Top 20 Richest Musicians in Nigeria 2023 according to Forbes. A lot of people still doubting who is richer between Burna Boy, Davido, and Wizkid, the answer is here.
How to Calculate Net Worth
Tangible net worth is the sum total of one’s tangible assets. Calculating a person’s tangible net worth involves totaling all his/her daily/monthly income, assets-cash, investments, and property-and totaling all their secured and unsecured debt, and then subtracting the latter from the former.
According to Forbes, we, therefore, gather that Davido comes 1st with $50 million, Wizkid 2nd with $40 million, and then Burna Boy is 3rt with $32 million.
If you Google the current top 20 Richest Musician Forbes in Nigeria for January 2023 and their net worth according to Forbes, you would be presented with a host of results that might confuse you. But within those results, there are some recurring names you would find in the list.
Although these wealthy singers currently have other investments apart from their musical career, the fact still remains that these top rich artists in Nigeria are veterans in the entertainment industry. So, if you are looking for Nigeria’s top richest/wealthiest artists, below are their names and net worth.
Top 20 Richest Musicians in Nigeria 2023 Forbes
1. Davido net worth is $50 million
Davido’s stage name is OBO meaning Omo baba Olowo but his real name is David Adeleke. He is a popular musician in Nigeria with a net worth estimated at $50 million. Just like Wizkid, he is another successful young talented guy who has recorded tremendous feats in the Nigerian music industry.
Davido comes from one of the wealthiest families in the country. He has released several hit songs which have topped the musical charts over the years and is still reigning. Some of his latest hit tracks include Flora my flower, Aje, Aye, See Globe, and Assurance. His current Baby Mama as of writing this post is Chioma.
Davido is the owner of HKN music, a record label he established with his brother, Adewale Adeleke. As part of his assets, he bought two houses in the Lekki area of Lagos. He also bought a private jet which surprised many, especially his fans. He has joined the list of musicians in Nigeria who owns private jets in the country. Some of the cars owned by Davido include a Honda, Porsche, and a Range Rover.
2. Wizkid’s net worth is $40 million
Forbes rates Wizkid as the second richest musician in Nigeria in 2023 with an estimated net worth of $40 million. The young popular music star started his musical career when he was just 11 and since then, he has recorded huge successes so far.
His first single “Holla at Your Boy” at E.M.E studios was a hit as it became his first studio album titled Superstar released in 2015. The success of this album spurred Starboy to work harder to earn his riches. If you want to download his music, they are available on the internet. You can find all Wizkid’s songs and albums, both the old and new songs here.
In 2015, Wizkid founded his own recording studio “Starboy”. It has become his signature to use Starboy in all his songs and he has musicians under this label. Apart from being featured by other talented artiste in the country, he has been featured by the likes of International American musicians and rappers like Drake, Chris brown, Tinny Tempah etc. He later signed a multi-million deal with SONY entertainment.
3. Burna Boy net worth is $32 million
Burna Boy Biography
Burna boy is a Nigerian singer and a grammy award winner with an estimated net worth of $40 million. His real name is Damini Ebunoluwa Ogulu. He became popular in 2015 after releasing “Like to Party”, the lead single from his debut studio album L.I.F.E (2015).
In 2017, Burna Boy signed with music label Bad Habit/Atlantic Records in the United States and Warner Music Group internationally. It was his third studio album Outside (2023) that marked his major-label debut.
Burna boy is also an award-winning Nigerian artiste. In 2023, he won Best International Act at the 2023 BET Awards.
4. Don Jazzy net worth $25 million
Don Jazzy Biography
Don Jazzy is the current richest music producer in Nigeria and Africa who is worth $25 million. He is the founder of the top music record label, Mavin Records and the defunct Mo’ Hits founded in 2015. Many popular artists such as Korede Bello, Dija, Tiwa Savage, Dr. Sid and others are signed there. Mavin Records is said to be worth $100 million as it has a global outreach.
Although, he has no song of his own, the award winning music producer has been featured in various songs due to his peculiar voice. As you can see, Don Jazzy is still single as at writing this post. Michael Collins Ajereh is his real name and he is a Nigerian record producer, singer, songwriter, and entrepreneur.
