The Nigerian music industry has received international acclaim. Meet Nigerian musicians who have used music to increase their net worth in 8th December 2023.
Nigeria’s music industry has been on a global streaming spree as one of the fastest-growing industries nationwide. The industry has also produced some of the globe’s most treasured musicians. Riding on the pedestal of worldwide popularity, the Afro Beats genre inspired by Nigeria has affected the general perception of Africa and especially Nigerian music for good.
Are you in need of quick cash? Check out our list of best instant loan apps in Nigeria that lend up to 5 million naira.
The industry’s success can be attributed to Nigerian musicians such as Wizkid, Don Jazzy, Phyno, Tuface Idibia, Davido, and others.
This article will capture the top 10 richest Nigerian musicians in 2022, their net worth according to Forbes, and their lifestyle choices. Some of the musicians that made it to our 2022 list were also on our top richest musicians 2021 and 2020.
1Davido-Net worth is $40 million
Nigerian-American David Adeleke is the richest Nigerian musician in 2022, with a heavy net worth estimate of $40 million. Forbes also labeled the DMW chairman as an Afrobeats superstar by FORBES in 2020. Despite his silver spoon background, he has earned his place in the music industry with significant hit sounds such as ‘Fall,’ ‘Assurance,’ ‘If,’ and ‘Dami Duro.
For each of his videos on Youtube, Davido records an average of 20 million views. As the son of one of Nigeria’s wealthiest men, Chief Adeleke, Davido is signed to Sony Records, a label that has housed Tiwa Savage, Tekno, and others.
Undoubtedly, the Afrobeat star is one of Africa’s most prominent musicians. Davido’s business acumen in music allowed him to grace the Forbes Africa 30 Under 30 list in 2018. He is currently one of the best-selling music artists in Africa and worldwide.
He has signed many successful artists like Mayorkun, Dremo, Peruzzi, and others under the DMW record label.
Since his rise to fame, Davido has won multiple awards, including BET and MTV awards. He has also signed several endorsements with MTN and Guinness Nigeria, endearing him to other brands and further boosting his financial portfolio.
- David signed an endorsement deal worth N30 million with MTN on April 6, 2012.
- He signed a multi-millionaire deal with Guinness for the ‘Guinness world of more concert’ on October 24, 2013.
- Davido signed an endorsement deal with Infinix Mobile on May 9, 2018.
- David became the brand ambassador for Martell Cognac in 2021(€12 million)
- David is the brand ambassador for Playstation. He announced the deal on March 14, 2022.
Davido’s houses and cars
Davido owns two known luxurious homes; his home in Banana Island, Lagos, which costs a reported
- Rolls Royce Cullinan 2019 (₦350 Million)
- Bentley Bentayga (₦108 Million)
- Bentley Continental GT (₦95 Million)
- Range Rover SV Autobiography (₦98 Million)
- Land Cruiser Toyota (₦30 Million)
David charges nothing less than 10 million per show, according to reports. His primary source of income to have a, networth of $40million is his music and endorsements.
2.Wizkid-Net worth is $30 million
Wizkid is the second richest musician in Nigeria, with a whopping estimate of $30 million as of 2022, according to reports.
The afrobeat singer and father of two is the first Nigerian to have sold out the 02 arena UK three days in a row.
He has broken many records since starting his debut single, Holla at your boy.
An award-winning singer, Wizkid’s music prowess earned him collaborations with international artists such as Canadian rapper Drake in 2016(One Dance), which entered the Guinness book of record for the most played song on Spotify.
His song with Beyonce on her ‘Lion King: Gift album,’ ‘Brown Skin Girl,’ won a Grammy award for Best Music Video.
Last year, 2021, his hit album “Made In Lagos” recorded raving success as his single “Essence” featuring Tems gained global recognition and topped charts. Essence was nominated for a Grammy award as Best Global song of the year but lost to Angelique Kidjo.
Wizkid has made a name for himself in the industry and bagged numerous endorsement deals, which have contributed to his immense financial success and net worth.
