Top 10 Richest Musicians in Nigeria (2020)

Top 10 Richest Musicians in Nigeria (2020)

The Richest Musicians in Nigeria

Nobody needs to be told that music is one of the fastest way of getting rich. Musicians make a lot of money from their record sales and shows. A lot of music talents are here in the country and Nigerian music industry is the largest in Africa. The art has lifted so many out of poverty and made fortunes for them. The likes of Wizkid, Davido, 2Baba, Rudeboy are among the top names on the list.

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Musicians  Net Worth 
 Timaya  $7 million 
 Burnaboy  $7 million 
 Phyno  $8.5 million 
 Olamide  $10 million 
 Mr P  $14.5 million 
 Rudeboy  $15 million 
 2Baba $16 million 
 Don Jazzy  $20 million 
 Davido  $25 million 
 Wizkid  $30 million 

The Richest Musicians in Nigeria (2020)

10) Timaya Net worth - $7 million 

Richest Nigerian Musicians - Timaya

Timaya is one of the musicians on this list with longest career time. He started his solo career in 2005 with the release of 'Dem Mama'. Timaya is the owner of the record label DM records. 

The album True Story was his debut album which was established around how hard he struggled before he got fame. He frequently referred to himself as Portharcourt boy because he was born and raised there. 

Timaya has groomed artistes such as Runtown and Patoranking under the DM records. King Perryy is the current youngster of the label after he signed in 2017.

The singer gets a lot of money from his song's sales and performance .He is one of the most influential and richest artistes in Nigeria. Timaya net worth is estimated at $7 million.

Read Also: The Richest Igbo Men in Nigeria

9) Burnaboy Net worth - $7 million 

Richest Nigerian Musicians - Burnaboy

One of the most talented artists to hit the music industry. He is one of the Nigerian musicians that are on international level. Burnaboy rose to prominence after he released his Like to Party single off his debut album. 

He always sites Fela Kuti as his main role model and their style of music sounds similar. His grandfather was the manager of the legendary musician, Fela Kuti. 

Burnaboy formed his record label Spaceship Entertainment after he parted ways with Aristocrat records in 2014. His second studio album was released under the Spaceship Entertainment imprint. 

He sold out the O2 Academy Brixton in London on October 7, 2018. Burnaboy was one of Spotify's New Afro Hub Takeover artiste and also named YouTube's Artist on the Rise for 3 months. In January 2019, he was announced to perform at the 2019 Coachella Valley Music and Arts Festival alongside Mr Eazi. 

Burnaboy released his fourth studio album African Giant on July 26, 2019 and the album was nominated at the 62nd Grammy Awards for Best World Music Album. As of 2020, Burnaboy net worth is estimated at $7 million. 

8) Phyno Net Worth - $8.5 million 

Richest Nigerian Musicians - Phyno

Phyno is the best Igbo rapper in the country. He is also one of the richest Nigerian rappers in Nigeria at the moment. The rapper was a producer from 2003 before he got into rapping. Phyno hails from Enugu State and considered the king of South East.

He started rapping in 2010 and later relocated to Lagos to further his music career. Phyno got his breakthrough after the release of 'Ghost Mode' in 2012 which featured Olamide. The song won Best Collabo at the 2012 Headies Awards. 

Phyno and Olamide released a collaboration album on 1st April 2015 named 2 Kings. Phyno put together the biggest concert in Africa by an artist at the Nnamdi Azikiwe Stadium Enugu with attendance of over 50,000 people. 

Phyno released his third studio album on October 2019 from guest appearances from many A-list artistes. He is one of the richest musicians in Nigeria 2020 with net worth of $8.5 million. 

7) Olamide Net worth - $10 million 

Richest Nigerian Musicians - Olamide

One of the best and vibrant artists in the industry. Olamide is the richest rapper in Nigeria even though he records mostly in Yoruba. He is the founder of the popular record label YBNL Nation. 

Baddo as he is fondly called was signed to ID Cabasa's Coded Tunes under which he released his debut studio album Rapsodi in 2011. But before the album, the 2010 'Eni Duro' has already shot Olamide into the limelight. 

Olamide is the Nigerian artiste with the most album releases. Other albums of the artiste includes YBNL, Baddest Guy Ever Liveth, Street OT, 2 Kings with Phyno, Eyan Mayweather, The Glory etc. 

His record label YBNL Nation signed a joint venture deal with international distribution company, Empire. Nigerian hot sensation, Fireboy DML is signed to YBNL Nation and also benefits from the deal. Olamide net worth is estimated at $10 million making him one of the richest musicians in Nigeria 2020.

6) Mr P Net Worth - $14.5 million 

Richest Nigerian Musicians - Mr P

He is one half of the African pop duo, P-square which became defunct in 2017 since he formed with his twin brother (now with the stage name Rudeboy) in 2003. Mr P had most of his career as P-square releasing hit records back to back and winning lots of awards.

