Top 10 richest musicians in Nigeria 2024 Biography and Net Worth – The music industry in Nigeria stands out as one of Africa’s fastest-growing sectors. In this ranking, we’ll explore the wealthiest musicians in Nigeria, evaluating their net worth.
Nigeria’s music industry has witnessed global acclaim, marking its status as one of the nation’s fastest-growing sectors. With leading artists earning substantial incomes, the industry now stands as a multi-trillion-naira powerhouse, ranking among the highest-paying professions in the country. This article unveils the wealthiest musicians in Nigeria for the year 2024.
While Nigerian musicians still face stiff competition from the world’s wealthiest artists and other industries such as the realm of the richest football players, the influence of the Afrobeats genre, pioneered by Nigerian artists, has significantly elevated the global perception of African music.
The prosperity of the music industry can be largely credited to icons such as Wizkid, Don Jazzy, Tuface Idibia, Davido, and others who have displayed remarkable longevity and are currently responsible for some of the most popular songs in Nigeria.
Considering factors like endorsements, assets, and total net worth derived from their music ventures, the following list unveils the wealthiest musicians in Nigeria for the year 2024:
Top 10 richest musicians in Nigeria 2024 Biography and Net Worth
| Rank | Artist | Net worth |
|---|---|---|
| 1. | Don Jazzy | $55 million |
| 2. | PSquare | $39.26 million |
| 3. | Davido | $31.6 million |
| 4. | Wizkid | $28 million |
| 5. | Burna Boy | $19 million |
| 6. | 2Baba | $17.2 million |
| 7. | Olamide | $16 million |
| 8. | Timaya | $10 million |
| 9. | Phyno | $8 million |
| 10. | Yemi Alade | $6.1 million |
1.Don Jazzy
Net worth: $55 million
Don Jazzy’s impact on the music industry over the past three decades has been nothing short of legendary, propelling him to a staggering net worth of $55 million and cementing his status as the richest musician in Nigeria by 2024.
The iconic Mo-Hits Records, a venture co-founded with the renowned Oladapo Daniel Oyebanjo, popularly known as Dbanj, played a pivotal role in Don Jazzy’s incredible financial success. However, their paths diverged, leading to the birth of Mavin Records in 2012, now a leading record company in Nigeria.
Mavin Records has been a launchpad for several talented artists, including Tiwa Savage, Wande Coal, Reekado Banks, and Iyana. Additionally, the likes of Korede Bello, Dr. SID, D’Prince, Di’Ja, Johnny Drille, Ladipoe, DNA Twins, Rema, Crayon, Ayra Starr, Magixx, Boy Spynx, and Bayanni have emerged as frontrunners under the label’s banner.
Although challenges to his status as Nigeria’s richest musician have surfaced, Don Jazzy effortlessly reigns supreme owing to his success across three distinct eras in the Nigerian music industry: the CD era, the download era, and the streaming era.
Don Jazzy’s influence extends to prolific productions such as Wande Coal’s Mushin 2 Mo’ Hits, a record-breaking debut album. Notably, he also produced and co-wrote D’banj’s Oliver Twist, the first Nigerian hit to cross international borders.
In the streaming age, Rema’s Calm Down, the most streamed Nigerian song on YouTube and Spotify, stands as a testament to Don Jazzy’s enduring impact under the Mavin brand.
Beyond music, Don Jazzy’s penchant for luxury is evident in his collection of high-end automobiles, which includes a 2016 Cadillac Escalade, Bentley Continental Flying Spur, Range Rover Sport, and Porsche 911 Carrera. This resonates as a symbol of his ascent as Nigeria’s foremost music mogul.
2.P-Square
Net worth: $39.26 million
With an estimated combined net worth of 39.26 million USD, a sum that significantly exceeds the billion milestone in today’s dollar-naira black market exchange rate, Peter and Paul Okoye of Psquare stand as the 2nd-richest musicians in Nigeria in 2024. P-Square had a remarkably prosperous career in their prime, commanding up to 15 million NGN per performance, a considerable fee when factoring in inflation.
