous Artist and Album of the Year awards, highlighting his diverse impact on the local music scene. Additionally, he received a Grammy nomination for 2024.
His net worth of $35 million reflects his success in discovering and nurturing talents. The African giant continues to shape the industry with his impactful contributions.
6. P Square (Net Worth: $31 Million)
Once the biggest and most influential musical duo in Africa, Peter and Paul Okoye of Psquare may have faced separation in 2017, but their wise investments keep them on the list.
They’ve had a successful career and earned many awards, even competing with Don Jazzy.
They’ve won numerous awards, including 9 Headies, 7 Nigerian Music Awards (NMA), 5 Channel O Music Video Awards, 5 MTV Africa Music Awards, 6 Ghana Music Awards, 5 KORA Awards, and 5 Soundcity MVA. These awards have been won multiple times by the duo. They’ve also received individual awards and numerous nominations for other accolades.
With apartments in Atlanta, USA, worth over $4 million and twin mansions in Banana Island, Lagos, worth $6 million, they boast a net worth of $31 million.
7. Mr Eazi (Net Worth: $30 Million)
Mr Eazi, whose real name is Oluwatosin Oluwole Ajibade (born July 19, 1991), is a Nigerian singer, songwriter, and record executive. He is credited as the originator of Banku music, a blend that combines Ghanaian highlife with Nigerian chord progressions and patterns.
At the age of 16, Mr Eazi moved to Ghana to pursue further education, joining the mechanical engineering program at Kwame Nkrumah University of Science and Technology (KNUST).
During his time at KNUST, Mr Eazi began recording music. He lent his vocals to the track “My Life,” which gained popularity on campus. Additionally, he founded a party and promotion company named Swagger Entertainment, organizing events and shows at KNUST. At 23, he returned to Nigeria and ventured into the e-commerce business with his own platform.
Mr Eazi, often overlooked for his wealth, is one of the richest musicians in Nigeria. With real estate investments across Rwanda, Tanzania, and Ghana, as well as ties to a billionaire family through marriage, Mr Eazi’s net worth is estimated at $30 million.
8. Timaya (Net Worth: $27 Million)
Born on August 15, 1980, Timaya holds the eighth spot among Nigeria’s wealthiest musicians. Initially part of the music group “Dem Mama Soldiers,” he later became the CEO of DM record company, launching artists like King Perry, Runtown, and Patoranking.
Timaya, not just a musical maestro but also a successful businessman, holds a net worth of $27 million. His investments in oil and gas, real estate, and ownership of a luxurious eight-bedroom duplex in Lagos showcase his multifaceted success.
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9. Flavor (Net Worth: $25 Million)
Flavour also known as Chinedu Izuchukwu Okoli was a church drummer since age 13. He became a professional drum in 1999 and studied music when a music company gave him a scholarship. Flavour learned to play the keyboard and released his first album in 2005.
Regarded as the king of high life in Nigeria, Flavor has been a consistent force in the industry for over 19 years. Despite keeping his life private, Flavor is super-rich, with a net worth of $25 million. With seven successful studio albums under his belt, Flavor owns all the rights to his music and has secured his place among Nigeria’s wealthiest musicians.
10. Phyno (Net Worth: $20 Million)
The tenth richest musician in Nigeria on our list is the often underestimated but incredibly rich rapper, Phyno. Since 2003, when he started his career, Phyno has dabbled in music production and movie acting.
Phyno has won awards and is a brand ambassador for top brands like Monster Energy Drink, Glo, AEL NG, and Naira Bed.
Known for purchasing 20 units of two places for a whopping 150 million naira each, Phyno has proven that he’s a force to be reckoned with. With a net worth of $20 million, he cruises in a Rolls-Royce Phantom, a Maserati, and a customized Mercedes-Benz Sprinter.
Takeaway
These musicians not only shape the Nigerian music scene but also serve as inspirations for aspiring artists. From their lavish lifestyles to their significant contributions to the industry, these musicians have truly earned their place among the wealthiest in Nigeria. Share your thoughts on who you think should be on this list.
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