Top 10 richest musicians in Nigeria 2024
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Nigeria's music industry has been on a global streaming frenzy, with well-known singers making so much money that it is currently a multi-trillion-naira sector. In light of its position as one of the highest-paying professions in the nation, this page ranks the richest musicians in Nigeria in 2024. Although performers in these regions still have an overwhelming challenge to feature in the global musician wealth ranking or compete against the world's richest footballers, the Afrobeats genre—led by Nigerian musicians—has had a positive influence on the general perception of African music around the world.
Wizkid, Don Jazzy, Tuface Idibia, Davido, and others—who have demonstrated amazing longevity and now have some of the top trending songs in Nigeria—have mostly helped the music industry to flourish.
The following are the richest musicians in Nigeria 2024 based on endorsements, assets, and overall net worth produced from music:
Top 10 richest musicians in Nigeria and their net worths
1. Don Jazzy
Over the past three decades, Don Jazzy has established a path in the music business that has resulted in a net worth of $52 million and the title of richest artist in Nigeria in 2024. Along with Dbanj, Don Jazzy co-founded Mo-Hits Records, arguably the most successful record label of the 2010s and a significant source of his wealth.
After Don Jazzy and Dbanj parted ways in 2012, Nigeria's top record label, Mavin Records, was born out of that split. Mavin Records has made names for Tiwa Savage, Wande Coal, Reekado Banks, Korede Bello, Dr. SID, D'Prince, Di'Ja, and Iyana, and currently houses some of Nigeria's most prominent voices in Johnny Drille, Ladipoe, DNA Twins, Rema, Crayon, Ayra Starr, Magixx, Boy Spynx, and Bayanni.
Though many have questioned Don Jazzy's status as Nigeria's richest musician, he heralds his title with relative ease since he has achieved success in the Nigerian music industry in three separate eras: the CD era, the download age, and the streaming era.
Don Jazzy produced Wande Coal's Mushin 2 Mo' Hits, one of the best-selling debut albums of all time, and also co-wrote and produced D'banj's Oliver Twist, the first song to find mainstream success beyond Nigerian borders in history.
Rema's Calm Down, the most streamed African song of all time, was also released under Don Jazzy's Mavins brand, while the Nigerian with the most daily streams, Arya Starr, is also signed to his record label.
In 2024, Don Jazzy sold a majority stake in Mavins to UMG for a figure that could be as high as $200 million, augmenting his wealth significantly.
Being the richest artist in Nigeria, Don Jazzy is quite keen on fancy cars and homes. Among his collection of vehicles are a 2016 Cadillac Escalade, a Bentley Continental Flying Spur, a Range Rover Sport, and a Porsche 911 Carrera.
2. Burna Boy
With a net worth of $34 million, Burna Boy, the first Nigerian to receive consecutive Grammy nominations and the most streamed Nigerian artist after Arya Starr, is the second richest musician in Nigeria in 2024.
Since his 2012 breakthrough, the Grammy-winning singer, rapper, composer, and lyricist has been among the worldwide leaders in his field. "Last Last,” one of American rapper Jay Z's favourite songs of 2022, ranked among the top 10 most searched songs on Google that year—one of just two non-Asian tracks with Harry Styles' "As It Was.".
Burna Boy's prominence as one of the richest singers in Nigeria is partly due to his streaming might, with his song "It's Plenty" among the most streamed songs of 2022.
Burna Boy made history at the 63rd Annual Grammy Award in 2021 by becoming the first Nigerian solo artist to win the Best World Music Album Grammy.
One of the richest artistes in Nigeria in 2024, Burna Boy, mostly makes his money from ticket sales and tours. He became the first Nigerian musician to headline a sold-out concert in Madison Square Garden in New York City on 28 April, 2022.
Thanks to this sold-out venue of 20,789 people, Burna Boy's reputation as one of the richest performers in Nigeria is estimated to have grown by at least $7.3 million.
Burna Boy resides in an eight-bedroom apartment in Lekki, Lagos, and owns several pricey cars, including a Range Rover autobiography, a 2022 Lamborghini Urus Novitec Edition, a 2013 Ferrari 458 Italia, and a Rolls-Royce Dawn convertible.