- Wizkid became a brand ambassador for Ciroc in 2018
- Wizkid bagged an endorsement deal with Pepsi, Guinness, and Techno
- Wizkid was also pinned as brand ambassador for MTN, GLO, and UBA
- Wizkid got endorsement deals with Nike, Puma, and Dolce & Gabbana
Wizkid house and cars
Wizkid has a luxurious mansion in Surulere worth about N13 million and another one located in the United States, Los Angeles, specifically. Among Wizkid’s carr collections are:
- BMW X6 crossover (₦8.7 million)
- Porsche Panamera (~₦50.8 million)
- Lamborghini Urus (₦80 million)
- Used Mercedes Benz G63 AMG (₦55 million – ₦65 million)
3.Don Jazzy-Net worth is $20 million
Micheal Collins Ajereh aka Don Jazzy is the 3rd richest musician in Nigeria. The ace producer, label record owner, and singer has mapped out his path in the music industry and established himself as an authority.
The CEO of Mavins record, Don Jazzy is worth a staggering $20 million dollars according to reports, and this has influenced his lifestyle choices and preferences.
His career in music picked up momentum after he created Mo-hits records-a company he co-founded with Oladapo Daniel Oyebanjo popularly known as Dbanj.
The Mo-hits records made hits in the music industry with its top artists; Wande Coal, D’prince, Dr sid.
However, things went sour and the Mo-hits group became defunct. Regardless, the end of Mo-hits was the beginning of something bigger.
On May 7, 2012, Don Jazzy’s personal record label MAVIN RECORDS was born.
The record label has recorded huge success with artists like Ayra Starr, Rema, Crayon, Ladipoe, Magixx, Korede Bello, Johnny Drille, and others.
In fact, Tiwa Savage was the first Queen of Mavin records before she moved on to join the Universal group.
Don Jazzy has been a recipient of awards such as; Producer of the year for the song titled over the moon, pop something, and Mr. Endowed – Headies 2011.
He also got a special recognition award – City People Entertainment 2015 and Producer of the year for the song titled “Dorrubucci” at the Headies 2014.
Based on Don Jazzy’s richest musician in Nigeria status, the Mavins CEO has left no stones unturned in making healthy lifestyle choices in terms of car and house collections.
Don Jazzy’s cars
- 2016 Cadillac Escalade(N40 million)
- Bentley Continental Flying Spur(N90 million-N120 million)
- Range Rover Sports(N67million -N80million)
- Porsche 911 Carrera(N₦1.9million – ₦68million)
4.Burna Boy-Net worth of $20 million
Damini Ebunoluwa Ogulu, aka Burna Boy, is Nigeria’s 4th richest musician, with a networth of $20 million in 2022. He was one of the richest artists in 2021 and 2020 who made it to the list.
The Grammy award-winning singer, rapper, songwriter, and dancer is one of the forerunners of the Afrobeat genre across the globe. The River state indigene, Burna Boy, rose to national acclaim in 2012 after he released ‘Like to Party’ from his debut album L.I.F.E.
Between 2019 and 2022, Burna Boy won Best International Act at the 2019 BET Awards and was announced as an Apple Music Up, Next artist. At the 2020 Vodafone Ghana Music Awards, he was honoured as African Artist of the year. In the same year, Burna’s album Twice as Tall was nominated for the same category at the 63rd Annual Grammy Awards, making him the first Nigerian with successively nominations at the Grammys.
By 2021, Burna Boy bagged the Best World Music Album at the 63rd Annual Grammy Awards, a first for a Nigerian solo artist.
The “Odogwu” crooner recently recorded massive success with “Last last,” his first single from his upcoming sixth studio album ‘Love, Damini’; which debuted at number 1 on the UK Afrobeats chart.
Burna Boy is the first artist in the world with two hits to peak at number 1 on the chart.
The song, ‘Last Last’ is on other streaming platforms, with over 4 million streams on Spotify. In April, Burna Boy shut down Madison Square; he became the first Nigerian music artist to headline a sold-out concert in Madison Square Garden in New York, USA.
Each ticket for the concert sold stood at nothing less than $80 on an average of $2250. Burna Boy reportedly raked N3 billion naira from the show.
