Nigeria is renowned for its vibrant entertainment industry, boasting some of the biggest stars in the world of music. Among these stars, the Top Richest Musicians in Nigeria are not only making hits but also accumulating significant wealth. The stars on this list aren’t just famous for their music; they are also raking in millions through endorsement deals, concerts, and smart business decisions.
Let’s take a look at the top ten richest musicians in Nigeria right now and how they’ve managed to make all that cash.
Top 10 Richest Musicians in Nigeria 2024
- Wizkid
- Davido
- Burna Boy
- Don Jazzy
- Olamide
- Tiwa Savage
- Phyno
- 2baba [Tuface Idibia]
- Timaya
- Rema
1. Wizkid – $70 million
Photo Source: Instagram.
Wizkid, whose real name is Ayodeji Balogun, is one of the richest musicians in Nigeria in 2024. He has been making hit songs for over a decade, and his album Made in Lagos was a massive success, especially the track “Essence,” which blew up everywhere.
Wizkid makes money from music, concerts, and big deals with brands like Pepsi and MTN. Plus, he has worked with some of the biggest names in music, like Drake and Beyoncé, which has helped him make even more money.
2. Davido – $60 million
Photo Source: Instagram.
David Adeleke is another huge name in Nigerian music. He is known for hits like “If” and “FEM,” and he has been a major force in Nigerian Afrobeats for years.
Davido comes from a rich family, but he has definitely earned his place with his music and smart business moves.
He owns a record label called DMW, which has some of the hottest artists in Nigeria right now. He also makes a lot of money from deals with companies like Puma and Infinix.
3. Burna Boy – $50 million
Photo Source: Burna Boy.
Burna Boy, whose real name is Damini Ogulu, is one of Nigeria’s biggest international stars and another worthy mention on our list of richest musicians in Nigeria.
His music has a unique sound that mixes Afrobeats with other genres, and his album Twice as Tall even won him a Grammy Award.
Burna makes money from selling his music, going on world tours, and working with brands like Star Lager and Bose. He has been selling out concerts in places like Europe and the US, which brings in a lot of cash.
4. Don Jazzy – $45 million
Photo Credit: Instagram.
Michael Collins Ajereh, Don Jazzy, isn’t just a musician; he is also a top producer and runs one of the biggest record labels in Nigeria, Mavin Records.
Even though he doesn’t release his own music much anymore, he has been behind the scenes helping create hits for artists like Rema and Ayra Starr.
Don Jazzy makes a lot of money from producing music, running his label, and doing business with other brands. His long-term deal with MTN, one of the largest mobile network operators in the world and the largest in Africa, has also brought him a lot of cash over the years.
5. Olamide – $40 million
Photo Source: X.
Olamide Gbenga Adedeji, Olamide, is one of the biggest names in Nigerian rap. He has been consistent for years, releasing hit songs and albums back to back. Olamide also runs his own record label, YBNL, and has helped launch the careers of stars like Fireboy DML and Asake.
Apart from his music, Olamide makes money from deals with companies like Guinness and Ciroc. His success has made him one of the richest in the game.
6. Tiwa Savage – $35 million
Photo Source: Instagram.
Tiwatope Omolara Savage, Tiwa Savage, is known as the Queen of Afrobeats, and she has been killing it in the music industry for years. She has had big hits like “All Over” and “Somebody’s Son,” and she has worked with global stars like Beyoncé.
Besides making money from her music, Tiwa has also had some big endorsement deals with companies like Pepsi and Pampers.
She is one of the most successful and wealthiest female artists in Africa. You can’t make a list of the richest musicians in Nigeria without adding Tiwa.
7. Phyno – $28 million
Photo Source: Instagram
Phyno, whose real name is Chibuzo Nelson Azubuike Ezege, is a rapper who has built a huge fanbase by rapping mostly in the Igbo language. His songs, like “Fada Fada” and “Connect,” have been really popular, especially in the eastern part of Nigeria.
Phyno doesn’t just make money from his music; he has also got endorsement deals with companies like Glo and Monster Energy. On top of that, he has invested in real estate, which has helped him grow his wealth.
8. 2Baba (2Face Idibia) – $25 million
Photo Source: Instagram.
Innocent Ujah Idibia, Tuface, is a legend in Nigerian music. He’s been in the game for over 20 years and is best known for his hit song “African Queen.”
Even though he’s not making as much new music these days, he still earns a lot from his old hits and brand deals with companies like Globacom and Campari. 2Baba has also invested in businesses outside of music, which helps keep him among the richest artists.
9. Timaya – $23 million
Photo Source: Instagram.
Timaya, whose birth name is Inetimi Alfred Odom, is known for his dancehall-style music and has been releasing hits like “Sanko” and “Bum Bum” for years. Timaya has made a lot of money from his music, but he has also been smart with his investments in real estate.
His deals with brands like Hennessy have helped him grow his fortune too, keeping him as one of the richest musicians in Nigeria.
10. Rema – $20 million
Photo Source: X.
Divine Ikubor, Rema, is the youngest artist on this list, but he is already making waves both in Nigeria and abroad. His breakout song “Dumebi” was a huge hit, and since then, he has kept the momentum going with songs like “Calm Down,” which got an international remix with Selena Gomez.
Recently, Rema made a big wave with his Afrobeats tracks “Ozeba” and “Azaman,” which, according to him, was his way of making a statement in the music industry concerning Afrobeats and its origin.
Rema has signed deals with brands like Monster Energy, and with his success at such a young age, his fortune is only going to grow.
These artists have shown that talent, hard work, and smart business moves can pay off big time. Nigeria’s music scene keeps growing, and so do the bank accounts of these top stars.
READ MORE: The Rise of Nigeria’s Afrobeat and Its Significance to the Nigerian Economy
FAQs About the Richest Musicians in Nigeria
1. Who is the richest musician in Nigeria as of 2024?
As of 2024, Wizkid is the richest musician in Nigeria, with a net worth of about $70 million. He’s made a lot of money through his music, sold-out concerts, and big endorsement deals with brands like Pepsi and MTN.
2. How did Davido become so rich?
Davido isn’t just rich because of his music (though that’s a big part of it). He also runs his own record label, DMW, which has signed some big artists. Plus, he’s got endorsement deals with brands like Puma and Infinix that bring in serious cash.
3. Is Burna Boy the only Nigerian artist with a Grammy?
No, Burna Boy isn’t the only Nigerian artist with a Grammy, but he’s definitely one of the few who’s won one. He bagged a Grammy for his album Twice as Tall. Other Nigerian artists like Wizkid have also won Grammys for their contributions to albums like Beyoncé’s The Lion King: The Gift.
4. How do Nigerian musicians make their money?
Nigerian musicians make money in several ways: from selling their music, streaming platforms, performing at concerts, endorsement deals with big brands, and even investments like real estate. Some, like Don Jazzy, also make money by running successful record labels.