Among African countries, Nigeria holds the position as home to numerous successful and richest musicians who have become wealthy in their music careers.
The worldwide popularity of Afrobeats allows Nigerian musicians to generate millions through streaming revenue and live performances and product endorsements and business ownership.
This article by WorldBio presents a list of Nigeria’s richest musicians while examining their financial sources along with their musical influence.
10. Flavour – $10 Million
Popular Nigerian musician Chinedu Okoli also known as Flavour has established an artistic empire by developing his distinctive highlife and afrobeat musical style making him one of the richest musicians. The music industry has seen his rise to fame through his popular remix song Nwa Baby (Ashawo Remix) followed by continued music dominance.
The main sources of his wealth include the income he receives from album sales coupled with concert attendance and endorsing various products.
Through partnerships with Life Lager Beer and energy drink manufacturer Bullet, Flavour continues to expand his business operations. Music is not his only source of wealth since he has put significant money into real estate making him one of Nigeria’s richest musicians.
9. Olamide – $12 Million
The Nigerian music scene recognizes Olamide Baddo a.k.a Olamide Adedeji as one of its leading figures in hip-hop and Afrobeats. Through his YBNL Nation platform, Olamide has created opportunities which launched successful artists Fireboy DML, Lil Kesh and Asake into the music industry.
His financial success comes from various sources such as music streaming, record label operations and endorsement deals with Glo and Ciroc added to his business activities.
The consistent release of hit songs by Olamide combined with his strong business skills has led to his increasing financial success making him on of the richest musicians.
8. Phyno – $13 Million
Popularly regarded as the King of Igbo Rap, Phyno established his status through his birth name Chibuzor Nelson Azubuike. The combination of traditional Igbo rap music with contemporary beats secured his position as a beloved artist among his fans.
Phyno has gained substantial endorsement contracts which include agreements with Airtel, Monster Energy and Nigerian Breweries.
Through digital streaming and album sales as well as his live performances, he also earns millions of dollars. Phyno expands his business portfolio through music while also establishing investments in real estate and fashion.
7. D’banj – $15 Million
In the Nigerian music industry, D’banj aka Oladapo Daniel Oyebanjo has maintained his status as a leading figure for over 10 years. His song Oliver Twist brought him global fame. The musical career of D’banj has expanded through his investments in agriculture and technology startups and real estate ventures.
Through C.R.E.A.M Platform, he operates an entertainment business that discovers new talent. The musician generates additional wealth through his partnerships with Power Fist, Heritage Bank as well as Beats by Dre.
6. Timaya – $16 Million
The musical career of Inetimi Alfred Odon better known as Timaya began with his smash hit Dem Mama which led to his continuous presence in the music scene. Plantain Boy earns his wealth by selling music while performing in concerts and collecting revenue from streaming platforms.
Through DM Records, he discovered King Perryy and other musicians while simultaneously serving as the record label’s owner. Timaya builds his wealth through luxury real estate investments in Lagos and Port Harcourt while he earns money from endorsements with Hennessy and Globacom making him one of the richest musicians.
5. Rema – $18 Million
Nigerian musician Rema who was born Divine Ikubor stands as one of the youngest and richest musicians from Nigeria. Mavin Records signed him in 2019 and his hit single Dumebi went viral followed by the global success of his track Calm Down.
Rema generates millions in revenue through his music streaming success combined with worldwide partnerships and his work as a brand ambassador. His business partnership with Pepsi, Samsung and Monster Energy added to his financial success. His performances at worldwide music festivals allow him to boost his income through touring activities.
4. Burna Boy – $25 Million
Burna Boy (Damini Ebunoluwa Ogulu) stands as one of the leading musical artists who represents Africa to global audiences. Burna Boy generates millions of dollars each year through his music streaming business which includes Grammy successes along with featuring artistes like Ed Sheeran and Justin Bieber making him one of the richest musicians.
His concerts at major venues such as O2 Arena and Madison Square Garden help significantly increase his earnings. His music success is complemented by multiple business ventures which has made him one of Nigeria’s wealthiest musicians.
3. Don Jazzy – $30 Million
The Nigerian music producer Michael Collins Ajereh who uses the stage name Don Jazzy operates as a record executive and entrepreneur.
Don Jazzy established Mavin Records where he developed musical talents including Rema, Ayra Starr and Johnny Drille. Don Jazzy generates his income through music royalties and business investments together with his brand endorsements for Loya Milk and MTN.
His money stems from his investments in real estate properties as well as his business partnerships with technology startup companies. The Nigerian music industry has never experienced a figure who wields as much power as Don Jazzy does.
2. Wizkid – $40 Million
Ayodeji Ibrahim Balogun who performs under the stage name “Wizkid” has developed a worldwide musical brand through his distinctive musical approach. Since his debut with “Holla at Your Boy”, Wizkid released a string of hit songs that includes Ojuelegb, Come Closer and Essence.
Wizkid generates his fortune through music sales combined with concert tours and his endorsement agreements with Pepsi, UBA and Puma. Wizkid achieved higher streaming revenue through his international collaborations with Drake, Beyoncé and Chris Brown. Wizkid possesses real estate holdings across Lagos, Ghana and London.
1. Davido – $45 Million
The Nigerian musician David Adeleke who performs under the stage name Davido currently holds the position of being the richest musician in the country.
The singer originates from a privileged family background yet constructed an extensive business empire because of his disciplined work ethic and his careful business investments.
The musician Davido generates his earnings through music revenue and brand sponsorships together with business operations. The money from MTN endorsement along with Guinness and Martell Cognac deals adds to his financial value.
Through his record label DMW Records, Davido has launched successful artists Mayorkun and Peruzzi while simultaneously running the company. The musician has established himself as Nigeria’s richest musician through his ownership of numerous mansions along with luxury automobile collections.