Burna Boy’s house and cars
According to reports, the “Kill dem” singer bought himself an 8-bedroom exotic mansion at Lekki in Lagos. The singer also owns an expensive garage of cars, including;
- Burna Boy Range Rover Autobiography(N26 million-N38 million)
- 2022 Lamborghini Urus Novitec Edition( N332million)
- Burna Boy 2013 Ferrari 458 Italia(N120 million)
- Burna Boy Rolls-Royce Dawn Convertible(N125 million)
5.Tuface Idibia-Net worth is $18 million
Innocent Ujah Idibia, aka 2Baba, 2Face, is the 5th richest musician in Nigeria, with an estimated net worth of $18 million as of 2022.
He was also on our 2021 list of Nigeria’s top 10 richest musicians.
An indigene of Benue State, 2Face has become one of Nigeria’s legendary Afropop artists.
He began his career with the Plantashun Boiz group, after which he went solo. The African Queen crooner was signed to Kenni’s Music, and it was there he released his first music album, ‘African Queen.’
African Queen was the song that brought him to prominence in 2004. Since then, 2Face has consistently made his mark in the industry with other hits such as ‘Amaka,’ ‘Oyi,’ etc.
He is also a recipient of 70 awards, including; the MTV Music Awards, Headies, and BET Awards.
2Face is a proud owner of exotic houses in Lagos; Ikeja, Festac, Lagos Island, and the US. The ‘Amaka’ singer does an excellent job of not blowing his trumpet on the fleet of cars he owns.
2Face Idibia owns a Ferrari Coupe, Toyota Land Cruiser, and Chevrolet Corvette Coupe. The cars cost a total of (~₦142milion- ₦177 million)
6.Psquare-Networth is $16 million
Peter and Paul Okoye are one of the richest duos in the country, with an estimated net worth of $16 million combined. The twin music artists became famous after they formed their Psquare duo.
Peter and Paul were born in November 1981; in Jos, Plateau State. In 2003 they released an album titled “Last Nite.” This album was termed their “big break.”
P-square was doing great back then; they would charge up to 15 million naira for a show.
They had already built their music career to an enviable height until their relationship strained, and they parted ways.
The Split-up and Reunion
When the duo broke up in 2016, they had different names, Mr P and Rudeboy.
Their controversial split had their elder brother Jude Okoye A.k.a Engees, in the midst of it all. According to reports, as their manager, he was relieved of his job after they parted ways.
After almost six years of feuding, the duo came back together last year and reconciled to do a song together.
Mr P cars
Mr P owns a tastefully furnished apartment in Banana Island Lagos, and it is worth N1.5 billion naira. He also owns an expensive fleet of cars, including:
- Range Rover(₦50 million-₦82 million)
- G Wagon(N70 million-N180 million)
- Dodge Challenger(N8 million-N36 million)
- Porsche 718 Cayman(N36 Million-N62 Million)
Rudeboy house and cars
Rudeboy owns an expensive property in Parkview Estate, Ikoyi Lagos, Nigeria. He also has several cars, including:
- Bentley Bentayga(N80 million-N170 million)
- Mercedes-Benz GLE43 AMG 4MATIC Coupe(N36 million-N90 million)
- Lamborghini Aventador Roadster(₦140 million – ₦282 million)
- Lamborghini Huracan(₦80 million – ₦120 million)
7.Olamide-Net worth is $15 million
Olamide Adedeji, aka Baddo Sneh, is the 7th richest Nigerian musician in 2022, with an estimated net worth of $ 15 million. Olamide was born on March 15th, 1989, in Bariga, Lagos State.
The indigenous rapper is well known to sing mostly in his native language Yoruba, a feature that has endeared him to the streets.
Olamide began his foray into music with the Coded Tunes label but currently runs his record label YBNL Nation, producing artists like Asake, Fireboy DML, Jayboi, and others.
In 2012 Olamide’s music gained prominence after the release of his song, Eni Duro. His 2011 album, Rapsodi, also earned him an extra point in the industry.
Rapsodi was followed by YBNL, his second album featuring some singles that brought more fame in a short time.
The ‘Anifowose’ crooner has 10 albums to his name and over 40 Eps. He has also bagged several awards in the Nigerian music industry, such as the Best Indigenous Artist and Album of the year.
