The Nigerian music industry is not only dominant across Africa, but it has also been a flourishing means of livelihood for many people, we would be listing out the top 10 richest Nigerian musicians in 2021.
It is also a fact that some of our top richest musicians in Nigeria are also among some of the richest in Africa.
Nigerian musicians have some of the most enviable luxury lifestyles in Nigeria.
These artists live the best life we could ever dream of right before our eyes.
It is not strange when we see folks like Davido fly private jets, Burna Boy owns cars like Bentley or Wizkid rocking diamond-encrusted jewellery on his neck and wrist.
NaijaMusic puts out an estimated monetary evaluation of the richest Nigerian musicians.
The list takes into consideration each artist’s music catalogue, booking fee, endorsement, and other investments.
1. Wizkid Net Worth – $29 million
Starboy Entertainment boss Wizkid is about the richest musician in Nigeria as of 2021.
Let’s break down a rough evaluation of Wizkid’s net worth.
Wizkid has the highest booking fee for any African artist.
He charges as much as $250,000 as his booking fee outside of Nigeria, especially in Europe and America.
You will have to be very rich to have Wizkid perform at a private event for you.
Besides his booking fee, the Starboy is a brand ambassador to several multinational companies and corporations.
He is currently a brand ambassador for Puma & JD Sports, this deal was announced back in 2020 worth hundreds of millions in Naira.
He is currently the official brand face for United Bank for Africa (UBA).
His UBA deal was reportedly valued at over $3 million.
Popular phone manufacturers Tecno also have Wizkid as their brand ambassador.
There are other brands he is also repping like the Ciroc etc.
Aside from the money made from ambassadorial deals and partnerships, Wizkid’s music catalogue is worth millions of dollars.
With over 250 million streams on his fourth studio album ‘Made in Lagos’, the singer is raking in millions from music streaming platforms from this album alone.
He also has some other investments which are too numerous to mention.
Wizkid’s net worth is placed at around $29 million which is about N11bn depending on the dollar – Naira exchange rate.
2. Davido Net Worth – $28.6 million
Second, on the log is David Adeleke aka Davido, he is ranked as the second richest Nigerian musician.
We are familiar with Davido’s wealthy family background, however, setting that aside, Davido has made way too much money as a musician.
While many on this list might not show off their money as much OBO never misses the opportunity to show off.
Davido is always on demand all year round with no breaks in-between.
His booking fee goes as high as $200,000 per show.
Over the past few months, Davido has made millions of dollars touring across Africa.
In 2020 he kicked off the year with ‘A Good Time’ tour in America, unfortunately, Covid-19 brought an unfortunate end to his tour.
The DMW boss also makes money as a brand ambassador for top companies like Pepsi, Infinix Mobility, etc.
He recently joined Fin-Tech company Bitsika as an influencer and shareholder.
As one of the most-streamed Nigerian artists, he makes some very decent money as streaming royalties in the millions of dollars.
Nigerian pop superstar Davido net worth is placed at about $28.6 million equivalent to N10.9bn.
3. Burna Boy Net Worth – $25 million
The past three years have been nothing less than incredible for Damini Ogulu better known as Burna Boy.
The Atlantic Records artist has been ahead of his peers musically including those mentioned before him on this list. In the past three years, Burna Boy has made millions of dollars off his music as he is currently the most-streamed Nigerian artist at the moment.
Those music streams which run in billions are worth several millions of dollars for the singer.
Towards the end of December 2020, Burna Boy bagged partnership deals with fashion company BooHooMan and Beats By Dre.
He is also a brand ambassador for Star, Pepsi, Standard Chartered Bank etc.
Apart from last year where concerts and large gatherings were banned, Burna Boy has been selling out his tour venues during the past three years.
Burna Boy net worth is valued to be around $25 million equivalent to about N9.5bn.
4. Don Jazzy Net Worth – $24.9 million
Nigerian music producer Don Jazzy is the only person in the list of top 10 richest musicians in Nigeria who isn’t actually a singer.
The veteran beat maker isn’t only popular for making hit songs but he is an actual music mogul.
He co-founded Mo’Hits with D’banj and after their split went on to found Mavin Records.
Don Jazzy has been boss to top music acts like Wande Coal, Dr Sid, Tiwa Savage, D’Prince, Reekado Banks, Korede Bello etc.
As a record label executive, he has significant shares in revenue accrued from his artists royalties.
He is one of the most endorsed Nigerian celebrities and currently a brand ambassador for Glo, BetWay, VBank, Johnny Walker etc.
