Music is a language that speaks to the heart, transcending the usual barriers of culture, race, and geography. It’s no surprise then that the music industry has proven to be a gold mine for many talented artists all over the world, and Nigeria is not an exception. In this West African country, music is not just a hobby; it’s a career that has created millionaires. This list we’ve assembled is a testimony to that. These are the top seven wealthiest musicians in Nigeria as of 2024. They have combined their natural talent with hard work, creativity, and a dash of luck to create vast fortunes.
One common thread that links these musicians is their affinity for strategic partnerships, most notably with betting platforms. Such collaborations allow these platforms to capitalize on the wide-reaching influence of these celebrities.
In this piece, we’ll delve into the financial worth of the seven wealthiest musicians in Nigeria, shining a spotlight on their varied avenues of wealth generation.
1. Wizkid – $30 million net worth
Born Ayodeji Ibrahim Balogun in 1990, WizKid, at 32, is a celebrated Nigerian singer, songwriter, and record producer. His musical journey took off in 2009 with EME Records, and hits like “Holla at Your Boy” and the globally recognised “One Dance” with Drake made him a household name. In 2013, he founded Star Boy Entertainment, showcasing his business acumen.
WizKid’s accolades include being the first Nigerian to win a Grammy in 2020 and featuring on Beyoncé’s “Brown Skin Girl” in 2021.
With a reported net worth of $30 million, he thrives in music and through endorsements with Guinness, Pepsi, and others. Beyond his artistic pursuits, WizKid invests in real estate, owning properties in Los Angeles and Lagos.
As Nigeria’s musical and entrepreneurial standout in 2024, WizKid continues to redefine success in the industry and beyond.
2. Don Jazzy – $28 million net worth
Don Jazzy, the second wealthiest musician in Nigeria with a net worth of $25 million in 2023, has left an indelible mark on the music industry over three decades. Co-founding Mo-Hits Records and later establishing Mavin Records in 2012, he has propelled artists like Tiwa Savage and Rema to stardom.
His influence spans the CD, download, and streaming eras, producing hits like “Oliver Twist.” Beyond music, Don Jazzy indulges in luxury with a notable car collection featuring a 2016 Cadillac Escalade, Bentley Continental Flying Spur, Range Rover Sport, and Porsche 911 Carrera. He also owns three Lekki, Banana Island, and Los Angeles mansions.
3. Davido – $27.6 million net worth
Davido, the son of Nigeria’s wealthy politician, Chief Adeleke, claims the spot as the third-richest musician in Nigeria in 2024, boasting an impressive average of 20 million YouTube views per video. With a net worth of $27.6 million, Davido is a standout figure contracted to Sony Records alongside global icons like SZA, Pink, Future, and Meghan Trainor.
His illustrious career includes being Africa’s former best-selling artist and a notable performance at the 2022 World Cup closing ceremony in Qatar, solidifying his status among Nigeria’s wealthiest musicians. Accolades such as BET and MTV awards and lucrative sponsorships from 1xBet, MTN, PUMA, and Guinness Nigeria showcase Davido’s global appeal and financial prowess.
In a testament to his influence, Davido secured a €12 million deal as the brand ambassador for Martell Cognac in 2021 and a similar role with PlayStation in 2022. His opulent lifestyle is mirrored in two lavish homes—a $20 million property in Atlanta and a ₦140 million residence in Banana Island. His automobile collection includes a Rolls-Royce Cullinan 2019, a Bentley Bentayga, a Bentley Continental GT, a Range Rover SV Autobiography, and a Toyota Land Cruiser.
With a mansion in Georgia, USA, and two homes in Lagos, Nigeria (including one in the exclusive Banana Island), Davido epitomises luxury living. Not to be overlooked is his ownership of a Bombardier Global 6000 private jet, affirming his status as a true icon in Nigeria’s music industry and beyond.
4. Burna Boy – $20 million net worth
Holding strong at the fourth position among Nigeria’s wealthiest musicians in 2023 is Burna Boy, also known as The African Giant, flaunting a net worth of $20 million. Burna Boy’s breakthrough into the global music arena occurred in 2018 and he holds the record for being the first Nigerian artist to receive back-to-back Grammy nominations, only being second to Rema as the most streamed Nigerian artist.
