Davido, born David Adeleke, is a well-known Nigerian singer, songwriter, and record producer. He is also the son of Dr. Adedeji Adeleke, one of Nigeria’s richest men which gave him the name “omo baba Olowo” but there is more to his wealth than being born with a silver spoon. Davido became famous in 2011 when he released his first single “Back When”. Since then, he has become a big name in Nigerian entertainment.
According to our research and Forbes, Davido’s net worth is estimated to be $60 million. He has made most of his money from his music career, with his YouTube videos alone getting over 200 million views in total. Davido also has a record label and endorsement deals with big companies like Infinix, 1xBet, amongst many others which have added a lot to his wealth and influence.
In this article, we’ll look at Davido’s net worth, how he makes his money, his assets, his expensive lifestyle, awards, biography and his music career.
Davido’s Net Worth
Here’s a table showing Davido’s estimated net worth growth over the years:
Year | Net Worth (USD) |
2020 | $10 million |
2021 | $15 million |
2022 | $20 million |
2023 | $45 million |
2024 | $60 million |
Davido has established himself as one of Africa’s richest and most influential entertainers. As of February 2024, Davido’s net worth is estimated to be $60 million, equivalent to over N60 billion based on the current exchange rate. This figure aligns with his group name, the 30BG gang.
Forbes has consistently recognized Davido as one of the top African artists, noting his ability to consistently release hit songs. Forbes magazine reported that Davido’s management predicted he would earn more than $20 million in 2023 from merchandise sales, royalties, touring, and endorsements. This is very true as the success of his album “Timeless” was more than their predictions which contributed to a significant increase in his net worth, with estimates suggesting a $30 million boost, bringing his 2023 net worth to approximately $45 million.
Based on our research at MeltingPot, we can say that Davido’s background has played a role in his financial success. His father, Dr. Adedeji Adeleke, is a business mogul who owns Pacific Holdings and Adeleke University, a private school in Nigeria. Moreover, Davido’s godfather is none other than Aliko Dangote, the richest person in Africa, his uncle is also the Governor of ogun state. This connection to wealth and influence has contributed to Davido’s financial growth and net worth.
While his music career has no doubt helped in building Davido’s net worth, Davido’s income streams are not just limited to his music career. He has various business ventures, including owning a record label, and a music distribution company, and having shares in global companies.
These investments, combined with his endorsement deals with brands like 1xBet, Guinness Nigeria, Infinix, and many more have contributed greatly to Davido’s net worth making him one of the richest musicians in Africa.
How Davido Makes His Money
Davido is a Nigerian musician who rose to prominence in 2011 after releasing his debut album, Omo Baba Olowo, which secured him several awards, including the coveted Headies Awards and the Kora Awards.
Since then, he has become one of the most successful African music stars, selling out shows across the continent and the diaspora.
Aside from his music career, Davido is also the founder of the record label Davido Music Worldwide (DMW), which houses some of the most talented acts in Nigeria. He has also ventured into other businesses through his label, such as producing films and running a successful clothing line.
His investments in the right areas have also driven Davido’s success in the music industry. He leveraged his music to get endorsements, sponsorships and even shows. Davido also invested in real estate and has a stake in several businesses.
Davido’s knack for making intelligent investments has been the driving force behind his success and wealth. His music and business savvy have enabled him to become one of the most successful African musicians, and his net worth is estimated to be over $28 million.
1. Record Labels
Davido is currently signed to Sony Music and partnered with Love Renaissance, a subsidiary of Universal Music Group.
Between 2013 and 2015, he put out a string of popular singles and signed a record deal with Sony Music in January 2016. Then he founded Davido Music Worldwide (DMW), a music label to which he signed Dremo, Mayorkun, Peruzzi, and Liya.
Davido makes money from these music artists, especially Mayorkun, who has released many trending and top-of-the-charts songs. He also rakes in income from the live performances of his music artists signed into his record label.
In July 2016, Davido signed a record deal with Sony’s RCA Records. His five-track EP Son of Mercy, which included the singles “Gbagbe Oshi,” “How Long,” and “Coolest Kid in Africa,” was released in October 2016. This record deal pulled in millions of Naira, adding to his overall wealth.
Davido renegotiated his contract with Sony in April 2017 because of issues with creative autonomy, and later that year, he released five songs, including “If” and “Fall.” In contrast to “Fall,” which became the longest-charting Nigerian pop single in Billboard history, “If” generated interest on social media platforms worldwide.
His latest managerial partnership was with Love Renaissance in 2021. Davido signed an administrative partnership contract with an international record label, Love Renaissance (LVRN).
Love Renaissance is an American record label and management company based in Atlanta, Georgia, and is a subsidiary of Universal Music Group.
He confirmed the partnership via his Instagram story shortly after Billboard posted the news on their website. With this new partnership, Davido joined foreign artists such as 6lack, Summer Walker, Young Rog, Cruel Santino, and many others.
2. Endorsements and Ambassador Deals
Davido has built an impressive portfolio of endorsement deals over the years. As of 2023, he has 20 endorsement deals with multi-million dollar brands, including Travelbeta, Pepsi, MTN, etc.
