Nigeria boasts a vibrant music entertainment scene teeming with exceptionally gifted artists who have not only made their mark locally but have also achieved international recognition. As of the year 2024, these musical talents have accumulated substantial wealth, leading us to delve into the latest rankings of the top 5 wealthiest musicians in Nigeria.

A significant number of Nigeria's richest musicians discovered their extraordinary talents at a remarkably young age. Some identified their musical prowess in their formative years, while others initially harbored aspirations in different career paths before eventually choosing the path of music during their high school or college years.

In our exploration, we aim to provide insights into the net worth of the seven wealthiest musicians in Nigeria, shedding light on the diverse avenues through which they have amassed their fortunes.

WizKid

Whose birth name is Ayodeji Ibrahim Balogun and was born in 1990, is a widely recognized figure in the Nigerian music industry. At the age of 32, he has carved a niche for himself as a celebrated singer, songwriter, and record producer. His musical journey commenced in 2009 under the banner of EME Records, and he swiftly ascended to stardom with hit tracks like “Holla at Your Boy” and the globally renowned “One Dance,” a collaboration with Drake that cemented his status as a household name.

This Nigerian music sensation boasts an impressive net worth of $30 million. Wizkid, who is now the owner of Starboy Entertainment, possesses opulent properties, including a lavish mansion in Surulere and another one in Los Angeles. The Starboy also commands a private jet and boasts an enviable collection of automobiles, which includes a 2021 Rolls Royce, a 2019 Lamborghini Urus, a 2020 V-Class Maybach, a G-Wagon, a Porsche Panamera, and a BMW X6 Crossover.

In the year 2020, WizKid accomplished an extraordinary milestone by becoming the first Nigerian artist to win a Grammy award. Furthermore, in 2021, he made a significant appearance on Beyoncé's hit track, “Brown Skin Girl.”

In addition to his musical achievements, WizKid has flourished through lucrative endorsements with companies such as Guinness and Pepsi. Beyond his artistic pursuits, he also invests in the real estate sector.

Don Jazzy

Don Jazzy, the second wealthiest musician in Nigeria, boasts an impressive net worth of $28 million as of 2023. He has been a prominent figure in the music industry for the past three decades, leaving an indelible mark on the Nigerian music scene.

Don Jazzy's substantial wealth was notably bolstered by his involvement with Mo-Hits Records, a venture he co-founded alongside Nigerian singer Oladapo Daniel Oyebanjo, who is widely known as D'banj.

In 2012, he took the initiative to establish Mavin Records, which has grown to become Nigeria's premier record company, following his separation from D'banj.

This esteemed record label executive also possesses three magnificent mansions, situated in Lekki, Banana Island, and Los Angeles. His impressive collection of high-end automobiles includes a Porsche 911 Carrera, a Bentley Continental, a Cadillac Escalade, and a Mercedes Benz E350.”

Davido

Davido, the scion of Nigeria's affluent politician Chief Adeleke, secures his place as the third-richest musician in Nigeria in the year 2023. He stands out with an astonishing average of 20 million YouTube views per video.

With a formidable net worth of $27.6 million, Davido is a standout talent signed with Sony Records, sharing the stage with global icons like SZA, Pink, Future, and Meghan Trainor. Notably, Davido is the co-owner of HKN music record label alongside his brother and has signed several Nigerian artists, including Peruzzi, Liya, and Mayorkun, among others.

Davido's illustrious career includes achievements such as being Africa's former top-selling artist and a remarkable performance at the closing ceremony of the 2022 World Cup in Qatar, solidifying his status as one of Nigeria's wealthiest musicians. He has also received accolades from prestigious award shows like BET and MTV, and his popularity is evident through sponsorships from 1xBet, MTN, PUMA, and Guinness Nigeria.

Davido's influence extends to significant endorsement deals, including a €12 million ambassadorship with Martell Cognac in 2021 and a role with PlayStation in 2022. His opulent lifestyle is reflected in his ownership of two lavish residences: a $20 million property in Atlanta and a N140 million estate in Banana Island. His car collection is equally impressive, featuring a Rolls-Royce Cullinan 2019, a Bentley Bentayga, a Bentley Continental GT, a Range Rover SV Autobiography, and a Toyota Land Cruiser.

With homes both in the USA and Nigeria, including an exclusive residence in Banana Island, Davido epitomizes luxury. To add to his prestige, he owns a Bombardier Global 6000 private jet, further solidifying his iconic status in Nigeria's music industry and beyond.

Burna Boy

The Nigerian artist known as the ‘African Giant' is a wealthy musician in the country, boasting a current net worth estimated at $20 million.

Burna Boy, whose birth name is Damini Ebunoluwa Ogulu, has a long-standing career in the music industry, but his rise to fame reached new heights around 2018. He holds the distinction of being the first Nigerian artist to receive consecutive Grammy nominations and is the second most-streamed Nigerian artist, trailing only behind Rema.

Burna Boy's opulent lifestyle includes an impressive collection of high-end vehicles parked at his residence in Lekki. His collection features a Red Rolls Royce Dawn Convertible, a Ferrari 458 Italia, a Bentley Continental, and a Mercedes Benz G-Wagon. With a net worth of $20 million, Burna Boy has solidified his status as an international sensation.

His musical journey, which began in 2012, has led him to become a Grammy-winning artist. His songs, including the hit “Last Last,” have gained recognition and even earned praise from Jay Z in 2022. Burna Boy's financial success is greatly driven by his streaming achievements, particularly with his track “It's Plenty,” which was one of the most-streamed songs of 2022.

Furthermore, touring and ticket sales significantly contribute to his income. His historic sold-out show at Madison Square Garden in April 2023 alone boosted his wealth by at least $7.3 million.

Olamide

Singer Gbenga Adedeji's net worth is about $15 million. He was the first Nigerian celebrity to sign an endorsement deal with Ciroc. He has also done endorsements for several brands and charges N2 million to N4 million per show. 

As the president of YBNL Nation, he has produced artists like Asake and Fireboy DML, boasting an extensive discography of 10 albums and over 40 singles.

Olamide has secured honours such as Best Indigenous Artist and Album of the Year, showcasing his multifaceted influence in the local music industry. He was recently nominated for 2024 Grammy awards.

Olamide owns two mansions in Lekki and Bariga, Lagos. His garage contains vehicles like: Mercedes-Benz G-Wagon, Range Rover Sports V8, Rolls-Royce Phantom. He has two filling stations in Lagos.