Nigeria’s music industry is growing quickly and gaining international recognition, let’s check out below to know who is are the Top 10 Richest Musicians in Nigeria 2023. Wizkid, Don Jazzy, Burna Boy, 2baba, and Davido are among the Nigerian artists who have contributed to the industry’s success.
Nigerian musicians have become very successful, and Afro Beats, a Nigerian-inspired music genre, has become popular worldwide. In this article, we will list the top 10 wealthiest Nigerian musicians in 2023 and their estimated net worth, as well as their preferred lifestyle.
Top 10 Richest Musicians in Nigeria 2023
Below is a list of the top 10 wealthiest Nigerian musicians in 2023, along with their estimated net worth:
|1||Don Jazzy||$52 million|
|5||Burna Boy||$16 million|
The top 10 richest Nigerian musicians in 2023, according to Forbes, are Don Jazzy, Psquare, Davido, Wizkid, Burna Boy, 2Baba, Olamide, Timaya, Phyno, and Asa. Don Jazzy, who is the richest Nigerian musician with a net worth of $52 million, is a music producer and the founder of Mavin Records.
Psquare, the second richest, is a music duo comprising twin brothers Peter and Paul Okoye, with a net worth of $37.26 million. Davido, Wizkid, and Burna Boy are all successful singers, with Davido having a net worth of $27.6 million, Wizkid with $26 million, and Burna Boy with $16 million.
2Baba, Olamide, Timaya, Phyno, and Asa are also successful musicians with net worths ranging from $6.7 million to $10.2 million. 2Baba’s source of income is from music sales and endorsements, while Olamide’s income comes from music sales, endorsements, and his record label. Timaya and Phyno earn their income from music sales and concerts, and Asa’s income is from music sales and international tours.
Don Jazzy | Net Worth: $52 million
Don Jazzy is the richest musician in Nigeria with a net worth of $52 million. He co-founded Mo-Hits Records with Dbanj, which contributed to his wealth. Later, he founded Mavin Records,  which is now Nigeria’s leading record company.
Many famous artists have made their names through Mavin Records, including Tiwa Savage, Wande Coal, and Reekado Banks. Don Jazzy likes luxury cars and owns a 2016 Cadillac Escalade, a Bentley Continental Flying Spur, a Range Rover Sport, and a Porsche 911 Carrera.
Psquare | Net Worth: $37.26 million
Psquare, made up of twin brothers Peter and Paul Okoye, are the second richest musicians in Nigeria, with a combined net worth of 37.26 million USD. They were very successful in their prime, earning up to 15 million NGN per performance.
However, in 2016, they had a bitter breakup that ended their music collaboration. Despite this, both brothers have continued to live luxurious lifestyles, with Paul owning a 1.5 billion NGN condo and expensive cars such as a Range Rover, a G Wagon, a Dodge Challenger, and a Porsche 718 Cayman.
Peter, on the other hand, owns a luxurious home in Parkview Estate, Ikoyi, Lagos, and expensive cars such as a Bentley Bentayga, a Mercedes-Benz GLE43 AMG 4MATIC Coupe, a Lamborghini Aventador Roadster, and a Lamborghini Huracan. In 2017, they were named the richest musicians in Nigeria by Forbes and the third richest in Africa. 
Davido | Net Worth: $27.6 million
Davido is the son of a wealthy Nigerian politician and is the third richest musician in Nigeria with a net worth of $27.6 million. He has over 20 million views per video on his YouTube channel and is signed to Sony Records.
He has won several awards and endorsement contracts with brands like MTN, PUMA, Guinness Nigeria, Martell Cognac, and PlayStation. 
Davido owns two luxurious homes in Banana Island and Atlanta and has a collection of expensive cars, including a Rolls-Royce Cullinan 2019, a Bentley Bentayga, a Bentley Continental GT, a Range Rover SV Autobiography, and a Toyota Land Cruiser.
He charges at least 10 million NGN for each performance. Davido has cemented his status as one of the richest musicians in Nigeria by achieving numerous accomplishments in his music career.
Wizkid | Net Worth: $26 million
Wizkid is a Nigerian musician who has an estimated net worth of $26 million, making him the fourth-richest musician in Nigeria. He has achieved several music records since his first song, “Holla at Your Boy,” was released in 2010.
Wizkid owns two mansions, one in Surulere, Nigeria, and the other in Los Angeles, California, as well as a collection of luxurious cars that includes a Bentley Bentayga, Lamborghini Urus, Porsche Panamera, Mercedes Benz G63 AMG, and BMW X6.
Wizkid’s song “Essence” from his album “Made in Lagos” is the first Nigerian song to rank on the Billboard Hot 100 and Billboard Global 200.
The song was nominated for “Best Global Music Performance” at the 64th Annual Grammy Awards and selected as the best song of 2021 by the US magazine Rolling Stone. Wizkid is also one of the most streamed Nigerian artistes, according to Apple Music, and is regarded as a representative for not only the sounds of Lagos, but Afrobeats as a whole.
Burna Boy | Net Worth: $16 million
Burna Boy is a Nigerian musician who has been making waves in the music industry since his debut in 2012. He is the fifth richest musician in Nigeria, with a net worth of $16 million. Burna Boy has been nominated for consecutive Grammy Awards, making him the first Nigerian artist to do so.
