In 2024, Nigerian artistes set the global stage on fire. From record-breaking streams to sold-out tours, the music scene buzzed with Afrobeat dominance. The question remains, though: who was the richest of them all? With a mix of streaming statistics, concert earnings, and endorsements, let’s explore the financial triumphs of Nigeria’s biggest stars and rank the top 10 richest artistes.
A Record-Breaking Year in Nigerian Music
In a year that saw Nigerian music soar to unprecedented heights, streaming platforms became a primary source of revenue. Spotify, for instance, pays between $0.003 and $0.005 per stream, making streaming data an essential metric for estimating earnings. Concert tours and endorsements, however, added substantial boosts to these figures, solidifying the wealth of these artistes.
Here’s how the top 10 richest artistes ranked in 2024.
1. Burna Boy – The Global Giant
Estimated Earnings: $30 million
Burna Boy dominated in 2024, thanks to his global tour, which grossed over $100 million. His Boston concert set a record with $1.59 million in ticket sales, the highest by an African artiste in the U.S. Add to this his 750 million Spotify streams ($2.25–$3.75 million) and a $10 million endorsement deal with a luxury fashion brand, and it’s clear why Burna Boy tops this list.
2. Asake – The Streaming King
Estimated Earnings: $15 million
Asake exploded onto the scene, dominating Spotify Nigeria with over 1 billion streams ($3–$5 million). His sold-out concerts, including performances at the O2 Academy in London, solidified his international appeal. Although still growing his endorsement portfolio, Asake is already one of the most lucrative Nigerian artistes of 2024.
3. Davido – The Hitmaker
Estimated Earnings: $12 million
Davido, with 600 million Spotify streams ($1.8–$3 million), continued to prove his mettle as a global icon. His endorsement deals with global beverage brands and his expanding music label contributed significantly to his earnings. Davido’s live performances in Europe and America also brought in millions, keeping him firmly in the top three.
4. Wizkid – The Starboy
Estimated Earnings: $10 million
With 500 million Spotify streams ($1.5–$2.5 million) and consistent success on Apple Music, Wizkid remains a major force in Afrobeat. His long-standing endorsement deals with major brands and steady touring revenue add to his financial success.
5. Tiwa Savage – The Queen of Afrobeat
Estimated Earnings: $8 million
Tiwa Savage proved yet again why she’s the queen of Afrobeat. Her streaming numbers, lucrative endorsements, and headline performances at major festivals cement her spot in the top five.
6. Olamide – The Veteran
Estimated Earnings: $7 million
Olamide’s music may not dominate the global scene, but his influence in Nigeria remains unmatched. His massive local streaming numbers and his record label, YBNL, contribute significantly to his earnings.
7. Rema – The Global Phenomenon
Estimated Earnings: $6 million
With hits like Calm Down continuing to dominate global charts, Rema’s international success in streaming and collaborations with global stars propelled him into the top 10.
8. Fireboy DML – The Melody Maker
Estimated Earnings: $5.5 million
Fireboy DML’s appeal continues to grow, with hits like Peru driving high streaming numbers. His collaborations with international artistes and consistent performance earnings keep him on this list.
9. Tems – The Grammy Star
Estimated Earnings: $5 million
Tems’ Grammy win and collaborations with international stars like Drake and Rihanna have elevated her profile. Her earnings from streaming and endorsements reflect her growing global influence.
10. CKay – The Love Nwantiti Star
Estimated Earnings: $4.5 million
CKay’s viral hit Love Nwantiti continues to rake in streaming revenue worldwide. His appeal among Gen Z audiences and steady endorsements make him a consistent earner.
Key Insights: Why Burna Boy Leads
Burna Boy’s dominance stems from his diversified revenue streams. While streaming is a vital source, his global tours and multi-million-dollar endorsements elevate him far beyond his peers. His ability to connect with audiences worldwide ensures that his earnings remain unmatched.
Final Thoughts
2024 was a banner year for Nigerian music, with artistes pushing boundaries and redefining global Afrobeat. While Burna Boy claimed the top spot, the rise of artistes like Asake highlights the dynamic nature of the industry.
The real takeaway? Nigerian music is thriving, and its artistes are becoming not just cultural icons but global financial powerhouses. Who will dominate in 2025? Time will tell, but one thing is certain: the future of Afrobeat is brighter than ever.
