Nigeria’s music entertainment is filled with talented artists who shine both locally and Internationally. As of 2023, these musicians are amassing significant wealth, prompting a need to explore the latest rankings of the top 10 richest musicians in Nigeria.
Many of Nigeria’s wealthiest musicians identified their talents before reaching their teenage years. Some recognized their musical abilities during childhood, while others initially aspired to different careers before choosing music in high school or college.
Wizkid – $30 million
Ayodeji Ibrahim Balogun, born in 1990, is widely known as WizKid. At the age of 32, he has gained acclaim as a celebrated Nigerian singer, songwriter, and record producer. His musical career began in 2009 with EME Records, and he rose to prominence with hits such as “Holla at Your Boy” and the globally recognized “One Dance” with Drake, solidifying his status as a household name.
The Nigerian singer’s net worth is valued at $30 million. Wizkid, who now owns Starboy Entertainment, owns a luxurious mansion in Surulere and Los Angeles. The Starboy owns a private jet and has a collection of cars that includes:2021 Rolls Royce, 2019 Lamborghini Urus, 2020 V-Class
Maybach, G-Wagon, Porsche Panamera, BMW X6 Crossover”.
In 2020, WizKid achieved the remarkable feat of becoming the first Nigerian to win a Grammy. Additionally, in 2021, he made a notable appearance on Beyoncé’s “Brown Skin Girl.”
He thrives in music and through endorsements with Guinness, Pepsi, and others. Beyond his artistic pursuits, WizKid invests in real estate.
Don Jazzy – $28 million
The second wealthiest musician in Nigeria with a net worth of $28 million in 2023, Don Jazzy, has carved a path in the music industry over the last three decades.
The substantial wealth of Don Jazzy was notably augmented by Mo-Hits Records, a venture he co-founded with Nigerian singer, Oladapo Daniel Oyebanjo, widely recognized as Dbanj.
In 2012,he founded Mavin Records, Nigeria’s leading record company, after he split ways with D’Banj.
The record label boss owns three mansions in Lekki, Banana Island, and Los Angeles. Some of his exotic car ride collections are: Porsche 911, Carrera, Bentley Continental, Cadillac Escalade, Mercedes Benz E350″.
Davido – $27.6 million
Davido, the son of Nigeria’s wealthy politician, Chief Adeleke, claims the spot as the third-richest musician in Nigeria in 2023, boasting an impressive average of 20 million YouTube views per video.
With a net worth of $27.6 million, Davido is a standout figure contracted to Sony Records alongside global icons like SZA, Pink, Future, and Meghan Trainor. Davido owns the HKN music record with his brother and has signed many Nigerian artists like Peruzzi, Liya, Mayorkun amongst others.
Davido’s impressive career features being Africa’s former top-selling artist and a standout performance at the 2022 World Cup closing ceremony in Qatar, establishing him as one of Nigeria’s wealthiest musicians. Awards from BET and MTV, along with sponsorships from 1xBet, MTN, PUMA, and Guinness Nigeria, underscore Davido’s global popularity and financial success.
Davido’s influence is evident through major deals, such as a €12 million ambassadorship with Martell Cognac in 2021 and a PlayStation role in 2022. His lavish lifestyle extends to two opulent homes—a $20 million property in Atlanta and a N140 million residence in Banana Island. His car collection boasts a Rolls-Royce Cullinan 2019, a Bentley Bentayga, a Bentley Continental GT, a Range Rover SV Autobiography, and a Toyota Land Cruiser.
With homes in the USA and Nigeria, including an exclusive one in Banana Island, Davido embodies luxury. Additionally, he owns a Bombardier Global 6000 private jet, solidifying his iconic status in Nigeria’s music industry and beyond.
Burna Boy – $20 million
Burna, whose real name is Damini Ebunoluwa Ogulu, has been in the music industry for years, and his success skyrocketed around 2018. He is the first Nigerian with consecutive Grammy nominations and the second most-streamed Nigerian artist after Rema.
Burna Boy’s luxurious lifestyle includes an impressive array of high-end vehicles parked at his Lekki mansion, such as a Red Rolls Royce Dawn Convertible, Ferrari 458 Italia, Bentley Continental, and a Mercedes Benz G-Wagon. With a net worth of $20 million, Burna Boy remains an international sensation.
His musical journey since 2012 has seen him become a Grammy-winning artist, with hits like “Last Last” gaining recognition and even becoming one of Jay Z’s favourites in 2022. Burna Boy’s wealth is fueled by streaming success, notably with “It’s Plenty” named one of 2022’s most streamed songs.
Touring and ticket sales contribute significantly to his income, with the historic sold-out show at Madison Square Garden in April 2023 boosting his wealth by at least $7.3 million.
Olamide – $15 million
Singer Gbenga Adedeji’s net worth is about $15 million. He was the first Nigerian celebrity to sign an endorsement deal with Ciroc. He has also done endorsements for several brands and charges N2 million to N4 million per show.
