Besides dominating across the continent, the Nigerian music industry has also been a key source of livelihood for many people in the country; we'll list the top 10 richest Nigerian musicians in 2023.
In addition, some of Nigeria's top musicians are also among the wealthiest in Africa.
It is common knowledge that Nigerian musicians live one of the most luxurious lifestyles in the country. These artists live the best life we could ever hope for right in front of our eyes.
This article lists the richest musicians in Nigeria based on their estimated monetary worth.
Listed artists are ranked according to their music catalog, booking fees, endorsements, and other investments.
The Top 10 Richest Nigerian Musicians 2023
1. Wizkid's Net Worth – $21 million
Starboy Entertainment boss Wizkid aka Big Wiz is about the richest musician in Nigeria as of 2022.
Let’s break down a rough evaluation of Wizkid’s net worth.
Wizkid has the highest booking fee for any African artist. He charges as much as $250,000 as his booking fee outside of Nigeria, especially in Europe and America.
You will have to be very rich to have Wizkid perform at a private event for you. Besides his booking fee, Starboy is a brand ambassador to several multinational companies and corporations.
He is currently a brand ambassador for Puma & JD Sports, this deal was announced back in 2020 worth hundreds of millions in Naira.
He is currently the official brand face of the United Bank for Africa (UBA). His UBA deal was reportedly valued at over $3 million.
Popular phone manufacturers Tecno also have Wizkid as their brand ambassador. There are other brands he is also representing, like the Ciroc, etc.
Aside from the money made from ambassadorial deals and partnerships, Wizkid’s music catalogue is worth millions of dollars. With over 450 million+ streams on his fourth studio album ‘Made in Lagos’, the singer is raking in millions from music streaming platforms from this album alone.
2. Davido's Net Worth – $19.5 million
OBO is the 2nd richest Nigerian musician in 2022 after Big Wiz
Second, on the log is David Adeleke aka Davido, who is ranked as the second richest Nigerian musician.
We are familiar with Davido’s wealthy family background, however, setting that aside, Davido has made way too much money as a musician.
While many on this list might not show off their money as much OBO never misses the opportunity to show off. Davido is always in demand all year round with no breaks in between. His booking fee goes as high as $200,000 per show.
Over the past few months, Davido has made millions of dollars touring across Africa. In 2020 he kicked off the year with an ‘A Good Time’ tour in America, unfortunately, Covid-19 brought an unfortunate end to his tour.
The DMW boss also makes money as a brand ambassador for top companies like Pepsi, Infinix Mobility, etc. He recently joined the Fin-Tech company Bitsika as an influencer and shareholder.
3. Don Jazzy Net Worth – $18.5 million
The music producer extraordinaire, Don Jazzy, is the 3rd richest Nigerian Musician.
Nigerian music producer Don Jazzy is the only person on the list of the top 10 richest musicians in Nigeria who isn’t a singer.
The veteran beatmaker isn’t only popular for making hit songs but he is an actual music mogul.
He co-founded Mo’Hits with D’banj and after their split went on to found Mavin Records.
Don Jazzy has been boss to top music acts like Wande Coal, Dr. Sid, Tiwa Savage, D’Prince, Reekado Banks, Korede Bello, etc.
As a record label executive, he has significant shares in revenue accrued from his artist's royalties.
He is one of the most endorsed Nigerian celebrities and is currently a brand ambassador for Glo, BetWay, VBank, Johnny Walker, etc.
As an astute businessman and FX trader, he has some real estate across Nigeria.
4. Burna Boy Net Worth – $17 million
Burna Boy, the grammy winner is worth over $17 million which makes him one of the top 10 richest musicians in Nigeria
The past three years have been nothing less than incredible for Damini Ogulu better known as Burna Boy.
The Atlantic Records artist has been ahead of his peers musically including those mentioned before him on this list. In the past three years, Burna Boy has made millions of dollars off his music as he is currently the most-streamed Nigerian artist at the moment.
Those music streams which run in billions are worth several millions of dollars for the singer.
Towards the end of December 2020, Burna Boy bagged partnership deals with fashion company BooHooMan and Beats By Dre.
He is also a brand ambassador for Star, Pepsi, Standard Chartered Bank, Chipper Cash, etc.