On his solo career Mr P released a good number of songs and they were widely accepted by fans. His songs such as Wokie Wokie, One More Night, For my Head, Zombie, Sorry, Cool it Down garnered high streaming rates and airplay. 

Mr P has an endorsement deal with Adidas. He has signed more endorsement deals with various companies such as Olympic Milk, KIA Motors Nigeria company and also a partnership deal with Empire. As of 2020, Mr P net worth is estimated at $11 million. 

5) Rudeboy Net worth - $15 million 

Richest Nigerian Musicians - Rudeboy

Rudeboy is the other half of the P-square music group. The list of the richest musicians wouldn't be complete without mentioning Paul Okoye also known as Rudeboy. 

Rudeboy and his brother Mr P made a lot of money while they were still together. They had a home in Banana island and also lots of luxurious cars including a Private Jet. 

The singer released Reason With Me in 2019 which has over 50 million views on YouTube. The song topped many charts for very long weeks and a mega hit for Rudeboy. Other songs of the musician includes Take it, Double Double, Reality, Somebody Baby, Woman, Tonight etc.

Read Also: The Richest Musicians in the World

4) 2Baba Net worth - $16 million 

Richest Nigerian Musicians - 2Baba

2Baba is one of the most celebrated singers in Nigeria. He is the most profitable artist to come out of Africa. The musician has been relevant than many thought since his music career began in 1994.

He was a student of IMT and was performing in his school and other regional universities. 2Baba later dropped out to pursue his music career. After meeting with Blackface Naija and Faze, he formed the trio band Plantashon Boiz.

The group in 2004 disbanded but came together once more in 2007 to record the third and final album Plan B. 2Baba became very relevant when he went on his solo career releasing his debut solo album Face 2 Face in 2004 and followed it up with Grass 2 Grace in 2006.

2Baba is the brand ambassador for National Agency for Food and Drug Administration and Control. He has also been an ambassador for Guinness and Nigerian Breweries. 2Baba net worth is estimated at $16 million. 

3) Don Jazzy Net Worth - $20 million 

Richest Nigerian Musicians - Don Jazzy

One of the richest musicians in Africa and founder of one of the largest record label in the continent. Don Jazzy was also the co-founder of Mo'hits which disbanded in 2012.

He is one of the biggest names in the Nigerian music industry. Jazzy formed the Mavin Records on May 8, 2012 after Mo'hits records went defunct. He began playing guitar at the age of 12. American rapper Kanye West employed Don Jazzy as a producer at Very Good Beatz. 

Don Jazzy has a lot of acts in his record label. Rema and Crayon are the current frontliners of the label. He is one of the richest musicians in Nigeria with net worth of $20 million. 

2) Davido Net Worth - $25 million 

Richest Nigerian Musicians - Davido

He became popular with the release of Dami Duro in 2012, the second single off his debut studio album Omo Baba Olowo. Davido won the Next Rated award at the Headies 2012.

He is currently signed to RCA Records owned by Sony. The singer founded the Davido Music Worldwide (DMW) later in 2013 and till date has signed a lot of acts to the label. 

His third studio album A Good Time was released on November 22, 2019. International artistes featured on the album were Summer Walker, Chris Brown, Gunna with A Boogie. Davido is about to release his fourth album A Better Time this summer. 

Davido has lots of houses and cars. The extravagant singer owns mansions in Lekki, Banana Island and in the United States. His luxury garage includes a $300,000 Bentley Bentayga, $350,000 Rolls Royce Phantom, Range Rover, Mercedes GLE and lots of other cars. 

The singer has endorsement deals with Infinix Mobile, MTN, Guinness and AccessBET. As of 2020, Davido net worth is estimated at $25 million. 

1) Wizkid Net Worth - $30 million 

Richest Nigerian Musicians - Wizkid

StarBoy takes the first position on the list. He is the richest musician in Nigeria 2020. Ayo Balogun was born in 1990 I'm Surulere. The artiste got his professional recognition after the release of "Holla at Your Boy" which earned him the Next Rated Award at the Headies 2011.

Drake's One Dance featured Wizkid and he got a whole lot of international recognition. The song stayed number one on Billboard Hot 100 for 10 non-consecutive weeks. The following year he got signed to RCA Records. 

For his contributions to One Dance he appeared on 2018 Guiness World Records. Wizkid's most expensive car is his Lamborghini Urus that is valued at over One hundred million Naira. 

Wizkid had endorsement deals with Pepsi, Guinness and Glo in 2012, 2013 and 2015. The StarBoy crooner has huge endorsement deals with sportswear company Nike and United Bank for Africa (UBA). Wizkid net worth is estimated at $30 million as of 2020.

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