Nigeria’s music industry has become a global sensation, with top musicians raking in millions and making it one of the most lucrative sectors in the country. In 2024, the music business stands as one of the highest-paying industries in the country. This page highlights the wealthiest musicians in Nigeria today.
While Nigerian artists may still face challenges in competing with the world’s richest footballers or securing spots on global wealth rankings, the rise of Afrobeats, championed by Nigerian musicians has significantly boosted the global perception of African music.
The Nigerian music scene is thriving, and top musicians are making big money. These artists have not only produced chart-topping hits but also made smart business moves that have greatly increased their wealth. From sold-out concerts to lucrative endorsement deals, they’ve done it all. Nigerian musicians are not only earning from their music, but many have built incredible fortunes through their artistry.
Here are the top richest musicians in Nigeria:
1. Don Jazzy
Over the past 30 years, Don Jazzy has built a successful career in the music industry, amassing a net worth of $52 million and earning the title of Nigeria’s richest artist in 2024. He co-founded Mo-Hits Records with D’banj, which became one of the most successful record labels of the 2010s and a major contributor to his wealth.
After Don Jazzy and D’banj parted ways in 2012, Mavin Records was born, quickly rising to prominence. The label has launched the careers of Tiwa Savage, Wande Coal, Reekado Banks, Korede Bello, Dr. SID, D’Prince, Di’Ja, and Iyana. Today, Mavin is home to top talents like Johnny Drille, Ladipoe, DNA Twins, Rema, Crayon, Ayra Starr, Magixx, Boy Spynx, and Bayanni.
Though some have questioned his position as Nigeria’s wealthiest musician, Don Jazzy holds the title confidently, having succeeded in three distinct eras of the music industry: 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 ever, and co-wrote and produced D’banj’s Oliver Twist, the first Nigerian song to achieve mainstream success internationally.
He also played a key role in the success of Rema’s Calm Down, which became the most streamed African song of all time. Additionally, Ayra Starr, Nigeria’s top artist in daily streams, is signed to his label. In 2024, Don Jazzy sold a majority stake in Mavin to UMG for a reported $200 million, significantly boosting his wealth.
2. Burna Boy
With a net worth of $34 million, Burna Boy is also among the list of the top richest musicians in Nigeria in 2024. He is the first Nigerian to receive consecutive Grammy nominations and the most-streamed Nigerian artist after Ayra Starr.
Since his breakthrough in 2012, the Grammy-winning singer, rapper, composer, and lyricist has become a global leader in music. His hit song “Last Last,” which American rapper Jay-Z named one of his favorite songs of 2022, was among the top 10 most searched songs on Google that year, alongside Harry Styles’ “As It Was,” the only other non-Asian track.
Burna Boy’s success and wealth are largely driven by his streaming power, with his track “It’s Plenty” ranking among the most-streamed songs of 2022. In 2021, Burna Boy made history by becoming the first Nigerian solo artist to win a Grammy for Best World Music Album at the 63rd Annual Grammy Awards.
A major source of Burna Boy’s wealth comes from ticket sales and tours. In April 2022, he became the first Nigerian musician to headline a sold-out concert at Madison Square Garden in New York City, with a crowd of 20,789 people. This achievement alone added an estimated $7.3 million to his net worth.
3. Davido
With a net worth of $27.6 million, Davido is the fourth-richest musician in Nigeria in 2024. The son of one of Nigeria’s wealthiest politicians, Chief Adeleke, Davido consistently attracts an average of 20 million YouTube views per video.
Signed to Sony Records, which also houses artists like SZA, Pink, Future, and Meghan Trainor, Davido has a long list of accomplishments, including once being Africa’s best-selling artist. His career reached new heights when he performed at the 2022 World Cup closing ceremony in Qatar, cementing his place among Nigeria’s wealthiest artists.
Davido’s global appeal is reflected in his sponsorship deals with major brands like MTN, PUMA, and Guinness Nigeria. He has also received numerous awards, including BET and MTV accolades. His wealth and status as one of Nigeria’s richest musicians in 2024 are further evidenced by his high-profile brand endorsements.
In 2021, he signed a €12 million contract as a brand ambassador for Martell Cognac, and in 2022, PlayStation engaged him in a similar capacity. Davido owns two luxurious homes: a 140 million NGN villa in Banana Island and a $20 million mansion in Atlanta.
His impressive car collection includes a 2019 Rolls-Royce Cullinan, Bentley Bentayga, Bentley Continental GT, Range Rover SV Autobiography, and Toyota Land Cruiser. As one of the richest musicians in Nigeria, Davido reportedly commands at least 10 million NGN for every concert.
4. P-Square
Peter and Paul Okoye, the dynamic duo of Psquare, are the third richest musicians in Nigeria in 2024, with an estimated net worth of $30 million, well above the billion-naira mark at today’s conversion rate. During their peak, Psquare had an incredibly successful career, commanding up to 15 million NGN per performance, a significant amount considering inflation.
The duo remained active until they split in 2016, which was marked by a public dispute. Along with Burna Boy, Psquare remains one of the most popular and successful touring acts in Nigeria.
As one of Nigeria’s wealthiest musicians in 2024, Paul Okoye owns a lavishly furnished condominium valued at 1.5 billion NGN on Banana Island, Lagos. His impressive car collection includes a Range Rover, G-Wagon, Dodge Challenger, and Porsche 718 Cayman.
Rudeboy, also of Psquare, owns a Bentley Bentayga, Mercedes-Benz GLE43 AMG 4MATIC Coupe, Lamborghini Aventador Roadster, and Lamborghini Huracan, in addition to a beautiful home in Parkview Estate, Ikoyi, Lagos.