Apart from last year when concerts and large gatherings were banned, Burna Boy has been selling out his tour venues during the past three years.
5. 2Baba Net Worth – $16 million
He’s a demi-god in the Nigerian music industry and everyone respects him. The legendary 2Face now known as 2Baba is a seasoned musician with over 20 years on stage.
His discography is enviable with over 7 studio albums to date.
With such longevity in the Nigerian music industry, 2Baba has also accumulated riches over the years as an A-list musician.
Although artists are prone to a luxury lifestyle, the ‘Amaka’ hitmaker is also an aggressive investor.
He co-owns the popular Rumours Night clubs in Lagos and some real estate across Nigeria.
2Baba recently started a massive Agro-business spanning hectares of land in his state of origin Benue.
He is a brand ambassador to brands like Campari, Trophy Lager Beer, phone accessory maker Araimo, etc.
6. Olamide Net Worth – $12 million
There is no doubt that Olamide Adedeji, well known by his stage name Olamide, is a Music businessman.
Olamide is the leader of one of Nigeria’s most successful record labels YBNL.
Last year he bagged a music distribution deal with the American music company Empire.
Olamide is one of the richest musicians in Nigeria as he has multiple sources of income ranging from his endorsement deals with iTel Mobile, Hennessy, Monster Energy Drink, etc., premium booking fees, his music catalogue, and many more.
He is friends with several politicians in western Nigeria which gives him some monetary advantage. One of the craziest indigenous rappers that we have in Nigeria and Africa.
He has carved out a niche for himself using his local dialect. He has numerous songs that were hit back to back.
The rapper has been boss to top music acts like Fireboy DML, Adekunle Gold, Lil Kesh, etc.
7. Mr. Eazi Net Worth – is $11 million
Oluwatosin Ajibade aka Mr. Eazi has rapidly grown from being a buzzing music star, making music that cuts across Ghana and Nigeria to becoming a big music mogul.
In the past couple of years, Mr. Eazi has been taking the business side of music pretty seriously. He launched his record label and a platform emPawa Africa to promote young talented African acts.
He has secured millions of investments in dollars to help push this dream. He is a believer in tech hence he has invested in several viable startups across Africa.
As one of the most-streamed Nigerian artists on Spotify, Mr. Eazi cashes out big time monetizing his music, especially with an impressive discography.
8. Timaya Net Worth – $10.5 million
Port Harcourt-raised Nigerian dancehall music heavyweight Timaya is one very rich guy.
This is the king of a dance hall in Nigeria with a strong vocal power in the industry. He is among the best and perhaps the music star to be very successful out of the Niger Delta.
He is fondly called ‘Egberi Papa 1 of Bayelsa’. He has so many hit tracks and other businesses he does. For the most part, the Ekperipapa 1 keeps a low profile, but he has got deep pockets which may surprise some people.
He has been fortunate to grab some endorsement deals which form a small size of his net worth.
Timaya is loved by the Bayelsa people hence from time to time he gets gigs from the government irrespective of the governor in office. He has some sizable real estate in Bayelsa and Rivers States.
He is one of the highest-paid Nigerian singers in terms of the booking fee.
9. Mr. P (Peter Okoye) / Rudeboy (Paul Okoye) Net Worth – $10 million each
Mr. P and Rudeboy were former members of the legendary music group PSquare, although they are no longer together they still make the ranking of the richest Nigerian musicians in 2022.
Although their breakup may have brought a little setback in their finances, the twins are still some of the richest artists in the game.
Mr. P has been diversifying from music to setting up businesses while Rudeboy, on the other hand, has been busy touring and performing at events.
10. Flavour Net Worth – $9.8 million
On the other side, Flavour is a top-tier African artist that has performed across the length and breadth of Africa.
The indigenous highlife singer charges as much as $100,000 and more for a show. He performs at highbrow events and private billionaire parties etc.
Flavour is not a stranger to endorsements as he has bagged several mouthwatering deals, notably his current deal with Life Lager Beer.
He has some big money investments across eastern Nigeria in his name. Almost all the musical artists in the industry have done a collaboration with Flavour in their songs.
His vocal ability is unbeatable. He is among the best in the industry with his unique Flavour. He remains himself like no other and no one could imitate him no matter the effort they put in.