5. 2Face net worth $22 million
2face is another popular Nigerian singer whose net worth is estimated by Forbes to be $22 million. There was a time Tuface was regarded as the richest Nigerian musician beating the likes of Psquare, Don jazzy etc to such feat. He was formerly under the defunct Plantashun Boiz where he, along with his friends, Face and Black Face belonged.
Tuface real name is Innocent Idibia and he was born in Jos. One of his most popular hit tracks, ‘African Queen’ which sold millions of copies worldwide has topped the music charts and has won him several awards in Nigeria and on the international scene. From the MTV Award, Channel O Music Video Award, BET Award, MOBO Award and best musician of the year among others.
Over the years, 2Face has raked up enough fame and wealth that he is regarded by many to be a veteran in the entertainment industry. Tubaba is got married to Annie Idibia in 2015. He has 7 other children with other women apart from Annie.
6. Psquare net worth $18 million
The entertainment industry will not be complete without mentioning the Psquare, both were featured on Forbes top ten richest musicians in Nigeria 2023 with an estimated net worth of $18 million.
Their musical career started in Jos, when they were into break dancing and singing. Both Peter and Paul Okoye were so popular that their fame spread throughout Africa and even on the international stage, they were recognized.
So was the story of their wealthy life style that they bought multi-million mansion at Lekki, cars, signed multiple endorsement deals and won series of musical awards ranging from best dancers of the year, MTV awards, MOBO Awards, KORA Awards, the Headies, etc.
7. Olamide net worth $14 million
Olamide Adedeji also known as Badoo is one of 9ja richest musician with a financial networth estimated at $14 million. He is also the best Yoruba rapper in Nigeria and have released about seven albums till date. Some of his albums include: Rhapsodi (2015), YBNL (2015), Baddest Guy Ever Liveth (2015), Street OT (2015), Eyan mayweather (2015) and The Glory which was released in 2016.
When it comes to popularity, Olamide ranks among the most popular celebrities in the country. He has featured in so many songs with other hip-hop artistes. Apart from the success recorded in his music sales, Olamide is a business man who has made his wealth through investments and endorsement deals. He is also the founder and CEO of YBNL, one of the best record labels in the country.
8. Timaya net worth $12 million
Enetemi Alfred Odom (born 15 August 1980), better known by his stage name Timaya, is a Nigerian singer and songwriter. He is the founder of DM Records Limited. His solo career began in 2005 with the release of “Dem Mama”, which also appeared on his debut album, True Story released the following year.
Another celebrity that made it on our list of richest Nigerian musicians 2023 is Timaya with a net worth that stands at $12 million. The story of Timaya rising from grass to grace should serve as an inspiration to all that you can achieve your dream in life no matter what the obstacle is.
9. Phyno net worth $11 million
Phyno fyno is an Igbo rapper, singer, songwriter and record producer whose real name is Chibuzor Nelson Azubuike. He is a talented ariste who net worth stands at $11 million. He is among the best 5 fastest rappers in the country and is currently doing well.
Phyno began rapping in 2010 using Igbo dialect before he entered Lagos and joined Olamide to further his career. Just like Olamide, Phyno has taken music to the next level. He has featured so many other artist such as Timaya, Flavour, M.I, etc in his songs. At present, he is also a brand ambassador of Nairabet, GLO which runs into millions of Naira.
10. Flavour net worth $9.5 million
His real name is Chinedu Okoli but he is known as Flavour N’abania (stage name). He is another entertainer whose stardom and wealth has been made through his interesting songs.
He started his musical career from childhood as a drummer in his church has grown to become one of the most popular entertainers in the country. Flavour is also a model because of his well built body.
His hit song Ada Ada was nominated In 2015 to be among the award winning best video of the year at the MTV Africa Music Awards. What made Flavour join the 10 richest Nigerian musicians is the numerous endorsement deals he has worth millions of naira.
11. Tiwa Savage net worth $9 million
Tiwa savage remains Forbes richest female singer in Nigeria for some time now with an estimated financial worth of $9 million. Apart from singing, this celebrity is a song writer and has assets and investments where she makes her monies from.