Recently in 2021, he teamed up with street talent, Portable, on his song ‘Zazoo Zeh.’ The song has received national acclaim and accolades.
Olamide has also hinted that his next body of work may be his last. He said he’s putting on finishing touches to make it “the best.” After ‘Unruly,’ the rapper noted that he would drop only singles in the future.
Olamide houses and cars
Olamide owns two luxurious mansions in Lekki and Bariga, Lagos. His garage is also filled with expensive cars, including:
- Range Rover Sports (#15 million)
- Mercedes-Benz G Wagon (~₦23 million)
- Range Rover Sports V8 (₦84 million – ₦90 million)
- Toyota Venza (#6 million)
- Rolls-Royce Phantom (~₦204 million)
8.Phyno-Net worth is $ 12 million
Azubuike Nelson, aka Phyno, is Nigeria’s 8th richest musician, with an estimated net worth of $12 million in 2022. The Anambra state born initially wanted to become a medical doctor, but his musical talent prevailed over his lofty ambition.
And today, since 2003, when he began his music career, Phyno has acted as a producer for such well-known stars as Flavour, Timaya, Mr Raw, and others.
Phyno and Olamide Baddo have something in common; they rap in their indigenous language. And they are also close friends.
Phyno is a recipient of awards, including the best song of the year award and the best collabo.
He also has music collaborations with Flavour in the song, ‘Doings’ and a team-up with DJ Kaywise to deliver the banger, ‘Highway’ in 2020.
At the end of 2020, Phyno released his song’s official video, ‘For The Money,’ featuring Perruzi. ‘For The Money’ came shortly after releasing his 2020 debut single, ‘Never.
He made his acting debut in Genevieve Nnaji’s ‘Lionheart’ in 2018. Phyno bagged endorsement deals with Nairabet, Nigeria breweries, Airtel Telecommunications, and others.
Phyno’s cars and houses.
He is the proud owner of a million-naira flat duplex at Chevron Drive. The apartment reportedly cost about ₦170 million and has 3 bedrooms.
Phyno reportedly owns a ₦70m luxury house in Enugu – his hometown. He also owns a flashy list of cars.
- Bentley Continental GT(₦73.7 million)
- Rolls Royce Phantom(₦170 million)
- Toyota Avalon(₦13 million)
- Range Rover sport(₦90 million)
9.Timaya-Net worth is $11.4million
Inetim Timaya Odom, famously known as Timaya or “plantain boy,” was born on the 15th of August, 1980.
He is the 9th richest Nigerian musician with a net worth of $11.4 million.
Tina’s began with a music group called ‘Dem Mama Soldiers. In 2007 he released ‘True Story”. True Story was closely followed by other big hits like ‘Gift and Grace’ released in 2008, and De Rebirth, his third album.
The 41-year-old Timaya is the CEO of the DM record label, which he signed King Perry. Runtown and Patoraking were also under the record label.
Timaya’s house and cars
Timaya currently owns a delectable ₦250 million mansion at Lekki, Lagos State. The singer never fails to show off, especially with his viral Mercedes G-Wagon cars in different colours, which once went viral on social media.
No doubt Timaya has an enviable care collection including;
- Mercedes-Benz GLE (₦20 million – ₦22 million)
- Bentley Continental GT (~₦76 million)
- Lexus LX570 2015 (₦29,000,000 – ₦39,000,000)
- Mercedes-Benz G55 AMG (₦60 million – ₦85 million)
10.Asa- Networth of $10.5million
Asa Bukola Elemide, aka Asa, is a Nigerian/French musician who came into the limelight with her debut single, “Eye Adaba.”
Her album “Asa” made her the winner of the French Constantin Award in 2008, from among ten singers judged by a jury of 19 music industry experts in Paris.
Asa has won several awards, including a nomination for “Best R&B/Pop Album,” “Best Alternative Song,” “Best Vocal Performance (Female),” and “Best Recording of the Year” at the 2015 Headies.
After a brief hiatus, Asa returned with her new album “V” in 2022. Asa lives a quiet life and has kept her business private, so her cars and houses are unknown.
Right now, Asa is reportedly worth $10.5 million.