In a country where living a lavish lifestyle is the norm, wealth and its flaunting almost feel like a birthright in the Nigerian music industry. Money is made through shows, streaming platforms, businesses and investments, endorsements, and sometimes a background of generational wealth.
From ice on their necks and gold grills to tastefully furnished apartments in the most expensive parts of Lagos to multimillion-naira worth exotic rides, let’s take a look at some of the richest musicians in Nigeria.
Top 10 Richest Musicians in Nigeria
1. Don Jazzy
2. Wizkid
3. Davido
4. Tiwa Savage
5. Burna Boy
6. Olamide
7. Timaya
8. Phyno
9. Flavour
10. 2Baba
Richest Musicians in Nigeria
1. Don Jazzy
Absolutely nobody wears the “Don” title better than Jazzy himself. The 42-year-old Michael Collins Ajereh, also known as Don Baba, is a foremost Nigerian singer and songwriter, music executive, record producer, business owner, and philanthropist.
He doesn’t just have a name, his record label; Mavin has made big names in the Nigerian music industry like Korede Bello, Reekado Banks, Ayra, Rema, and even Tiwa Savage. This record label alone is a huge source of income, but he doesn’t stop building there.
He has a career that has spanned more than two decades. Don Jazzy has other business dealings like a burger place, investing in tech startups, and real estate, alongside major endorsement deals. His social media platforms have garnered millions of followers, making it another platform to gain from sponsored posts. His net worth is estimated to be over twenty million dollars.
He is also widely known for his philanthropy and cheerful giving. Don Jazzy might not be the musician who’s always on the stage, but he does own the stage behind the scenes
2. Wizkid
The 35-year-old Nigerian singer and songwriter, Ayodeji Ibrahim Balogun, also known as Wizkid and Big Wiz, has gone from Ojuelegba to selling out the 02 Arena thrice.
Aside from selling out shows, he has endorsed prominent brands. From telecom to drinks and fashion brands, Starboy keeps representing and earning. He has gotten solid deals with names like Pepsi, Nike, Puma, MTN, GLO, Dolce and Gabbana, Ciroc, Guinness, and many others. His net worth is projected to be around fifty million dollars.
From Grammys to The Headies, Wizkid has been a consistent recipient of numerous awards since his formal entry into the music world in 2010 with his Holla at your Boy till date.
3. Davido
David Adeleke, the Nigerian-American singer, songwriter, and music producer, popularly known as Davido, would most likely be the most controversial person on the list. He has been a subject of hate and widespread criticism because he’s from a wealthy family. However, he doesn’t shy away from his wealthy roots for the fear of popular opinion. He popularly introduces himself as OBO– Ọmọ Baba Olowo, the son of a wealthy father.
Despite being born with a golden spoon, he has prided himself on creating a legacy and a name for himself, detached from his family name. Now, he has created a first name that opens doors. He’s the first Nigerian musician to perform at a FIFA World Cup. He’s also the recipient of numerous awards from BET and MTV to The Headies.
We remember in 2017 when he said on Falz’s Bad Baddo Baddest track that he had more than $2 million? He later came out to say he’s much bigger, which isn’t questionable. His label is called 30 Billion Gang; there’s no debate about his wealth. Let’s not forget his philanthropy; we rise by lifting others.
He’s an ambassador to big brands like Puma, Martell, Pepsi, Infinix, Wema Bank, Stake, and many others. All of these, in addition to his record label, money from shows, and streaming platforms. From his luxurious vehicles and exotic houses to customized ice chains for himself and his friends, we know he meant everything he said on his Fund track.
4. Tiwa Savage
The Nigerian Queen of Afrobeats, Tiwatope Savage, has gone from background vocalist to a global music voice and one of the most influential Nigerian musicians.
After being a backup vocalist for legends like Mary J. Blige, she returned to Nigeria in 2010 and signed with Mavin Records. Her name has commanded so much respect for her impact on music ever since. Her voice has motivated new Nigerian musicians like Ayra Starr.
She gained her wealth from royalties, international collaborations with the likes of Nas and Sam Smith, endorsement, and brand deals with leading names like Pepsi, MTN, Tecno, Pampers, Maggi, and many more. Outside of music, she has also appeared in a TV series, Shuga, and has even recently co-produced a movie, Water and Garri.
Whether it’s on-stage or entrepreneurial ventures, it is popular opinion that Tiwa is one of the wealthiest musicians in Africa, with a net worth estimated to be more than ten million dollars.
5. Burna Boy
The African Giant, born Damini Ogulu and popularly known as Burna Boy, is a leading Nigerian singer, songwriter, and music producer. He’s also known as Odogwu– an Igbo word for a great or an influential man. It’s no surprise that Odogwu makes the list.
From the Grammys to BET Awards, Burna Boy has made a name in the global scenes, making him earn in dollars and sell out international concerts. He has also made money from streaming platforms and ambassadorial deals with brands like Pepsi, Chipper Cash, and Oraimo. His wealth status isn’t hidden from plain sight, as we see him lavishly living with expensive jewelry and cars.
6. Olamide
The 36-year-old Olamide Gbenga Adedeji, who is popularly known as Olamide Baddo, has a decade-long experience in the Nigerian music industry. He’s a rapper, singer, and owner of the record label; YBNL that has groomed stars like Fireboy, Adekunle Gold, Asake, and many others.
He not only makes money from the royalties from his label, but he also earns revenue from streaming platforms, as he’s a widely loved rapper and musician. He also earns from his endorsement with brands like Ciroc and Guinness.
7. Timaya
He has been in the business since the 2000s. Inetimi Alfred Odon is a Nigerian singer and songwriter. He has remained relevant and authentic even in the new music phase of Nigeria, making him retain his financial influence.
From international tours to brand deals with the likes of MTN and Hennessy to owning his own record label and making silent business moves, and revenue earned from streaming platforms, Papi Chulo remains on the list of the richest Nigerian musicians to date.
8. Phyno
Igbo’s finest Chibuzor Nelson Azubuike is known for his authenticity and pride in his cultural heritage. His Igbo sounds don’t limit him, but adds to his appeal and makes him people’s favorite.
He earns from his streams, national and international sold out shows, his real estate business and his co-owned record label, Penthauze Music. All of these alongside ambassadorial deals with the likes of Airtel and Guinness.
9. Flavour
The Flavour of Africa, Chinedu Okoli, is a prominent singer and songwriter who started his music career as a Church drummer. His fusion of highlife, Afrobeats, and contemporary sounds has given him millions of fans in Nigeria and across Africa.
He frequently headlines events in the southeast and across African countries. He earns from his musical sales and high-paying performances. Also benefiting from endorsements with the likes of MTN and Onga seasoning. He is reported to have a net worth of about nine to ten million dollars.
10. 2Baba
Innocent Idibia is widely known as Tuface or 2baba. The phenomenal maker of the hit song of the century, African Queen, a gift that keeps giving. Recently, he gained a government appointment – Technical Adviser on Entertainment and Community Outreach to the Benue State Governor.
Tuface has decades of hits that earn him royalties, an investment portfolio with the likes of Oraimo, Guinness, and even the Nigerian Stock Exchange. He is also said to have investments in real estate. 2baba reportedly has a net worth of twelve to sixteen million dollars.
Conclusion
These artists don’t have just money to their names. They have built lasting Nigerian legacies through their talent and business acumen. They’re sources of motivation to upcoming and aspiring musicians, letting them know they can start from small places or wherever they are and become global phenomena.
