Top 10 Nigerian Artists and Their Net Worth 2023 

The net worth of Nigerian artists and their wealth in 2023. Nigerian artists are top earners in the world. They are also popular and well known around the globe. The Nigerian music industry has produced some of the greatest artists to ever live, most notably Fela Kuti, Davido, Burna Boy, Wizkid, and D’banj. Other artists that have gained recognition in recent years are Olamide, Tiwa Savage, and Don Jazzy.

The Nigerian recording industry economy is rapidly growing. The current gross sales of the global music industry alone exceeded US$4.6 billion by market value in 2020, while the market is expected to be valued at US$6.6 billion by 2027. The industry is one of the fastest-growing in the world and can be considered as one of the most profitable. Nigerian music is one of the industries in Africa that is rapidly expanding because of the versatility of the industry and the strong connection that it has with the rest of Africa.

Nigerian artists have been able to rise to stardom in their music industry and make a substantial name for themselves. The Nigerian music recording industry is an ever-growing source of revenue for the people living in the country and has consistently been one of the most productive in the world.

The Nigerian music industry is one of the most popular music industries in Africa and one of the most profitable in the world. Although there are different ways to calculate artists’ net worth, some methods are more reliable than others. In order to figure out an artist’s exact worth, it is important to consider all critical indices. 

Factors that Determine Artist Net Worth in 2023

1. Concert and Tours:

Concerts and tours are generally the best place for a music artist to make money due to the fact that they have a chance to make profits off of merchandise, album sales, and ticket sales.

Most artists in this category earned about $3,000 to $4,000 for a one-hour show. The more famous the artist is, the higher the pay will be. Expect to pay more for great seats upfront at center stage. Before you buy your ticket, get on their mailing list as some artists will offer incentives including free merchandise if you sign up.

Artists within this category generally earn between $1 and $2 million per year in tour revenue alone. That’s not including their merchandise sales and album sales during tours.

2. Fanbase: 

The size of an artist’s fanbase plays a critical role in determining their net worth. The overall size of an artist’s fanbase determines whether or not they can sell out arenas and stadiums, which are the biggest venues from that an artist can earn profits. A global star’s fans can afford to spend more on concert tickets and merchandise, which translates to more profits for the artist.

A small artist’s fanbase won’t be able to sell out most of the big venues, so they can only make profits off of merchandise sales and album sales. If the artist is from a country that doesn’t have a strong music industry, then they may not be able to make their music available in other countries.

Artists who have the largest fanbase usually sell out arenas and stadiums. These are the best options for artists because they can make the most money off of ticket sales, merchandise and album sales. Artists within this category can expect to make about $200,000 per show that they sell out.

3. Album Sales: 

Album sales have always been one of the best ways for a music artist to gain profits, even before the internet boomed in popularity. The more albums that an artist sells, the more profit they will make per album sold. In order to be successful in this category, an artist must develop a loyal fan base that will purchase their albums and singles regardless of how popular they become.

An artists net worth is often determined by their album sales. Album sales are the primary source of revenue for most artists. That’s why it’s important that an artist release high-quality albums every couple of years. Many great music artists release albums with a lot of filler, which does not sell as well as their previous albums which were more solid and had more popular singles.

You ‘ll want to buy music that is released by a well-known artist. An artists popularity will directly influence their album sales, which will directly influence their income. This makes it so that if you’re looking to increase your net worth, you’ll want to invest in an artist who has already established a loyal fan base. You’ll also want to look at the genre of music in which they are known. The reason for this is that some artists can release one type of music and fans will purchase every single album that they release in that genre. Other artists may be much more popular with fans but they are not as well-known in other genres, which leaves their overall net worth low.

4. Merchandise:

There are several different types of merchandise that an artist can sell to their fans. Real money-making merchandise is the physical stuff, such as t-shirts, hats, CDs, vinyl and posters. The profit margins of such items tend to be quite high as you can lower your production costs because doing it yourself is much cheaper than hiring a factory to do it for you.