As an astute businessman and FX trader, he has some real estates across Nigeria.
A rough estimate put Don Jazzy’s net worth at $24.9 million which is about N9.49bn.
5. D’banj Net Worth- $24.6 million
Oladapo Daniel Oyebanjo popularly known as D’banj is a Nigerian musician and entrepreneur.
He owns DB Records and was formerly a partner with Don Jazzy while at Mo’Hits Records.
D’banj is not only an elite singer but a very rich one at that.
He has always maintained a brand-friendly image which is largely responsible for the many endorsements he has bagged throughout his career.
Before his fortieth birthday, D’banj’s CREAM platform partnered with Heritage Bank for YNSPYRE.
The ‘Oliver Twist’ crooner is a damn good stage performer and so he charges a premium to be on stage to perform.
His booking fee runs into millions of Naira.
D’banj estimated net worth is put at $24.6 million or N9.4bn.
6. 2Baba Net Worth – $23 million
The legendary 2Face now known as 2Baba is a seasoned musician with over 20 years on stage.
His discography is enviable with over 7 studio albums till date.
With such longevity in the Nigerian music industry, 2Baba has also accumulated riches over the years as an A-list musician.
Although artists are prone to a luxury lifestyle, the ‘Amaka’ hitmaker is also an aggressive investor.
He co-owns the popular Rumours Night clubs in Lagos, some real estates across Nigeria.
2Baba recently started a massive Agro-business spanning hectares of land in his state of origin Benue.
He is a brand ambassador to brands like Campari, Trophy Lager Beer, phone accessory maker Araimo etc.
His music catalogue is worth millions of dollars, 2Baba net worth is pegged around $23 million equivalent to N8.8bn.
7. Mr P (Peter Okoye) / Rudeboy (Paul Okoye) Net Worth – $21 million
Although their breakup may have brought a little setback in their finances, the twins are still some of the richest artists in the game.
Mr P has been diversifying from music setting up businesses while Rudeboy, on the other hand, has been busy touring and performing at events.
Both Mr P (Peter Okoye) / Rudeboy (Paul Okoye) net worth is estimated at about $21 million, equivalent to N8bn.
8. Olamide /Flavour Net Worth – $18 million
Their estimated net worth is placed at around $18 million which is around N6.9bn.
Olamide is the leader of one of Nigeria’s most successful record labels YBNL.
Last year he bagged a music distribution deal with American music company Empire.
Olamide is one of the richest musicians in Nigeria as he has multiple sources of income ranging from his endorsement deals with iTel Mobile, Monster Energy Drink etc., premium booking fee, his music catalogue and many more.
He is friends with several politicians in western Nigeria which gives him some monetary advantage.
On the other side, Flavour is a top tier African artist that has performed across the length and breadth of Africa.
The indigenous highlife singer charges as much as $100,000 and more for a show.
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He performs at highbrow events and private billionaire parties etc.
Flavour is not a stranger to endorsements as he has bagged several mouthwatering deals, notably his current deal with Life Lager Beer.
He has some big money investments across eastern Nigeria in his name.
9. Timaya Net Worth – $16 million
Port Harcourt raised Nigerian dancehall music heavyweight Timaya is one very rich guy.
For the most part, the Ekperipapa 1 keeps a low profile, but he has got deep pockets which may surprise some people.
He has been fortunate to grab some endorsement deals which forms a small size of his net worth.
Timaya is loved by the Bayelsa people hence from time to time he gets gigs from the government irrespective of the governor in office. He has some sizable real estate in Bayelsa and Rivers States.
He is one of the highest-paid Nigerian singers in terms of the booking fee.
As an artist who drops hits every year he is always performing at one show or concert or the other.
Timaya’s net worth is placed at about $16 million or N6bn in our local currency.
10. Mr Eazi Net Worth – $14 million
Oluwatosin Ajibade aka Mr Eazi has rapidly grown from being a buzzing music star, making music that cuts across Ghana and Nigeria to becoming a big music mogul.
In the past couple of days, Mr Eazi has been taking the business side of music pretty seriously.
He launched his record label and a platform emPawa Africa to promote young talented African acts.
He has secured millions of investments in dollars to help push this dream.
He is a believer in tech hence he has invested in several viable startups across Africa.
As one of the most-streamed Nigerian artists on Spotify, Mr Eazi cashes out big time monetizing his music, especially with an impressive discography.
According to our evaluation, Mr Eazi net worth is pegged at about $14 million, which is roughly N5bn.