The duo’s career thrived until 2016 when they acrimoniously disbanded. Alongside Burna Boy, P-Square is renowned as one of the most successful touring artists in the country.
As one of the richest musicians in Nigeria in 2024, Paul Okoye of P-Square resides in a luxuriously furnished 1.5 billion NGN condominium in Banana Island, Lagos. He also possesses an extravagant collection of automobiles, including a Range Rover, a G Wagon, a Dodge Challenger, and a Porsche 718 Cayman.
Rudeboy of Psquare is the proud owner of a splendid home in Parkview Estate, Ikoyi, Lagos, Nigeria. His collection of vehicles includes a Bentley Bentayga, a Mercedes-Benz GLE43 AMG 4MATIC Coupe, a Lamborghini Aventador Roadster, and a Lamborghini Huracan, among others.
3.Davido
Net worth: $31.6 million
With an astonishing average of 20 million YouTube views per video, Davido, the son of one of Nigeria’s wealthiest politicians, Chief Adeleke, proudly holds the title of the third-richest musician in Nigeria in 2024.
Davido, whose net worth is a staggering 31.6 million USD, is currently under contract with Sony Records, a label that also boasts artists like SZA, Pink, Future, and Meghan Trainor.
Davido, a former holder of the title Africa’s best-selling artist, reached the pinnacle of his career with a breathtaking performance at the World Cup closing ceremony in Qatar in 2022, solidifying his position among Nigeria’s musical elite.
The accolades keep rolling in for Davido, with prestigious awards from BET and MTV, and lucrative sponsorship deals with MTN, PUMA, and Guinness Nigeria, all secured after achieving global fame. His extensive list of endorsement contracts stands as a testament to his stature as one of Nigeria’s richest musicians in 2024.
In 2021, Davido sealed a groundbreaking €12 million deal to become the brand ambassador for Martell Cognac, and in 2022, he took on a similar role with PlayStation, further solidifying his influence.
Davido underlines his status as one of Nigeria’s wealthiest musicians with his lavish properties, including a 140 million NGN mansion in Banana Island and a 20 million USD home in Atlanta.
When it comes to automobiles, Davido’s collection is nothing short of spectacular, featuring a Rolls-Royce Cullinan 2019, a Bentley Bentayga, a Bentley Continental GT, a Range Rover SV Autobiography, and a Toyota Land Cruiser.
As one of the richest musicians in Nigeria, Davido commands a performance fee of no less than 10 million NGN, a testament to his exceptional talent and unparalleled success.
4.Wizkid
Net worth: $28 million
With an estimated net worth of a staggering $28 million, Wizkid has solidified his position as a trailblazer in the Nigerian music scene. His historic achievement of selling out the prestigious 02 Arena in London for three consecutive nights underscores his unparalleled success. From the groundbreaking release of “Holla at Your Boy” in 2010 to his chart-topping track “Essence” from the acclaimed album “Made in Lagos,” Wizkid has continuously raised the bar for Nigerian and global music.
Beyond his musical prowess, Wizkid’s opulent lifestyle reflects his immense success. With properties including a lavish mansion in Surulere, Nigeria, and another in the luxurious locale of Los Angeles, it’s evident that Wizkid lives life on a grand scale. His impressive collection of luxury vehicles, boasting a BMW X6, Porsche Panamera, Lamborghini Urus, and Mercedes-Benz G63 AMG, further exemplifies his penchant for the extraordinary.
The impact of Wizkid’s music transcends borders, as evidenced by the unprecedented success of “Essence” on the Billboard Hot 100 and Billboard Global 200. Notably, this historic achievement led to a nomination for “Best Global Music Performance” at the 64th Annual Grammy Awards, solidifying his influence on the global stage. Additionally, Wizkid’s artistry was celebrated by renowned institutions such as the US magazine Rolling Stone, which selected “Essence” as the best song of 2021, further cementing his position as a musical trailblazer.
As one of the richest musicians in Nigeria, Wizkid’s impact extends far beyond financial success. His role as an ambassador for the vibrant sounds of Lagos and Afrobeats as a whole has earned him recognition by platforms such as Apple Music, further solidifying his status as a true icon of the music industry.
