There is no doubt that the Nigerian music scene has become well-known internationally. Thus, in 2021-2022, musicians who have increased their wealth through their music, such as Davido and Wizkid, will now be paid more.
The success of the Nigerian music business can be attributed to artists like Wizkid, Don Jazzy, Phyno, 2Baba, and Davido.
This article will list the 10 richest Nigerian musicians in 2022, according to Forbes, and describe how they spend their money.
Our list of the wealthiest artists in 2021 and 2022 includes some of the same names as our list of the wealthiest musicians in 2022 and 2023.
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1. Wizkid – US$50 million
2. Davido – US$40 million
3. Don Jazzy – US$20 million
4. Burna Boy – US$20 million
5. 2Baba US$18 million
6. P-Square – US$16 million
7. Olamide – US$15 million
8. Phyno – US$12 million
9. Timaya – US$11.4 million
10. Asa – US$10.5 million
- Wizkid-US$50 million
Wizkid is by far the richest musician in Nigeria. His net worth is thought to be $50 million.
The afrobeat musician, a father of three, is the first Nigerian to sell out London’s O2 Arena for three consecutive nights. The song “Essence” with Tems and a Justin Bieber remix from his album Made in Lagos was a huge hit and was nominated for a Grammy.
Since his first single, “Holla At Your Boy,” was released in 2015 under Banky W’s EME Entertainment, he has broken multiple records.
Wizkid is a great singer who has worked with international artists like Drake, a Canadian rapper, on songs like “One Dance,” which was Spotify’s most-played song of 2016 and went into the Guinness Book of Records.
- Davido-$40 millionUSD
Davido. Davido, a dual citizen of Nigeria and the United States, has an estimated net worth of $40 million, making him the second wealthiest singer in Nigeria. Forbes Magazine will also recognize DMW’s CEO as an Afrobeats superstar in 2020.
Though he was born into affluence, he carved out a successful career in music with the help of smash hits like Fall, Assurance, If, and Dami Duro.
Each of Davido’s videos on YouTube usually gets around 20 million views. He has signed some well-known musicians to his DMW label, including Mayorkun, Dremo, Peruzzi, and others.
- Don-Jazzy D $20 million
Michael Collins Ajereh, popularly known as Don Jazzy, is the third-wealthiest musician in Nigeria. The famous musician has planned and carried out his career as a producer, label owner, and singer with ease.
The CEO of Mavin Records, Don Jazzy, is said to be worth a whopping $20 million, which affects his choices and the way he lives.
- Burna Boy-US$20 million
With a net worth of $20 million in 2022, Burna Boy (full name: Damini Ebunoluwa Ogulu) is the fourth wealthiest artist in Nigeria. In both 2021 and 2020, he ranked among the highest-paid musicians on the list.
The Grammy-winning singer, rapper, songwriter, and dancer was an early pioneer of Afrobeat music internationally. Burna Boy, originally from Rivers State, shot to fame after releasing the single “Like to Party” off his debut album “L.I.F.E.” in 2012.
- 2Baba-$18 million USD
Innocent Ujah Idibia, better known by his stage names 2Baba and 2Face, is expected to become the fifth-wealthiest musician in Nigeria by 2022, with a net worth of approximately US$18 million. He also made our list of the top 10 wealthiest musicians in Nigeria in 2021.
2Baba was born in the state of Benue. He is now thought to be one of the most important Afropop artists in Nigeria.
He first found success as a member of the band Plantashun Boiz before striking out on his own. After signing with Kenni’s Music, the artist who would later be known as African Queen released his self-titled debut album.
- P-Square-$16 million USD
P-Square. Peter Okoye and Paul Okoye, aka Mr. P and Rudeboy, better known as P-Square, are one of the wealthiest husband-and-wife duos in the country, according to estimates that put their net worth at US$16 million. The musical twins found success after forming the band P-Square.
Both Peter and Paul Okoye were born in Jos, Plateau State, in the month of November 1981. They issued an album called Last Nite in 2003. The album is credited as being their breakthrough release.
- Olamide $15 million
Baddo Sneh, or Olamide, is the stage name of Nigerian musician Olamide Adedeji, who is estimated to be worth $15 million. Olamide was born on March 15th, 1989, in Bariga, Lagos State.
The native rapper has become well-known because he sings in Yoruba, his native language.
First signing with Coded Tunes, Olamide has now gone on to form his own record label, YBNL Nation, where he produces artists like Asake, Fireboy DML, Jayboi, and many more.
- Phyno-US$12 million
With a net worth of US$12 million, Azubuike Nelson, better known by his stage name Phyno, ranks as the eighth-wealthiest musician in Nigeria on our list. The native of Anambra State wanted to become a doctor at first, but his talent in music won out.
Since he began making music in 2003, Phyno has produced songs by several notable musicians, including Flavour, Timaya, Mr. Raw, and others.
- Timaya-$11.4 million
Timaya, or Plantain Boy, was born Inetim Timaya Odom on August 15, 1980. A net worth of $11.4 million places him as Nigeria’s ninth-wealthiest musician.
Timaya’s singing career began with the group Dem Mama Soldiers.
In 2007, he launched his first book, titled True Story. Other notable songs followed shortly after True Story’s release, including 2008’s Gift and Grace and his third album, Rebirth.
- Asa-$10,500,000 USD
Asa Bukola Elemide, also known as Asa, became well-known after her first single, Eye Adaba, came out.
In 2008, a panel of 19 music industry professionals in Paris awarded her the French Constantin Award for the album Asa, beating out ten other vocalists in the process. She can draw on a total of $10.5 million in assets.