Most artists make a large portion of their revenue from merchandise sales, mainly because they can repurpose their brand and make a lot of money by selling the same exact product to different factories in different countries. However, there are some artists who make most of their money off of touring, so it is important to research which artists are doing well and only buy merchandise from them.

An artist’s net worth is impacted significantly by their merchandise sales. An artist with a large merch empire is worth more than an artist who doesn’t have one at all. To maximize this revenue stream, you want to be sure that you’re buying merchandise from an artist who has a loyal fan base and that they only make their merchandise available online.

5. Endorsements:

The primary way to make money off of an endorsement deal is through product sales. The artist gets paid a fee for making their image or name available and the company gets the profit from the sale from product sales. The company can also use the artist’s image on the product itself as well, which can look really good.

However, there are other ways that artists can make money off of endorsements. Artists who have a large fanbase and a great deal of credibility in their industry may be able to get endorsement deals that do not consist of specific products. They may just be known for being associated with the brand, which is another way to grow your net worth.

If you’re looking to increase your net worth, it’s best to invest in an artist who is well-known in the industry and has a large fanbase. If you’re looking to reinvigorate your finances, then you may want to consider buying into an artist who is just beginning their career. The reason for this is that they are still growing their fan base and may not be as expensive as other artists with a bigger brand name.

6. Fan Engagement:

Fan engagement is a term that is used to describe the relationship between an artist and their fans. It’s heavily correlated with the popularity of a musician, which can influence how influential they are in their industry and how much money they make. The more influential an artist is, the more money they’ll make off of endorsements and concert tickets. Fans are more likely to buy merchandise, attend concerts and purchase tickets if they feel like the artist has authentic connections with them.

It’s important for a fan to feel as if an artist is accessible because it makes a fan feel like they can have an influence on the artist’s career. The more intimate a fan feels with an artist, the more likely they are to buy tickets, merchandise, and other products. This will influence their net worth and help them make money from the engagement between themselves and their fans.

7. Album Streams:

Digital streaming of music has been growing tremendously in popularity over the past few years. It is estimated that about 4 billion hours of video content is streamed each month, which all adds up to about a billion dollars in revenue. When music artist streams their song through services like iTunes or Spotify, they earn a percentage of the revenue made off of that streaming service. solid fan base.

With the rise of music streaming services, there has also been a rise in the amount that artists can earn from their music. If you’re looking to invest in an artist and increase your net worth, then it is a good idea to buy into an artist who has an established fan base of fans who will consistently stream their tracks. It is also a good idea to invest in genres of music that have the highest revenue per stream. The most revenue per stream comes from pop and hip-hop, with rock coming in third.

Most upcoming artists also establish themselves with big-name artists in order to maximize their income from online streaming. The more popular a song is, the more streams it will receive, which increases your chances of making a lot of money. 

Paid streaming revenue plays a major role in determining an artists’ net worth. From their perspective, they are not making money because they don’t receive any subscription revenue from paid streams in Nigeria.

All these other factors help to determine what an artist’s net worth will be. It is important for fans to be able to work something out with the artist, be it in concert, through merchandise, or through interactions online because this is a way that you can get more involved with their career and ultimately increase your net worth.

There are many artists who earn a good deal of money from performance royalties, so it’s best to try to find an artist in your genre who has already performed overseas and has already been signed with an agent. This would help you to know what they will want to be paid for their music as well as how much money they’re worth.

The most important thing to remember is that every person’s net worth is different. There is no specific formula or exact way to determine an artist’s net worth, and there is no exact way to maximize your income from them.

Top 10 Nigerian artists and Their Net worth 2023

1. WizKid

WizKid is a Nigerian music icon who has made an indelible mark on the global music scene. His exceptional talent, dedication, and hard work have earned him a place among the top 10 Nigerian artists, with a net worth estimated at $30 million as of 2023. WizKid’s success story is one of perseverance, determination, and an unwavering commitment to his craft.