He won the 2021 Grammy Award for Best World Music Album.  Burna Boy’s popularity is largely due to his streaming exposure, and his song “It’s Plenty” was one of the most streamed songs in 2022.
He has a home with eight bedrooms in Lekki, Lagos, and owns several luxurious cars such as a Range Rover Autobiography, a 2022 Lamborghini Urus Novitec Edition, a 2013 Ferrari 458 Italia, and a Rolls-Royce Dawn Convertible.
Burna Boy’s income comes mainly from touring and ticket sales. He made history in April 2022 when he became the first Nigerian musician to headline a sold-out show in New York City’s Madison Square Garden, which increased his net worth by at least $7.3 million.
Jay-Z, a well-known American rapper, named Burna Boy’s song “Last Last” as one of his favourites of 2022. It was one of the top 10 most-searched songs on Google that year, and one of only two non-Asian songs alongside Harry Styles’ “As It Was.”
2baba | Net Worth: $10.2 million
2baba, a famous Nigerian musician, has a net worth of $10.2 million, making him the sixth-richest musician in Nigeria. He is known for his song “African Queen,” which made him famous worldwide.  In 2022, he donated a music studio to a university in Osun State, showing his financial success.
In October 2022, President Mohammed Buhari awarded him the Order of the Niger for his contribution to the music industry, and he has also won many other awards, including the MTV Music Awards, Headies, and BET Awards. 2baba has luxurious homes in Lagos and the United States, and he owns a Ferrari, a Toyota Land Cruiser, and a Chevrolet Corvette.
Olamide | Net Worth: $10 million
Olamide is a Nigerian rapper and hip-hop artist who is worth $15 million and is the seventh richest musician in Nigeria. He is known for his Yoruba rap and street hip-hop styles, and he is currently the president of YBNL Nation, a music label.
Olamide has produced successful artists such as Asake, Fireboy DML, Lil Kesh, and many more. He has released 10 albums and over 40 singles in his music career.
Apart from being one of the richest musicians in Nigeria, He became wealthy by making and selling music, performing at shows, and partnering with big companies like Guinness Nigeria and Ciroc Nigeria. 
He has won various awards, such as the Headies Award for Artiste of the Year in 2013 and 2015 and the City People Entertainment Award for Rap Artiste of the Year in 2014 and 2015. 
Olamide owns two luxurious homes in Lagos, one in Lekki and another in Bariga. He also has a garage filled with expensive cars, including a Range Rover Sports, a Mercedes-Benz G Wagon, a Range Rover Sports V8, a Toyota Venza, and a Rolls-Royce Phantom.
Timaya | Net Worth: $9.8 million
Timaya is the eighth richest musician in Nigeria with a net worth of $9.8 million. He used to be a member of the music group “Dem Mama Soldiers” before he released his debut album “True Story.”
Timaya is the CEO of DM record company that has launched popular artists like King Perry, Runtown, and Patoranking. He owns a 250-million-dollar house in Lekki, Lagos State, and is known for his extravagant lifestyle. Timaya’s car collection includes a Mercedes-Benz GLE, a Bentley Continental GT, a Lexus LX570 2015, and a Mercedes-Benz G55 AMG.
This person made a lot of money from his music career by selling his songs and performing at concerts. He also got paid by big companies like Glo and MTN4 to promote their products.  He won many awards, including the Headies Award for Best Reggae/Dancehall Single in 2014 and 2015 and the Nigeria Music Award for Best Reggae/Dancehall Album in 2008. 
Phyno | Net Worth: $6.7 million
Phyno is a famous rapper from Nigeria and is the eighth richest musician in the country with a net worth of $6.7 million. He started his career in music production and acting in 2003.
In 2018, he starred in Genevieve Nnaji’s movie Lion Heart, which became the first Nigerian Netflix original. Phyno has partnered with several brands, including Nairabet, Nigerian Breweries, and Airtel Telecommunications. 
He owns a duplex on Chevron Drive, which is said to have cost over 170 million NGN and has three bedrooms. He also has a mansion worth 70 million NGN in Enugu, his hometown.
As one of the richest musicians in Nigeria, Phyno owns several luxurious cars, such as the Bentley Continental GT, Rolls Royce Phantom, Toyota Avalon, and Range Rover Sport.
Asa | Net Worth: $10.5million
Asa, a Nigerian-French artist, is the tenth richest musician in Nigeria. She became famous with her debut song “Eye Adaba,” and her album “Asa” earned her the French Constantin Award in 2008.
She was nominated in four categories at the 2015 Headies, including Best R&B/Pop Album, Best Alternative Song, Best Vocal Performance (Female), and Best Recording of the Year.  Despite her wealth, Asa leads a private life and keeps her assets, including homes and cars, out of the public eye.
Nigeria has many talented and successful musicians who have earned a lot of money through their music careers. From Fela Kuti to Davido and Wizkid, Nigerian musicians are popular not only in Nigeria but also worldwide.
They have won international awards and live luxurious lifestyles. The top ten richest musicians in Nigeria have made a lot of money through their music. Being a musician can be a lucrative career with lots of opportunities for success and fame.
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