Without question, the Nigerian music scene has gained recognition on a global scale. And as a result, musicians like Davido and Wizkid, who have utilized music to raise their net worth in 2021-2023, are now receiving better remuneration.
Nigerian performers like Wizkid, Don Jazzy, Phyno, 2Baba, Davido, and others are responsible for the industry’s success.
As determined by Forbes, the top 10 wealthiest Nigerian musicians in 2022 will be profiled in this article, along with their lifestyle preferences.
Some of the musicians who made it to our list of the richest musicians in 2021 and 2022 also made it to our list in 2022 and 2023.
1. Wizkid – US$50 million
According to statistics, Wizkid is the number one richest singer in Nigeria, with a staggering estimated net worth of $50 million.
The father of three and afrobeat musician is the first Nigerian to sell out the O2 Arena in London three days in a row. His song Essence featuring Tems and a Justin Bieber remix off his Made In Lagos album did massive numbers and got nominated for the Grammys.
Since the release of his debut track, Holla At Your Boy, under Banky W‘s EME Entertainment, he has shattered numerous records.
An accomplished singer, Wizkid has worked with international musicians like Drake, a Canadian rapper, on songs like One Dance, which broke the record for Spotify’s most-played song in 2016 and joined the Guinness Book of Records.
2. Davido – US$40 million
Nigerian-American with a substantial net worth estimated at US$40 million, Davido is undoubtedly the second wealthiest musician in Nigeria. The DMW boss was also dubbed an Afrobeats superstar by Forbes in 2020.
Despite coming from a wealthy family, he has established himself in the music industry, thanks to key hit songs, including Fall, Assurance, If, and Dami Duro.
Davido receives an average of 20 million views for each of his YouTube videos. Under the DMW record company, he has signed a number of notable performers, including Mayorkun, Dremo, Peruzzi, and others.
3. Don Jazzy – US$20 million
The third-richest artist in Nigeria is Michael Collins Ajereh, better known as Don Jazzy. The accomplished producer, label owner, and vocalist has plotted out his career in music and made a name for himself.
According to estimates, the CEO of Mavin Records, Don Jazzy, is reportedly worth an astounding US$20 million, impacting his preferences and way of life.
4. Burna Boy – US$20 million
Burna Boy, real name Damini Ebunoluwa Ogulu, is the fourth wealthiest artist in Nigeria in 2022, with a net worth of US$20 million. He was among the list’s highest-paid musicians in 2021 and 2020.
One of the early pioneers of the Afrobeat genre internationally is the Grammy Award-winning singer, rapper, songwriter, and dancer. After the of Like to Party from his debut album L.I.F.E. in 2012, the native of Rivers State, Burna Boy, gained widespread recognition.
5. 2Baba US$18 million
The estimated net worth of Innocent Ujah Idibia, alias 2Baba, 2Face, as of 2022 is US$18 million, making him the fifth-richest singer in Nigeria. He was also among the top 10 richest musicians in Nigeria in 2021 on our list.
2Baba, a native of Benue State, has established himself as a legendary Afropop performer in Nigeria.
He started his career with the band Plantashun Boiz before going solo. The African Queen singer, who was signed to Kenni’s Music, published his debut studio album under the name African Queen.
6. P-Square – US$16 million
With an estimated combined net worth of US$16 million, Peter Okoye and Paul Okoye, alias Mr. P and Rudeboy, better known as P-Square, are among the nation’s wealthiest husband and wife teams. After forming their P-Square combo, the twin musicians rose to fame.
In November 1981, Peter Okoye and Paul Okoye were born in Jos, Plateau State. They issued an album called Last Nite in 2003. Their major break was reportedly this album.
7. Olamide – US$15 million
Olamide Adedeji, nicknamed Baddo Sneh or simply Olamide, is projected to have a net worth of US$15 million, making him the seventh-richest singer in Nigeria. On March 15th, 1989, Olamide was born in Bariga, Lagos State.
The native rapper is well known for singing primarily in his native Yoruba, a trait that has won him popularity in the streets.
Although Olamide today owns his record label YBNL Nation and produces musicians like Asake, Fireboy DML, Jayboi, and others, he first entered the music industry with the Coded Tunes label.
8. Phyno – US$12 million
On our list is the eighth-richest artist in Nigeria, which is Azubuike Nelson, also known as Phyno, who has a net worth of US$12 million. The Anambra state native originally intended to pursue a medical career, but his musical skill overcame this desire.
Since he started his music career in 2003, Phyno has also worked as a producer for well-known artists, including Flavour, Timaya, Mr Raw, and others.
9. Timaya – US$11.4 million
On August 15, 1980, Inetim Timaya Odom, better known as Timaya or Plantain Boy, was born. He has a net worth of US$11.4 million, making him the 9th-richest artist in Nigeria.
Dem Mama Soldiers was the musical ensemble that Timaya‘s started with.
He released True Story in 2007. Other significant singles, including Gift and Grace, which was published in 2008, and his third album, De Rebirth, came soon after True Story.
10. Asa – US$10.5 million
The breakthrough hit from Nigerian/French vocalist Asa Bukola Elemide, alias Asa, Eye Adaba, propelled her to fame.
She beat out ten other singers to win the French Constantin Award in 2008, thanks to the album Asa, as determined by a panel of 19 music industry professionals in Paris. She has access to a net worth of US$10.5 million.