WizKid’s music career spans over a decade, and he has released numerous hit songs, including “Ojuelegba,” “Show You The Money,” and “Joro.” His music style is a unique blend of African rhythms, pop, and hip-hop, which has resonated with audiences worldwide. In addition to his music career, WizKid has also delved into business, investing his wealth in ventures such as real estate, fashion, and entertainment.

WizKid’s financial status is a reflection of his immense success in the music industry and beyond. He has landed numerous endorsement deals with top brands, such as Pepsi, Nike, and United Bank for Africa, further increasing his popularity and net worth. In 2019, WizKid became the first African artist to feature on Beyonce’s album “The Lion King: The Gift,” which opened new doors for him on the global stage.

As Nigeria’s music industry continues to grow, WizKid’s success story serves as an inspiration to many up-and-coming artists. His journey highlights the potential of the industry, both in terms of artistic expression and financial reward. WizKid’s achievements have also helped to put Nigeria on the map as a cultural hub and a force to be reckoned with in the entertainment world.

In conclusion, WizKid’s inclusion in the top 10 Nigerian artists and their net worth in 2023 is a testament to his talent, hard work, and dedication. He has become a household name globally, with a loyal fan base that continues to grow. As he continues to break new boundaries in the music industry, WizKid’s net worth is expected to rise, further solidifying his place as one of the wealthiest and most successful Nigerian artists of all time.

2. Davido

David Adedeji Adeleke, better known by his stage name Davido, is undoubtedly one of the most successful Nigerian musicians of all time. With his unique blend of Afrobeat and western pop, Davido has managed to carve out a niche for himself in the music industry, releasing hit after hit and amassing a massive fan base both in Nigeria and around the world.

Davido’s net worth as of 2023 is estimated at an impressive $25 million, a testament to his hard work, dedication, and talent. He has secured several endorsement deals with top brands such as Infinix and Pepsi, which have helped him increase his wealth significantly. However, his success is not only limited to his music career.

In addition to his musical achievements, Davido is also a savvy entrepreneur and businessman. He has invested in several businesses, including real estate, fashion, and record labels, and is the founder of Davido Music Worldwide (DMW), a record label that has nurtured several talents in Nigeria’s music industry.

Davido’s journey to the top of the music industry began over a decade ago when he released his first single “Back When.” Since then, he has released numerous hit singles and albums, including “Fall,” “If,” and “Fem,” which have earned him critical acclaim and a place among Nigeria’s most successful musicians.

Beyond his musical and entrepreneurial pursuits, Davido is also involved in philanthropic activities, supporting several charitable causes in Nigeria. In 2020, he donated a significant sum of money to the COVID-19 relief fund, which helped to provide essential items to people affected by the pandemic in Nigeria.

In conclusion, Davido’s inclusion in the top 10 Nigerian artists and their net worth in 2023 is well-deserved. His impressive musical and entrepreneurial accomplishments have made him one of Nigeria’s wealthiest and most influential musicians, and his net worth is expected to continue growing as he continues to make an impact in the music industry and beyond.

3. Burna Boy

Burna Boy, also known as Damini Ebunoluwa Ogulu, is one of the most prominent and successful Nigerian artists of his generation. His Afro-fusion style, which blends African rhythms with western influences, has captured the attention of music lovers globally. Burna Boy has won multiple awards, including the highly coveted Best Global Music Album at the 2021 Grammy Awards, which he won for his album “Twice as Tall.” This achievement made him the first Nigerian artist to win a Grammy in that category, and it cemented his status as one of the country’s top musicians.

Burna Boy’s success has not only been limited to his music career. He has also secured lucrative endorsement deals with top brands such as Pepsi and Star Lager, which have contributed significantly to his net worth. As of 2023, his net worth is estimated to be $20 million, making him one of the wealthiest musicians in Nigeria.

Despite his success, Burna Boy remains humble and committed to giving back to his community. He is actively involved in philanthropic activities, including supporting various charities and foundations in Nigeria. Burna Boy’s activism and advocacy for social justice have also earned him a reputation as a voice for the youth. He has used his platform to raise awareness about important issues affecting Nigerians, including police brutality and inequality.

