Top 5 Richest Musicians in Nigeria Currently

What’s your wildest guess about the richest musicians in Nigeria currently? Naija music is a multimillion-dollar industry churning out millionaires every so often. Although it’s not for everyone; some made it or are making it big in entertainment. The digital music market landscape and music streaming earned Nigeria a combined income of $210 million in 2024 alone.

Besides oil, technology and fashion – which are big players in the Nigerian economy too – Naija’s entertainment industry has ‘manufactured’ millionaires. The land of Afrobeats has the largest music industry in Africa followed by South Africa.

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Who are the Richest Musicians in Nigeria Currently?

With an annual revenue portfolio of over $2 billion in Nigeria’s entertainment industry, these are the wealthiest artists in 2024.

1. Davido ($100 Million)

Davido, one of Nigeria’s richest musicians. Photo by The Exchange

For a man who imported three luxury cars in 2024 valued at over $2 million; Davido sits at the top of the richest musicians in Nigeria currently. His three luxurious imports this year include the following:

Cadillac Escalade 600 Premium Luxury Edition 2024
Rolls Royce Phantom
Range Rover Autobiography LWB 2024

The ‘Forever’ hitmaker started his music career in 2011 and has four successful albums so far. They are:

Timeless released in 2023
A Better Time (2020)
A Good Time (2019)
Omo Baba Olowo (2012)

Although he comes from the affluent Adedeji family, he dedicated his life to music and it has paid off handsomely.

2. Wizkid ($70 Million)

Multiple award-winning Afrobeats artist Wizkid is among the most streamed Nigerian artists on streaming platforms such as Apple Music and Spotify. The 34-year-old Ikeja native is the most successful African musician in terms of charting on its charts for the longest time according to US Billboard. This is courtesy of his record-breaking hit ‘Essence’ off ‘Made in Lagos’ album.

The father of two is the first Nigerian to sell out the 02 arena in London three days in a row. Wizkid crowns the global fusion of African inspirations and sonics. His music is a blend of R&B, pop, and reggae. As a man of means he drives top-of-the-range vehicles as listed below.

Porsche Panamera
BMW X6 crossover
Mercedes Benz G63 AMG
Lamborghini Urus

3. Burna Boy ($65 Million)

Grammy Award-winner Burna Boy poses next to his top-of-the-range cars including a Rolls Royce. Photo/YouTube

Seven albums released so far earn Burna Boy a seat on the richest musicians in Nigeria currently. Born Damini Ebunoluwa Ogulu, the 33-year-old carries Nigeria’s Afrobeats fame on his back. His second album Twice As Tall won him a Grammy Award and this opened more doors for his music at home and abroad. He made history in 2022 by becoming the first African artist to sell out Madison Square.

He owns:

A Lamborghini Urus 2023 Model
Bentley
Convertible Rolls Royce
G Wagon by Mercedes-Benz
Ferrari 458 Italia (2013)

4. Don Jazzy ($52 Million)

Don Jazzy is the inspiration behind the success of many Nigerian artists such as Davido, Ayra Starr, Magixx, Rema and Crayon among others. He is an award-winning producer running Mavin Records, a successful Nigerian recording label. The 46-year-old has a nose for spotting and nurturing talent. Rush hitmaker Ayra Starr is a product of Jazzy’s musical excellence.

Jazzy sold a 44% stake in Mavin Global in February to Universal Music Group. Insiders privy to the deal say that UMG paid between $150 million and $200 million for a stake in the label. For this, he has a $52 million net worth placing him among the richest musicians in Nigeria currently.

His garage sparkles with top-of-the-range cars including the following:

Rolls Royce
Cadillac Escalade
Range Rover Sport

5. Tiwa Savage ($21 Million)

Nigerian songstress Tiwa Savage enjoying a luxury flight on a private jet. Photo/

Tiwa Savage is by every word the face of Naija music. The Nigerian songstress started her music career at 30. She is now $21 million richer a decade later. Doesn’t she deserve a seat on the richest musicians in Nigeria currently? Savage’s music is eclectic, cutting across R&B, amapiano, pop and Afrobeat. She is the queen of music collaborations such as ‘Who’s Your Guy’, ‘No Wahala’ e.t.c.

Her artistic reputation has earned her lucrative brand endorsement deals with big brands such as MTN Nigeria, Maggi and Forte Oil. The mother of one has great taste in cars too. She drives the following cars.