3. P-Square
Peter and Paul Okoye of Psquare are the third richest musicians in Nigeria in 2024 with an estimated net worth of 30 million USD, much above the billion naira mark in today's conversion rate. P-Square had a successful career, charging up to 15 million NGN per performance in their prime, a large sum considering inflation.
The pair had an active career until 2016, when they had an acrimonious split. Along with Burna Boy, P-Square are among the most popular touring musicians in the nation.
As one of Nigeria's richest artists in 2024, Paul Okoye of P-Square owns a tastefully furnished 1.5 billion NGN condominium on Banana Island, Lagos. Among his costly collection of vehicles are a Range Rover, a G Waggon, a Dodge Challenger, and a Porsche 718 Cayman.
Rudeboy of Psquare owns a Bentley Bentayga, Mercedes-Benz GLE43 AMG 4MATIC Coupe, Lamborghini Aventador Roadster, and Lamborghini Huracan, among others, in addition to a gorgeous house in Parkview Estate, Ikoyi, Lagos, Nigeria.
4. Davido
Davido, son of one of Nigeria's wealthiest politicians, Chief Adeleke, is the fourth-richest singer in the country in 2024, with an average of 20 million YouTube views per video.
With a net worth of 27.6 million USD, Davido is contracted to Sony Records, a record label that now houses SZA, Pink, Future, and Meghan Trainor, among others.
Once the best-selling artist in Africa, Davido has a long line of achievements that peaked in his performance at the World Cup closing ceremony in Qatar in 2022, securing his place among Nigeria's wealthiest singers.
Testament to his global reputation, Davido has received sponsorships from MTN, PUMA, and Guinness Nigeria as brand ambassadors, in addition to multiple honours, including BET and MTV awards.
The clearest reflection of his status as one of Nigeria's richest musicians in 2024 is his series of sponsorship agreements, as he became the brand ambassador for Martell Cognac in a €12 million contract in 2021 before PlayStation engaged him in a similar capacity in 2022. With two lavish homes—a 140 million NGN villa in Banana Island and a 20 million USD house in Atlanta—Davido exhibits strong standing among Nigeria's richest singers.
Davido owns a Rolls-Royce Cullinan 2019, Bentley Bentayga, Bentley Continental GT, Range Rover SV Autobiography, and Toyota Land Cruiser. As one of the richest musicians in Nigeria, Davido apparently expects no less than 10 million NGN for every concert.
5. Wizkid
With an estimated net worth of $20 million, Wizkid, the first Nigerian to sell out the 02 Arena in London for three straight nights, is the fourth-richest musician in Nigeria in 2024. Since his first song, "Holla at Your Boy," debuted in 2010, Wizkid has broken multiple national and international music records. A look at his development over the years shows that his climb onto this list of the richest musicians in Nigeria was inevitable. Wizkid owns two mansions: one in Los Angeles, California, valued at roughly 13 million NGN, and one in Surulere, Nigeria. Among Wizkid's cars are a BMW X6 crossover, a Porsche Panamera, a Lamborghini Urus, and a Mercedes-Benz G63 AMG. "Essence," from Wizkid's well-acclaimed 2020 album "Made in Lagos,” is the first Nigerian song ever to feature in the Billboard Hot 100 and Billboard Global 200. The US publication Rolling Stone ranked the song as the best song of 2021, and it was nominated for "Best Global Music Performance" at the 64th Annual Grammy Awards. Apart from being among the most wealthy musicians in Nigeria in 2024, Wizkid is also one of the most streamed artists in the nation, with Apple Music labelling him as "a representative for not only the sounds of Lagos but also Afrobeats as a whole."
6. 2baba
Legendary African singer 2baba, with an estimated net worth of $10.2 million, ranks sixth among the richest musicians in Nigeria. Rising to global attention with his 2004 single African Queen, the music sensation proved his financial acumen in 2022 by gifting the Faculty of Music at Obafemi Awolowo University, OAU, a multimillion-naira music studio in Ile Ife, Osun State.
