Richest Musicians in Nigeria and Their Net Worth- Forbes 2022

Richest musicians in Nigeria according to Forbes 2022 shortlist.

I doubt if there is any surprise about the number one spot. Davido is clearly on top of the A-list artists in Nigeria. He has carved a niche for himself among the leading secular musicians in Nigeria. And the money has expectedly followed. So Davido is top on the list of the richest musicians in Nigeria, but who else makes the list?

Table of Contents

Introduction – the richest musicians in Nigeria

Nigeria’s music industry is one of the fastest growing in the world. The 34 million dollar industry (as at 2018) has produced global stars who are now swimming in affluence. 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.

The success and popularity of the industry can also be attributed to the works of certain artists that hit the international stage in the last one or two decades. People like Panam Percy Paul, Don Jazzy, Tuface Idibia etc. But of late we have had other younger artists who have even eclipsed whatever these ones did. People like Davido, Olamide, Sinach, Frank Edwards, Phyno etc.

But today I want to specifically share the richest musicians in Nigeria – the top 10 of them.

Summary of The Richest Musicians in Nigeria

Top 10 Richest Musicians in Nigeria -2022

Richest Musicians in Nigeria and Their Net Worth

1. Davido-Net worth is $40 million

Davido is the richest of all the musicians in Nigeria

First on the list of the richest musicians in Nigeria is Nigerian-American David Adeleke popularly known as Davido. Davido is reportedly worth an estimated $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.

But Davido’s biggest win so far was probably an event in March 2022. In March 2022, Davido was featured on “Hayya Hayya (Better Together)” along side (Trinidad Cardona and AISHA) the first single of the multi-song FIFA World Cup Qatar 2022™ Official Soundtrack. It makes Davido the first African singer to be featured in a FIFA World Cup single.

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.

Major endorsements by Davido

Davido 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.
He equally became the brand ambassador for Martell Cognac in 2021(€12 million)
Davido is the brand ambassador for Playstation. He announced the deal on March 14, 2022.

Multiple reports has it that Davido charges about 10 million naira per show.

2.Wizkid-Net worth is $30 million

Wizkid is the second richest musician in Nigeria

Wizkid is the second on the list of richest musicians in Nigeria. He has a net worth 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.

Major endorsements by Wizkid

Wizkid became a brand ambassador for Ciroc in 2018
He 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

3. Don Jazzy-Net worth is $20 million

Donjazzy is among the richest musicians in Nigeria

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.

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.

5. Tuface Idibia-Net worth is $18 million

Tuface is both among the oldest and richest

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.

6. Psquare-Net worth 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.

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.

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.

9. Timaya-Net worth is $11.4million

Timaya is also among the richest musicians in Nigeria

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.

10. Asa- Net worth of $10.5million

Asa is among the richest musicians in Nigeria

The only woman to make the list of top 10 richest musicians in Nigeria is Asa Bukola Elemide, aka Asa. She 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.