Her first single “kele kele love” was a hit and it topped Nigeria music charts. She is also a crew member of Marvin Records Label where she has released a lot of interesting songs. Tiwa’s album till date sells not only in the country but also internationally.
12. Banky W ($8.5 Million)
Bankole Wellington is a music producer and Artist. He has signed a lot of artists in the past, with the likes of Wizkid, Shaydee, and Skales. He has been in the industry for a long time now, though he started as a Singer in his Church Choir, back at home. He is the CEO of the EME record label, which he pioneered in.2002.
13. Teni net worth $8 million
The rise of Teni as one of the richest female musicians in Nigeria has shocked many in the music industry. Teni has released a lot of songs which are hit tracks and she is the younger sister to Niniola, another singer and entertainer making waves too.
Teni was born on December 12, 1992. Her musical career started in 2016, after she came back from the United States, she signed to Magic Fingers music record label which is owned by top music producer, Shizzi. She later signed with Dr. Dolor Entertainment in 2017 and her hit singles such as Askamaya, Case and Uyo Meyo gained massive success and wide media recognition as the hottest tracks of the year.
14. Tekno net worth $8 million
Tekno’s real name is Kelechi and he is one of the best musicians in Nigeria who produces good songs using beats produced by himself. He hails from Ebonyi State, although born in Bauchi State.
He is known for his dancing and singing ability. He has won series of awards for his song. Tekno has overtime produced beats for likes of Starboy, Davido.
Tekno’s assets, endorsements and net worth is estimated at $8 million.
15. Jidenna net worth $7 million
Jidenna Theodore Mobisson is a popular Nigerian American singer born to an African father and an American mother. His rise in the music industry has seen him regain his spot among the richest music artist in Nigeria this 2023.
He has collaborated with a number of foreign and local artists and even won series of awards as the best new artist at the 2015 Soul Train Music Awards in December. His albums have also topped billboards overtime and he has endorsements to his name from top brands.
Jidenna who is one of the best music artist in the country net worth is $7 million.
16. Yemi Alade net worth $6 million
Yemi Alade is another wealthy female Nigerian musician who rose to stardom after she released her hit track “Jonny”. Her net worth is $6 million according to Forbes.
In fact, in 2017, her videos won the most viewed musical video on YouTube than other female artiste in the country. This beautiful celebrity has released tracks that are interesting and has toured many countries in Africa and beyond.
Yemi Alade estimated net worth is put at $6 million.
17. Kcee net worth $5 million
Kcee is another wealthy celebrity worthy of mention of our list with an estimated worth of $5 million. He is the elder brother to E-money, who owns 5 star music record label.
Most people would want to know who is richer between Kcee and E-money. The truth is that E-money is far richer than his elder brother K-cee.
Kcee net worth is estimated to be $5 million
18. Mayorkun ($5 Million)
Adewale Mayowa Emmanuel has a net worth of $5 million. He is a signee under Davido’s label, the DMW record label. His both parents are well known in the Entertainment Industry as movie producers and actors.
19. Kiss Daniel net worth $3 million
Oluwatobiloba Daniel Anidugbe, better known by his stage name Kizz Daniel, is a Nigerian singer and songwriter. He is best known for his singles “Woju” and “Yeba”. He went by the stage name Kiss Daniel prior to changing it in May 2023.
20. M.I Abaga net worth $2 million
One of the finest rappers in the country, M.I Abaga also sings. He is part of the Choc city family and is currently worth $2 million.
21. Duncan Mighty net worth $1.8 million
He is another entertainer that has been featured on the top 20 list of richest artist in 9ja this year.
From the above list of top Nigerian richest musicians this January 2023, you can see that Wizkid and Davido came out top. You should also know that Peter and Paul Okoye are also the richest twin musicians in Nigeria and Africa.
Update: Forbes released a list of richest musicians in Africa 2023 with Don Jazzy, Davido and Wizkid named as the only Nigerians on the list. This automatically makes Wizkid the richest musician in Nigeria with a net worth of $1.8 million.