Along with others, President Mohammed Buhari bestowed upon the veteran the Order of the Niger (MON) on October 11, 2022, for his services to the music business. Other honours he has received are those from MTV Music Awards, Headies, and BET Awards.
As one of the wealthiest musicians in Nigeria in 2024, 2baba owns opulent homes in Ikeja, Festac, Lagos Island, and the US. Though he does an incredible job of not displaying his fleet of cars, he has been found in possession of a Chevrolet Corvette Coupe, a Toyota Land Cruiser, and a Ferrari Coupe.
7. Olamide
With a net worth of $15 million, Olamide, known for his Yoruba rap and street hip-hop styles, ranks seventh among the richest musicians in Nigeria in 2024. Having unearthed leading musicians such as Asake, Fireboy DML, Adekunle Gold, and others, Olamide, the present president of YBNL Nation, boasts 10 albums and over 40 songs.
As well as being among the richest musicians in Nigeria, Olamide has received various accolades in the local music scene, like Best Indigenous Artist and Album of the Year. Along with a garage filled with luxury cars, including a Range Rover Sports, Mercedes-Benz G Waggon, Range Rover Sports V8, Toyota Venza, and Rolls-Royce Phantom, Olamide has two lavish residences in Lekki and Bariga, Lagos.
8. Timaya
Born on August 15, 1980, Timaya, whose net worth is $9.8 million, is the ninth richest singer in Nigeria in 2024. He formerly belonged to the musical ensemble "Dem Mama Soldiers" before releasing the hit "True Story."
Timaya's position as one of Nigeria's richest musicians in 2024 is strengthened by his leadership of the DM record business, which debuted King Perry. Popular singers Runtown and Patoranking are also two popular signings.
On this list of the richest musicians in Nigeria, Timaya—who now owns a 250 million-dollar estate in Lekki, Lagos State—is among the most ostentatious characters. The artist never fails to show off himself, most famously with his fleet of rainbow Mercedes G-Waggons, which once went viral on social media.
Timaya has an amazing collection of cars, ranging from a Lexus LX570 2015 to a Mercedes-Benz G55 AMG featuring a Bentley Continental GT and Mercedes-Benz GLE.
9. Phyno
Estimated to have a net worth of $6.7 million, native Igbo rapper Phyno, who started his career in 2003 and has experimented in movie acting and music production, ranks ninth among the richest musicians in Nigeria for 2024. Phyno confirmed his ranking as one of the richest musicians in Nigeria in 2018 by starring in Vince Nnaji's Lion Heart, the first Nigerian Netflix original. Among his endorsing partners are Nairabet, Nigerian breweries, Airtel Telecommunications, and others. With a three-bedroom duplex on Chevron Drive that cost over 170 million NGN, an alleged 70 million NGN mansion in his birthplace Enugu, and a fleet of ostentatious cars, including the Bentley Continental GT, Rolls Royce Phantom, Toyota Avalon, and Range Rover Sport, Phyno is without a doubt one of Nigeria's richest artists.
10. Yemi Alade
Yemi Alade, the first female afrobeats singer to set off four worldwide tours, will be the 10th-richest musician in Nigeria in 2024. Among the several honours her music has received are the BET Award for Best International Act: Africa and the MTV Africa Music Award for Best Female. Yemi Alade's significant endorsement deals with major brands such as Peak Milk, Close-Up, and Bland2Glam position her as the richest female musician in Nigeria. She has also represented Shell Petroleum Development Company and telecoms firm Globacom.
As of October 2024, Yemi Alade, alongside Sinach and Arya Starr, are the only female musicians whose YouTube music video has attracted over 100 million views. She owes her ranking as one of the richest musicians in Nigeria, due to her marketability as the most booked female Nigerian vocalist ever as of April 2023.
As of May 2024, Yemi Alade is the only female among the top ten most-streamed Afrobeat musicians on YouTube.
Yemi Alade is an avid social media user, with millions of followers on Instagram, where she is the most followed female afrobeats artist (17.4 million followers). This has allowed her to become one of Nigeria's richest singers by leveraging her reputation to generate revenue through sponsored events and endorsements.
Yemi Alade is one of just a few English-speaking afrobeats singers who have successfully entered the Francophone market.