5. Wizkid
With an estimated net worth of $20 million, Wizkid is the fourth-richest musician in Nigeria in 2024. He made history as the first Nigerian to sell out the 02 Arena in London for three consecutive nights. Since his breakout single “Holla at Your Boy” in 2010, Wizkid has shattered numerous national and international music records.
Wizkid’s rise to prominence and wealth was inevitable, given his consistent success over the years. He owns two luxurious mansions: one in Los Angeles, California, valued at roughly 13 million NGN, and another in Surulere, Nigeria.
His impressive car collection includes a BMW X6, Porsche Panamera, Lamborghini Urus, and Mercedes-Benz G63 AMG. His hit song “Essence,” from his critically acclaimed 2020 album Made in Lagos, made history as the first Nigerian song to appear on both the Billboard Hot 100 and the Billboard Global 200.
The song was named the best of 2021 by Rolling Stone and was nominated for “Best Global Music Performance” at the 64th Annual Grammy Awards. In addition to his wealth, Wizkid is one of the most-streamed artists in Nigeria, with Apple Music recognizing him as “a representative not only of the sounds of Lagos but of Afrobeats as a whole.”
6. 2baba
Legendary African singer 2baba, with an estimated net worth of $10.2 million, ranks among the top richest musicians in Nigeria in 2024. He rose to global fame with his 2004 hit single African Queen and demonstrated his financial savvy in 2022 by gifting the Faculty of Music at Obafemi Awolowo University (OAU) in Ile Ife, Osun State, a multimillion-naira music studio.
2baba’s contributions to the music industry earned him the Order of the Niger (MON) from President Muhammadu Buhari on October 11, 2022, along with several other prestigious awards, including MTV Music Awards, Headies, and BET Awards.
As one of the wealthiest musicians in Nigeria in 2024, 2baba owns luxurious homes in Ikeja, Festac, Lagos Island, and the United States. While he tends to keep his car collection low-key, he is known to own a Chevrolet Corvette Coupe, a Toyota Land Cruiser, and a Ferrari Coupe.
7. Olamide
With a net worth of $15 million, Olamide ranks seventh among the richest musicians in Nigeria in 2024. Known for his Yoruba rap and street hip-hop styles, he has discovered leading talents like Asake, Fireboy DML, and Adekunle Gold. As the president of YBNL Nation, Olamide has released 10 albums and over 40 songs, solidifying his place in the industry.
In addition to his wealth, Olamide has earned numerous accolades in the Nigerian music scene, including Best Indigenous Artist and Album of the Year. His impressive collection of luxury cars includes a Range Rover Sports, Mercedes-Benz G-Wagon, Range Rover Sports V8, Toyota Venza, and Rolls-Royce Phantom. Olamide also owns two luxurious homes in Lekki and Bariga, Lagos.
8. Timaya
Born on August 15, 1980, Timaya, with a net worth of $9.8 million, ranks as the ninth richest singer in Nigeria in 2024. He initially gained fame as part of the musical group “Dem Mama Soldiers” before his breakout hit “True Story.”
Timaya’s wealth is further bolstered by his leadership of the DM Records label, which introduced artists like King Perry, Runtown, and Patoranking. As one of the richest musicians in Nigeria, Timaya has made a name for himself with his extravagant lifestyle, highlighted by his 250 million NGN estate in Lekki, Lagos.
Known for flaunting his success, Timaya made headlines with his collection of colorful Mercedes G-Waggons, which went viral on social media. His impressive car collection includes a Lexus LX570 (2015), a Mercedes-Benz G55 AMG, a Bentley Continental GT, and a Mercedes-Benz GLE.
9. Phyno
With an estimated net worth of $6.7 million, Phyno, the native Igbo rapper who began his career in 2003, ranks among the richest musicians in Nigeria in 2024. Phyno expanded his influence beyond music into acting and production, notably starring in Vince Nnaji’s Lion Heart, the first Nigerian Netflix original, which further solidified his position among Nigeria’s wealthiest musicians.
His lucrative endorsements with brands like Nairabet, Nigerian Breweries, and Airtel Telecommunications have contributed significantly to his fortune. Phyno’s wealth is evident in his properties, including a three-bedroom duplex on Chevron Drive valued at over 170 million NGN, a mansion in his hometown of Enugu worth an estimated 70 million NGN, and a collection of luxury cars, including a Bentley Continental GT, Rolls Royce Phantom, Toyota Avalon, and Range Rover Sport.
10. Yemi Alade
Yemi Alade, the first female Afrobeats singer to embark on four worldwide tours, ranks as the 10th richest musician in Nigeria in 2024. Her impressive career has earned her numerous accolades, including the BET Award for Best International Act: Africa and the MTV Africa Music Award for Best Female.
Her substantial wealth is bolstered by major endorsement deals with brands such as Peak Milk, Close-Up, Bland2Glam, Shell Petroleum Development Company, and telecom giant Globacom.
As of October 2024, Yemi Alade, along with Sinach and Arya Starr, is one of the only female Nigerian musicians whose music videos have surpassed 100 million views on YouTube. She owes much of her financial success to her status as the most booked female Nigerian vocalist as of April 2023.
In May 2024, Yemi Alade became the only female artist among the top ten most-streamed Afrobeats musicians on YouTube. Her immense social media following, particularly her 17.4 million Instagram followers, has further strengthened her marketability, enabling her to generate substantial income through sponsored events and partnerships.
Additionally, Yemi Alade has been one of the few English-speaking Afrobeats stars to successfully penetrate the Francophone market, contributing to her standing as one of Nigeria’s wealthiest musicians.