A peek into his luxurious lifestyle reveals a stunning collection of posh automobiles neatly tucked in his plush mansion in Lekki. His garage is adorned with high-end beauties like a Red Rolls Royce Dawn Convertible, a Ferrari 458 Italia, a Bentley Continental, and a Mercedes Benz G-Wagon- a testament to the wealth acquired over his thriving career.
Initiating his music journey in 2012, Burna Boy has since scaled the heights to become a Grammy-award-winning artist, with chart-topping hits like “Last Last” earning him international acclaim. It even caught the attention of global icon Jay Z, who marked it as one of his personal favorites in 2022. His impressive net worth got a big boost, courtesy of the significant stream counts for his track “It’s Plenty”, tagged as one of the most-streamed songs of 2022.
Also feeding into Burna Boy’s substantial wealth are his concert tours and ticket sales, with his audience-pulling performance at the Madison Square Garden in April 2023 alone pumping up his wealth by a cool $7.3 million.
5. Olamide – $15 million net worth
With a net worth of $15 million, Olamide, the Yoruba rap and street hip-hop maestro, ranks as the fifth richest musician in Nigeria in 2023. As the president of YBNL Nation, he has produced artists like Asake and Fireboy DML, boasting an extensive discography of 10 albums and over 40 singles.
In addition to musical accolades, Olamide has secured honours such as Best Indigenous Artist and Album of the Year, showcasing his multifaceted influence in the local music industry. His opulent lifestyle includes two homes in Lekki and Bariga, Lagos, and a garage filled with luxury vehicles, including a Range Rover Sports, Mercedes-Benz G Wagon, Range Rover Sports V8, Toyota Venza, and a Rolls-Royce Phantom.
Olamide’s enduring impact on the Nigerian music scene and impressive financial success solidifies his position as an iconic industry figure.
6. Psquare – $13 million net worth
Peter and Paul Okoye of Psquare jointly claim the title of the sixth-richest musicians in Nigeria in 2023 with a combined net worth of 26 million USD. Despite their 2016 split, their financial success during their prime, charging up to 15 million NGN per performance, remains a significant milestone in Nigerian music.
Paul Okoye, one-half of Psquare, resides in a 1.5 billion NGN condominium in Banana Island, Lagos, with an impressive collection of luxury vehicles. Meanwhile, Peter Okoye, known as Rudeboy, owns a magnificent home in Parkview Estate, Ikoyi, Lagos, and a fleet of high-end automobiles, including a Bentley Bentayga, Mercedes-Benz GLE43 AMG 4MATIC Coupe, Lamborghini Aventador Roadster, and a Lamborghini Huracan.
Psquare’s musical journey, spanning genres like dance-pop, R&B, hip-hop, and Afropop, began in secondary school. Apart from music, they actively invest in real estate. Each twin brother is estimated to be worth $13 million.
7. 2Baba – $10.2 million net worth
As of 2024, 2Baba, with his impressive net worth of $10.2 million, ranks as Nigeria’s seventh wealthiest musician. His global stardom solidified following his 2004 smash hit, “African Queen”, marking him as a celebrated figure in the African music industry.
In a grand act of giving back in 2022, 2Baba amplified his financial influence as well as his dedication to fostering new talents. He generously endowed a state-of-the-art music studio to Obafemi Awolowo University’s Music Faculty. This philanthropic gesture underpins his string of notable achievements which comprise receiving the Order of the Niger (MON) from President Mohammed Buhari, bagging MTV Music Awards, Headies, and BET Awards.
A notable aspect about 2Baba, despite being one of Nigeria’s most affluent artists in 2023, is his modest demeanor. Even though he is the owner of lavish properties in Ikeja, Festac, Lagos Island, and the United States, and a collection of exotic cars including a Ferrari Coupe, a Toyota Land Cruiser, and a Chevrolet Corvette Coupe.
Originally from Benue, 2Baba, with his net worth surpassing $10 million, is a revered figure amongst Nigeria’s richest musicians. From his humble beginnings with the Plantashun Boiz group, he has blossomed into a leading figure in the Nigerian music scene.