5.Burna Boy
Net worth: $19 million
Burna Boy, the trailblazing Nigerian artist, has achieved an outstanding feat by receiving consecutive Grammy nominations and securing the title of the most streamed Nigerian artist after Rema. With a remarkable net worth of 19 million USD, he rightfully claims the position of the fifth richest musician in Nigeria in 2024.
Since bursting onto the scene in 2012, this Grammy-winning singer, rapper, composer, and lyricist has solidified his place as a global leader in the music industry.
“Last Last” not only earned praise as one of American rapper Jay Z’s favorite songs in 2022, but also emerged as one of the top 10 most-searched songs on Google that year, alongside only one other non-Asian song, Harry Styles’ “As It Was”. This underscores Burna Boy’s undeniable impact and resonance across the music landscape.
The majority of Burna Boy’s wealth can be attributed to the immense exposure he has garnered through streaming platforms, as evidenced by his song “It’s Plenty” being listed among the most streamed songs of 2022.
In 2021, Burna Boy made history by clinching the prestigious 63rd Annual Grammy Award for Best World Music Album, marking a groundbreaking achievement as the first Nigerian solo artist to triumph in this category.
As one of the wealthiest musicians in Nigeria, Burna Boy derives a substantial portion of his earnings from touring and ticket sales. Notably, in April, he achieved a significant milestone by becoming the first Nigerian musician to headline a sold-out show at the iconic Madison Square Garden in New York City. This monumental event, attended by 20,789 people, is estimated to have boosted Burna Boy’s standing as one of the richest musicians in Nigeria by at least $7.3 million.
In addition to his extraordinary musical success, Burna Boy enjoys a luxurious lifestyle, evidenced by his opulent eight-bedroom home in Lekki, Lagos, and an impressive collection of high-end vehicles including a Range Rover Autobiography, a 2022 Lamborghini Urus Novitec Edition, a 2013 Ferrari 458 Italia, and a Rolls-Royce Dawn Convertible. These possessions serve as a testament to Burna Boy’s remarkable accomplishments and unwavering dedication to his craft.
6.2baba
Net worth: $17.2 million
With a staggering estimated net worth of $17.2 million, the iconic African singer 2baba proudly stands as the sixth-richest musician in Nigeria.
2baba, the music sensation who captured hearts around the globe with his 2004 hit “African Queen,” astounded the world yet again in 2022 when he graciously gifted a multi-million naira music studio to the Faculty of Music at Obafemi Awolowo University, OAU, in Ile Ife, Osun State.
On the memorable date of October 11, 2022, President Mohammed Buhari bestowed the esteemed Order of the Niger (MON) upon this music legend for his exceptional contributions to the music industry, a recognition shared by only a select few. Notably, 2baba has also been honored with prestigious accolades such as the MTV Music Awards, Headies, and BET Awards, underscoring his unparalleled impact.
As one of the wealthiest musicians in Nigeria in 2024, 2baba boasts opulent residences in Ikeja, Festac, Lagos Island, and the United States. Furthermore, sources have confirmed his ownership of a Ferrari Coupe, a Toyota Land Cruiser, and a Chevrolet Corvette Coupe, all of which he remarkably refrains from ostentatiously displaying, despite his remarkable success.
7.Olamide
Net worth: $16 million
Renowned for his electrifying Yoruba rap and street hip-hop styles, Olamide shines as the seventh richest musician in Nigeria in 2024, boasting a staggering net worth of $16 million.
At the helm of YBNL Nation, Olamide has nurtured and produced exceptional artists such as Asake, Fireboy DML, Jayboi, and many others. With an impressive catalog of 10 albums and over 40 singles, he continues to dominate the music scene.
Beyond his financial success, Olamide has garnered prestigious accolades in the local music industry, including the titles of Best Indigenous Artist and Album of the Year. His influence is unquestionable.
Not one to shy away from luxury, Olamide calls two opulent homes in Lekki and Bariga, Lagos his own. His garage is a tribute to his success, housing a fleet of luxury automobiles, from a sleek Range Rover Sports and a commanding Mercedes-Benz G Wagon to a distinguished Rolls-Royce Phantom, showcasing his well-deserved opulence.