Burna Boy’s talent and hard work have made him a role model for many young Nigerians who aspire to make a name for themselves in the music industry. His rise to stardom has been meteoric, and he has achieved significant milestones that have put Nigeria’s music industry on the global map. His unique style and sound have earned him a massive following, not only in Nigeria but also in other parts of the world.

In conclusion, Burna Boy’s inclusion in the top 10 Nigerian artists and their net worth in 2023 is well-deserved. His talent, hard work, and dedication have earned him a place among Nigeria’s most successful musicians, while his activism and advocacy for social justice make him a role model for the younger generation. Burna Boy’s star is set to continue shining, and his net worth is expected to grow as he continues to make an impact in the music industry and beyond.

4. Don Jazzy

Don Jazzy, the founder of Mavin Records, is widely regarded as one of the most influential music producers in Nigeria. With over two decades of experience in the music industry, he has produced hits for some of Nigeria’s biggest names such as D’banj, Tiwa Savage, and Wande Coal. Don Jazzy’s sound is unique, and his ability to create chart-topping hits has earned him multiple awards and accolades.

Aside from his work as a music producer, Don Jazzy has also been involved in various philanthropic efforts aimed at supporting underprivileged individuals in Nigeria. He has supported various charities and foundations in the country, providing aid to those in need. His philanthropic efforts have earned him admiration from many Nigerians, and he continues to make an impact in the lives of those who need it the most.

Don Jazzy’s net worth as of 2023 is estimated to be $18.5 million, making him one of the wealthiest musicians in Nigeria. He has earned his wealth through his work with Mavin Records and his endorsement deals with brands like Samsung and Johnnie Walker. Don Jazzy’s success as an entrepreneur and music producer has inspired many young Nigerians to pursue careers in the music industry and entrepreneurship.

Apart from his achievements in the music industry, Don Jazzy is also known for his engaging and entertaining personality on social media. He has a massive following on various social media platforms, where he interacts with his fans and provides mentorship to upcoming artists. Don Jazzy has used his platform to raise awareness on important social issues, such as mental health and education, further demonstrating his commitment to making a positive impact in society.

In conclusion, Don Jazzy’s inclusion in the top 10 Nigerian artists and their net worth in 2023 is well-deserved. His contributions to the music industry in Nigeria have been significant, and his wealth is a testament to his hard work and dedication to his craft. Don Jazzy’s success story serves as an inspiration to many young Nigerians who aspire to make a mark in the music industry and entrepreneurship, and his philanthropic efforts have shown that he is not just a talented music producer but also a compassionate and socially responsible individual.

5. 2Baba: 

2Baba, whose real name is 2face Idibia, is undoubtedly one of the most respected and successful Nigerian musicians. He is an iconic figure in the music industry and has made a significant contribution to the growth and development of music in Nigeria. 2Baba’s music career spans over two decades, and he has been able to remain relevant despite the constant evolution of the industry.

One of his most popular hits, “African Queen,” became a global sensation and is still played and loved by fans across the world. His other hits, such as “If Love Is a Crime” and “Amaka,” have also topped charts and gained critical acclaim. 2Baba has won numerous awards, including the MTV Europe Music Award for Best African Act and the BET Award for Best International Act: Africa, cementing his place as one of Nigeria’s most celebrated musicians.

Apart from his music career, 2Baba is also known for his philanthropic efforts. He founded the 2Baba Foundation, which focuses on improving the lives of underprivileged children in Nigeria through education and healthcare. He has also been appointed as a Goodwill Ambassador by the United Nations and has been actively involved in social and political issues in Nigeria, using his platform to advocate for positive change.

2Baba has also secured endorsement deals with several top brands, including Campari and Guinness Nigeria, among others. His net worth is currently estimated to be $16 million, making him one of the wealthiest musicians in Nigeria. He continues to inspire and influence the younger generation of musicians in Nigeria and Africa as a whole with his talent and commitment to excellence. 2Baba’s impact on the music industry in Nigeria is immeasurable, and his legacy will undoubtedly live on for years to come.

