There is no doubt that the Nigerian music scene has gained global recognition. And as a result, musicians like Davido and Wizkid, who have used music to increase their net worth in 2021-2023, are now receiving better remuneration.
Nigerian artists like Wizkid, Don Jazzy, Phyno, 2Baba, Davido and many others contribute to the success of the industry.
According to Forbes, the 10 richest Nigerian musicians of 2022 will be named in this article, along with their lifestyle preferences.
Several musicians who made the 2021 and 2022 lists of richest musicians also made the 2022 and 2023 lists.
1. Wizkid – $50 million
Wizkid
According to statistics, Wizkid is the richest singer in Nigeria, with an estimated net worth of $50 million.
The father-of-three and afrobeat musician became the first Nigerian to sell out London’s O2 Arena for three consecutive days. His song Essence featuring Tems and a Justin Bieber remix from his album Made In Lagos achieved massive numbers and was nominated for a Grammy.
Since the release of his debut single, Holla At Your Boy, under Banky W’s EME Entertainment label, he has broken numerous records.
A talented singer, Wizkid has collaborated with international musicians such as Drake, a Canadian rapper, on songs such as One Dance, which broke the record for the most played song on Spotify in 2016 and was listed in the Guinness Book of World Records.
2. Davido – $40 million
Davido
A Nigerian-American with a substantial net worth estimated at $40 million, Davido is undoubtedly the second richest musician in Nigeria. The DMW boss was also named an Afrobeats superstar by Forbes in 2020.
Despite coming from a wealthy family, he has established himself in the music industry with hit songs like Fall, Assurance, If and Dami Duro.
Davido receives an average of 20 million views per video on YouTube. According to his record company DMW, he has signed several notable artists, including Mayorkun, Dremo, Peruzzi, and others.
3. Don Jazzy – $20 million
Don Jazzy
The third richest artist in Nigeria is Michael Collins Ajereh, better known as Don Jazzy. This talented producer, record label owner and singer has carved out a name for himself in the music industry.
According to estimates, Mavin Records CEO Don Jazzy is said to have a staggering net worth of $20 million, which goes to show for his hobbies and lifestyle.
4. Burna Boy – $20 million
Burna Boy
Burna Boy, whose real name is Damini Ebunoluwa Ogulu, is the fourth richest artist in Nigeria in 2022, with a net worth of $20 million. He was among the highest-paid musicians on the list in 2021 and 2020.
One of the first pioneers of the Afrobeat genre on the international scene is Grammy Award-winning singer, rapper, songwriter and dancer Burna Boy. After Like to Party from his debut album LIFE in 2012, Rivers State native Burna Boy achieved widespread recognition.
5. 2Baba 18 million USD
2Baba
Innocent Ujah Idibia, aka 2Baba, 2Face, has an estimated net worth of $18 million as of 2022, making him the fifth richest singer in Nigeria. He is also among the top 10 richest musicians in Nigeria in 2021 on our list.
2Baba, a Benue State native, has established himself as a legendary Afropop performer in Nigeria.
He started his career with the band Plantashun Boiz before going solo. The singer African Queen, who is signed to Kenni’s Music, released his debut studio album under the name African Queen.
6. P-Square – $16 million
P-square
With an estimated combined net worth of $16 million, Peter Okoye and Paul Okoye, aka Mr. P and Rudeboy, aka P-Square, are among the wealthiest couples in the country. After forming the group P-Square, the musical twins rose to fame.
Peter Okoye and Paul Okoye were born in Jos, Plateau State in November 1981. They released an album titled Last Nite in 2003. This album is said to be their biggest breakthrough.
7. Olamide – $15 million
Olamide
Olamide Adedeji, nicknamed Baddo Sneh or simply Olamide, is estimated to have a net worth of US$15 million, making him the seventh richest singer in Nigeria. Olamide was born on March 15, 1989 in Bariga, Lagos State.
This indigenous rapper is known for singing primarily in Yoruba, a trait that has helped him gain street fame.
Although Olamide now owns the record label YBNL Nation and has produced musicians such as Asake, Fireboy DML, Jayboi and many others, he initially entered the music industry with the record label Coded Tunes.
8. Phyno – $12 million
Phyno
Our list features the eighth richest artist in Nigeria, Azubuike Nelson, also known as Phyno, who has a net worth of $12 million. The Anambra native originally intended to pursue a career in medicine, but his musical skills overcame that desire.
Since starting his music career in 2003, Phyno has also worked as a producer for many famous artists, including Flavour, Timaya, Mr Raw and many more.
9. Timaya – $11.4 million
Timaya
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 is the band that Timaya started.
He released True Story in 2007. Other major singles, including Gift and Grace, were released in 2008, and his third album, De Rebirth, came out shortly after True Story.
10. Asa – $10.5 million
Asa
Nigerian/French singer Asa Bukola’s breakthrough hit Elemide, stage name Asa, Eye Adaba, catapulted her to fame.
She beat out ten other singers to win France’s Constantin Prize in 2008, for her album Asa, as determined by a panel of 19 music industry experts in Paris. She has access to a net worth of $10.5 million.
