Fierce debate has erupted across social media following Forbes’ reported release of Nigeria’s wealthiest musicians for 2025, with fans particularly contesting Davido’s fourth-place ranking and $15 million net worth estimation.
The controversial list places Wizkid at the summit with a reported $50 million net worth, bolstered by recent luxury acquisitions including a N1.4 billion Ferrari. Grammy winner Burna Boy follows at $40 million, while Mavin Records founder Don Jazzy secures third position with $30 million.
Davido’s placement has sparked intense backlash, with supporters arguing the ranking severely undervalues his worth. The DMW boss’s fanbase, known as 30BG, has questioned the legitimacy of the rankings, suggesting potential manipulation by rival fan groups, particularly pointing to Wizkid’s supporters.
The report emerges against the backdrop of earlier industry wealth rankings from 2024 by GistLover, which presented notably different valuations. This disparity has fueled skepticism about the methodology and accuracy of wealth assessments in Nigeria’s music industry.
Rounding out the top five is YBNL founder Olamide at $10 million, though attention remains focused on the controversial gap between Wizkid and Davido’s reported net worth. Fans cite Davido’s recent high-profile performances and brand endorsements, claiming he earned approximately $10 million from two separate engagements last year alone.
The rankings have ignited broader discussions about wealth verification in Nigeria’s entertainment industry, where public appearances and lifestyle often contrast with reported financial figures. Industry experts note the challenge of accurately assessing artists’ wealth given the complex nature of revenue streams including music sales, streaming, performances, endorsements, and business ventures.
Social media reactions highlight the passionate fan bases within Nigerian music, with supporters of different artists vigorously defending their favored performers’ financial status. The controversy reflects deeper rivalries within the Afrobeats scene, particularly between the Wizkid FC and 30BG fan communities.
Critics question the timing and sourcing of the Forbes report, noting historical discrepancies in international media coverage of Nigerian entertainment finances. Some industry observers suggest the need for more transparent wealth assessment methods in African entertainment, particularly given the global expansion of Afrobeats.
The debate surrounding these rankings underscores the growing economic significance of Nigeria’s music industry and its leading figures. As Afrobeats continues its global ascent, accurate financial assessment of its key players becomes increasingly relevant to understanding the genre’s commercial impact.
Industry analysts note that such wealth rankings, regardless of accuracy, reflect the remarkable growth of Nigerian music over the past decade. The substantial figures attributed to all five artists demonstrate the financial viability of careers in African music, even as debates continue about specific valuations.