6. Tiwa Savage: 

Tiwa Savage is a Nigerian icon and an inspiration to young women all over the world. She has been making music since 2010 and has since become one of the leading female artists in Nigeria. Her music career began as a backup vocalist for world-renowned artists such as George Michael and Mary J. Blige. Tiwa later moved to the United States to pursue a music career and signed a publishing deal with Sony/ATV Music Publishing.

In 2010, Tiwa returned to Nigeria and began recording music as a solo artist. Her unique voice and stunning stage presence quickly captured the hearts of Nigerians, and she gained popularity with hits like “Kele Kele Love” and “Love Me (3x).” She has since released several successful albums, including “Once Upon a Time” and “R.E.D.” Her songs have earned her several awards and nominations, including the MTV Africa Music Award for Best Female.

Apart from her successful music career, Tiwa has also ventured into acting, appearing in popular TV shows like “Shuga” and “Jenifa’s Diary.” Her acting skills have earned her numerous accolades, including the award for Best Actress in a Drama at the 2018 Africa Magic Viewers Choice Awards.

Tiwa’s success in the entertainment industry has also led to several endorsement deals with top brands like Pepsi, Star Radler, and Twisco. Her net worth, which is estimated to be $14 million, is a testament to her hard work and dedication to her craft.

Tiwa’s influence in the Nigerian music industry cannot be overemphasized, as she has carved a niche for herself with her unique style of music. She has collaborated with both local and international artists such as Wizkid, Beyonce, and Davido, and her music has been featured in several Hollywood movies.

In summary, Tiwa Savage’s success story is one that inspires many young women in Nigeria and beyond. Her unique voice and stunning stage presence have made her one of the most sought-after female artists in Nigeria, and her net worth is proof of her success in the music industry. She continues to create music that appeals to her fans and solidifies her position as one of the top 10 Nigerian artists in 2023.

7. Yemi Alade: 

Yemi Alade is undoubtedly one of the most successful female artists to come out of Nigeria in recent times. Her unique voice, style, and dedication to her craft have made her a household name not just in Nigeria, but across the African continent and beyond.

With over a decade in the music industry, Yemi Alade has released several chart-topping hits that have become anthems for many music lovers. Her song “Johnny,” which was released in 2013, went viral and became one of the most popular African songs of all time, with over 100 million views on YouTube. She has also released other hit songs like “Shekere,” “Oh My Gosh,” “Knack Am,” and “Bounce,” which have all received massive airplay and critical acclaim.

In addition to her music career, Yemi Alade has secured several endorsement deals with top brands like Closeup and Peak Milk. She has also been named the ambassador for brands like Luc Belaire and Shell. Her net worth is currently estimated to be $10 million, which is a testament to her hard work and dedication to her craft.

Aside from her music and endorsement deals, Yemi Alade is also involved in philanthropic activities. She launched the “Helen and Grace Foundation” in honor of her late mother and grandmother, which provides assistance to children and women in need. She is also a United Nations Development Programme ambassador, where she advocates for gender equality and women’s empowerment.

Yemi Alade’s influence in the Nigerian music industry and beyond cannot be overemphasized. She has carved a niche for herself with her unique style of music and has inspired many young African girls to pursue their dreams. Her success in the music industry and her philanthropic efforts show that she is not just a talented artist but also a role model to many. In 2023, she continues to dominate the Nigerian music scene with her talent, hard work, and dedication to making a positive impact in society.

8. Phyno: 

Phyno is an undeniable force in Nigeria’s music industry, with his unique blend of rap and indigenous Igbo sounds. Born Chibuzor Nelson Azubuike, the talented rapper, singer, and record producer has achieved massive success, earning him a place among the top 10 Nigerian artists with a net worth of $8 million in 2023.

Phyno’s music journey began in his hometown of Enugu, where he discovered his love for music at a young age. He worked his way up the ranks, honing his craft and releasing his first studio album, “No Guts No Glory,” in 2014, which was a massive success, propelling him to the forefront of Nigeria’s music scene. Since then, he has released several hit singles, including “Fada Fada,” “Connect,” and “Alobam,” among others.