8.Timaya
Net worth: $10 million
Born on August 15, 1980, the sensational Timaya, boasting a remarkable net worth of $10 million, proudly holds the title of the eighth richest musician in Nigeria in 2024. Before gifting the world with the musical masterpiece “True Story,” this icon graced the musical landscape as a member of the illustrious group “Dem Mama Soldiers.”
Elevating his stature as one of the wealthiest musicians in Nigeria in 2024, Timaya assumes the role of CEO of the esteemed DM record company, which introduced the incredibly talented King Perry to the music realm. Notably, the lineup also includes the celebrated artists Runtown and Patoranking, adding immense value to the music industry.
Beyond his awe-inspiring musical achievements, Timaya’s opulence radiates through his ownership of a magnificent 250 million-dollar mansion in Lekki, Lagos State. Embodying flamboyance and lavishness, he consistently captivates attention, notably with his stunning fleet of multicolored Mercedes G-Wagons, a spectacle that once took social media by storm.
Timaya’s extraordinary collection of automobiles is simply awe-inspiring, featuring illustrious models such as the Mercedes-Benz GLE, the coveted Bentley Continental GT, the timeless Lexus LX570 2015, and the iconic Mercedes-Benz G55 AMG. The sheer grandeur and exuberance of Timaya’s lifestyle are undeniably captivating.
9.Phyno
Net worth: $8 million
With a jaw-dropping estimated net worth of $8 million, the incomparable Igbo rapper Phyno reigns as the eighth wealthiest musician in Nigeria as of 2024. Since igniting his career in 2003, Phyno has fearlessly immersed himself in music production and mesmerized audiences with his acting prowess.
In 2018, Phyno etched his name in the annals of Nigerian music royalty by gracing the silver screen in Genevieve Nnaji’s Lion Heart, a groundbreaking Nigerian Netflix original.
His list of prestigious endorsements reads like a hall of fame, featuring names such as Nairabet, Nigerian Breweries, Airtel Telecommunications, and others.
Phyno’s opulent duplex on Chevron Drive stands as a majestic testament to his prominence, rumored to have commanded a staggering 170 million NGN and flaunting three lavish bedrooms.
Reports suggest that Phyno’s hometown of Enugu bears witness to his illustrious stature through a splendid mansion valued at 70 million NGN, alongside a fleet of exuberant vehicles including the Bentley Continental GT, Rolls Royce Phantom, Toyota Avalon, and Range Rover Sport.
10.Yemi Alade
Net worth: $6.1 million
Nigeria’s richest female singer
In a world where the stage is dominated by men, Yemi Alade stands tall as the first female afrobeats artist to embark on four global tours. Her name resonates through the music industry, and in 2024, she rightfully claims her place as the tenth-richest musician in Nigeria.
Yemi Alade’s journey to the top is paved with numerous accolades, including the prestigious MTV Africa Music Award for Best Female and the coveted BET Award for Best International Act: Africa. Her music transcends boundaries, captivating hearts and earning her well-deserved recognition across the globe.
What sets Yemi Alade apart is not just her musical talent, but also her astute business acumen. Her collaboration with major brands such as Peak Milk, Close-Up, and Bland2Glam has solidified her status as a powerhouse in the industry. Moreover, her role as a representative for Shell Petroleum Development Company and telecommunications giant Globacom has further cemented her position as a leading figure in the Nigerian music scene.
Yemi Alade’s impact reverberates beyond the borders of Nigeria. With over 100 million views on her YouTube music video, she reigns as one of the most sought-after Nigerian vocalists. Her influence extends to social media, where she commands a staggering 17.4 million followers on Instagram, making her the most followed female afrobeats performer.
What truly sets Yemi Alade apart is her ability to transcend language barriers. As one of the few English-speaking afrobeats performers to conquer the Francophone industry, she continues to break new ground and inspire a generation of aspiring artists.
Yemi Alade’s story is not just one of success, but of resilience, passion, and unwavering determination. As she continues to conquer new frontiers, she paves the way for the next generation of artists, leaving an indelible mark on the world of music.
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