As the president of YBNL Nation, he has produced artists like Asake and Fireboy DML, boasting an extensive discography of 10 albums and over 40 singles.
Olamide has secured honours such as Best Indigenous Artist and Album of the Year, showcasing his multifaceted influence in the local music industry. He was recently nominated for 2024 Grammy awards.
Olamide owns two mansions in Lekki and Bariga, Lagos. His garage contains vehicles like: Mercedes-Benz G-Wagon, Range Rover Sports V8, Rolls-Royce Phantom. He has two filling stations in Lagos.
Psquare – $13 million
Peter and Paul Okoye of Psquare jointly claim the title of the sixth-richest musicians in Nigeria in 2023 with a combined net worth of $26 million. Despite their 2016 split, their financial success during their prime, charging up to N15 million per performance, remains a significant milestone in Nigerian music.
Paul Okoye, one part of Psquare, resides in a 1.5 billion NGN condominium in Banana Island, Lagos, accompanied by an impressive collection of luxury vehicles. Meanwhile, Peter Okoye, also known as Rudeboy, possesses a splendid residence in Parkview Estate, Ikoyi, Lagos, and owns a fleet of high-end automobiles, which includes a Bentley Bentayga, Mercedes-Benz GLE43 AMG 4MATIC Coupe, Lamborghini Aventador Roadster, and a Lamborghini Huracan.
Psquare’s musical journey, which spans various genres like dance-pop, R&B, hip-hop, and Afropop, commenced during their secondary school years. Beyond their musical pursuits, they actively engage in real estate investments. Each twin brother is estimated to have a net worth of $13 million.
2Baba – $10.2 million
The Benue-born music star is among the affluent Nigerian artists, boasting an impressive net worth exceeding $10.2 million.
The legendary African singer gained global recognition with his 2004 hit “African Queen,” solidifying his enduring musical legacy.
Starting from his Plantashun Boiz group, 2Face BABA grew into a reputable Nigerian musician and has since continued to grow in his craft.
In 2022, 2baba showcased his financial prowess and commitment to nurturing talent by donating a multimillion-dollar music studio to the Faculty of Music at Obafemi Awolowo University. This act of philanthropy adds to his impressive list of awards, including the Order of the Niger (MON) from President Mohammed Buhari, MTV Music Awards, Headies, and BET Awards.
As one of Nigeria’s wealthiest musicians in 2023, 2baba maintains a modest profile despite owning luxurious residences in Ikeja, Festac, Lagos Island, and the United States. His collection includes a Ferrari Coupe, a Toyota Land Cruiser, and a Chevrolet Corvette Coupe.
Hailing from Benue, 2baba’s substantial net worth exceeds $10 million, solidifying his status among wealthy Nigerian singers. He has evolved into a prominent Nigerian musician with the Plantashun Boiz group since his early days.
Tiwa Savage – $10 million.
Tiwatope Savage popularly known as Tiwa Savage or mummy Jam Jam is a Nigerian singer, songwriter, and actress, born on 5 February 1980 in Isale Eko, she relocated to London when she was 11 years old for her secondary school education.
She became backup vocals for American artists such as George Michael and Mary J. Blige.
Following her involvement in the UK edition of The X Factor and completing her education at Berklee College of Music, Tiwa Savage inked a publishing deal with Sony/ATV Music Publishing in 2009. Witnessing the swift growth of the Nigerian music industry served as her inspiration, prompting Tiwa Savage to return to Nigeria.
In 2012, she signed a record deal with Mavin Records and featured on the label’s 2012 compilation album Solar Plexus.
Tiwa Savage released her debut studio album, “Once Upon a Time,” on July 3, 2013. The album featured a collection of hit singles, including “Kele Kele Love,” “Love Me (3x),” “Without My Heart,” “Ife Wa Gbona,” “Folarin,” “Olorun Mi,” and “Eminado.”
The album received nominations for Best Album of the Year at the 2014 Nigeria Entertainment Awards and for Best R&B/Pop Album at The Headies in 2014.
Tiwa savage has performed in a couple of international shows and she is a brand ambassador to different brands like Nestle Maggi chicken cubes, Forte Oil, Pepsi, and Konga. Tiwa Savage’s net worth is currently estimated at $10 million.
Tiwa Savage bought a multimillion mansion worth N75 million in Lekki, the house is located at Heaven homes, Richmond Estates Lekki Lagos state Nigeria. she has joined the league of celebrities living in this estate.
Timaya – $9.8 million
Born on August 15, 1980, Timaya, who has a net worth of $9.8 million, is the ninth 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.
Phyno – $6.7 million
With an estimated $6.7 million net worth, indigenious Igbo rapper Phyno is the tenth 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.
In our exploration, we delve into the net worth of the seven richest musicians, shedding light on the diverse avenues through which they amass their fortunes.