Phyno’s success has not been limited to music, as he has also secured lucrative endorsement deals with top Nigerian brands such as Guinness Nigeria, Nairabet, and Life Lager Beer. His collaborations with top artists in Nigeria and beyond, including Olamide, Flavour, and Kranium, have also contributed to his success.

Phyno’s net worth of $8 million is a testament to his hard work and talent, with his music appealing to a wide range of audiences across Nigeria and beyond. He has also been recognized for his contributions to the music industry, winning numerous awards, including Best Rap Single at the 2014 Headies Awards.

In conclusion, Phyno’s unique blend of rap and Igbo sounds has endeared him to many fans in Nigeria and beyond, securing him a place among the top 10 Nigerian artists with an impressive net worth of $8 million in 2023. His success in the music industry, coupled with his endorsement deals, highlights his business acumen and positions him as a leading figure in Nigeria’s entertainment industry.

9. Olamide: 

Olamide is undoubtedly one of the most influential artists in Nigeria. Born Olamide Adedeji, he started his music career in 2011 with the release of his debut album, “Rapsodi.” Since then, he has consistently dropped hit after hit, captivating fans with his unique blend of Yoruba lyrics and modern beats. His music has earned him a massive following, and he has sold out concerts both in Nigeria and abroad.

Beyond music, Olamide has also proven himself as a savvy entrepreneur. In 2012, he founded YBNL Nation, which has since become one of the most successful record labels in Nigeria, producing stars like Fireboy DML and Temmie Ovwasa. He has also launched a line of merchandise called “Baddo Unlimited,” which includes clothing and accessories that bear his nickname “Baddo.”

Olamide has received numerous awards for his contributions to the music industry, including several Headies Awards, City People Entertainment Awards, and the Nigeria Entertainment Awards. In 2018, he became a judge on the popular reality TV show, The Voice Nigeria, further cementing his status as a music icon.

In addition to his music and business ventures, Olamide has secured lucrative endorsement deals with brands like Glo and Sterling Bank. He has also partnered with Goldberg Lager and Monster Energy Drink. His net worth is estimated to be $6 million, a testament to his hard work and success.

As he continues to dominate the Nigerian music scene, Olamide shows no signs of slowing down. With his talent, entrepreneurship skills, and commitment to promoting emerging artists, he is sure to make even more significant strides in the coming years.

10. Mr. Eazi: 

Mr. Eazi, whose real name is Oluwatosin Ajibade, has certainly made his mark on the Nigerian music scene. His unique blend of African rhythms and contemporary pop music has won him fans both in Nigeria and internationally. He started his music career by uploading his songs on SoundCloud, and he quickly gained a following due to his infectious beats and catchy lyrics.

As his popularity grew, Mr. Eazi collaborated with some of the biggest names in the Nigerian music industry, including WizKid and Major Lazer. He also founded emPawa Africa, a platform that helps emerging African artists gain exposure and funding for their music. The platform has helped launch the careers of several up-and-coming African artists.

In addition to his work in music, Mr. Eazi is also an entrepreneur with a keen interest in the African tech industry. He launched the Africa Music Fund, an incubator program that helps African artists develop their skills and access funding. He has also invested in several African tech startups, including Jumia, Africa’s largest e-commerce platform.

As of 2023, Mr. Eazi’s net worth is estimated to be $5 million. In addition to his music career and entrepreneurship ventures, he has also secured endorsement deals with brands like Samsung and Betway. He has performed at major international festivals like Coachella and the Global Citizen Festival, further cementing his status as one of Nigeria’s most successful and influential artists.

With his talent and entrepreneurial spirit, Mr. Eazi is sure to make even bigger strides in the coming years. He has already proven that he has what it takes to succeed both in music and in business, and his dedication to supporting other African artists is truly inspiring. As the African music industry continues to grow and evolve, it’s clear that Mr. Eazi will be at the forefront of this exciting new era.