The largest mobile network in Africa, MTN, and Davido signed an endorsement agreement of N30 million on April 6th, 2012. Davido was the spokesperson for MTN Pulse, a youth-targeted marketing initiative in Nigeria.
On October 24th, 2013, Davido performed at the “World of More Concert” among well-known Nigerian musicians like Olamide, Wizkid, Tiwa Savage, and D’banj. Guinness also announced their support for him.
On May 9th, 2018, Davido signed an endorsement agreement with Hong Kong-based smartphone maker Infinix Mobile, and he is estimated to be paid over $200k weekly. Davido was also named Martell’s (cognac) new ambassador on June 11th, 2021.
He started 2022 with a 1xBet deal worth hundreds of millions of Naira. Alongside the 1xBet deal, he bagged another mouth-watering endorsement deal in 2022 with Viva detergent sparking the beauty of his already successful year.
Currently, the multi-millionaire singer has the highest number of endorsement deals of any African artist.
3. Songs & Albums
Davido has a fantastic catalogue of singles, collaborations, and albums. After quitting school, he moved to Lagos, Nigeria, to focus solely on music, releasing his first single, “Back When,” in 2011.
According to HiphopKit, Davido has an all-time rating of 137 and his album, a better time, is at a peak position of 137 on Billboard.
The latest song released by Davido is titled “Bum Bum” and was released on January 25th, 2023.
Here is a list of his albums:
- 2020: A Better Time
- 2020: Best of Davido
- 2019: A Good Time
- 2016: Son of Mercy
- 2015: The Baddest
- 2012: Omo Baba Olowo
Here is a list of 10 of his most famous songs:
- “If
- “FIA”
- “Fall”
- “Risky”
- “Stand strong”
- “Blow My Mind”
- “One Ticket”
- “Assurance”
- “Gobe”
- “Fem”
Alongside Trinidad Cardona and AISHA, Davido was a featured artist on the first single from the FIFA World Cup Qatar 2022 Official Soundtrack, “Hayya Hayya (Better Together),” which was released in March 2022.
In May 2022, Davido and The Samples Choir released a new song together titled “Stand Strong.”
He was one of the musicians that performed at the FIFA World Cup in Qatar and is the first musician from Nigeria to perform on a FIFA World Cup song.
His latest songs in 2023 include Fans mi, Bum Bum, and the coolest kid in Africa. Davido has also hinted at the release of a new album in March 2023. Generally, his songs have helped him to gain worldwide publicity, which has, in turn, given him different endorsement deals.
4. Local & International Shows and Tours
Davido has been touring extensively, both domestically and internationally. At the Made in America Festival in September 2018, Davido performed alongside Meek Mill, Post Malone, and Fat Joe. During the August and September period leading up to the festival, he performed at the House of Blues in Boston as part of his “The Locked Up Tour.”
The Nigerian superstar also had a tour for his album A Good Time and hit several major North American stops, including cities like Los Angeles, San Francisco, Houston, Dallas, NYC, Boston, Toronto, Chicago, Atlanta, and more between 2019 and 2020.
He had a tour in North America titled “We Rise By Lifting Others”, which will start in June, where he performed in Brooklyn, Toronto, Boston, Chicago, and Los Angeles from the 16th to the 25th of June 2022. He raked in N144.5 million Naira from this tour.
SeatGeek recorded that the award-winning singer’s tour tickets were generally available for as little as $41.00, with an average price of $74. By using the average ticket sales rate of N415.37 and the capacity of both History (2500) and House of Blues (2200), he made $185,000 (N76.8 million) and $162,800 (N67.6 million), adding up to N144.5 million.
Davido makes money from selling tickets for his tours in different countries. On average, he has various sold-out events, which pulled in millions of Naira for the music star. One of his most significant events was at the o2 arena, which recorded a sold-out with the whole place full. On average, a ticket to Davido’s shows is within the range of $65-$74.
He is also set to tour various other countries, such as South Africa, Ghana, and Nigeria.
The most anticipated tour of the century of two Afrobeat legends, Wizkid and Davido, was announced by Wizkid on his Instastory.
5. Online Streaming
Davido is among the highest-earning Nigerian artists on streaming platforms such as Spotify, Apple Music, and YouTube.
According to a Business Insider report, Apple Music pays artists $0.00735 per stream, which equates to $7350 for a million streams. Converting that figure to Naira at the N500 exchange rate, Davido can make anywhere from $3,675 to $7,350 per million streams.
However, due to the increased popularity and use of Ads, Davido is estimated to receive 20-30% more than the average Nigerian artist. This would mean that Davido earns between $4,410 to $9,450 per million streams.
Davido has 1 billion streams on Spotify, and Spotify pays about $3,300 per 1 million streams. Calculating Davido’s income from Spotify will be $3,300 multiplied by $1,000, which equals $3,300,000 million.
According to Socialblade, On YouTube, Davido makes between $95 – $1.5K daily.
Davido’s Biography and Rise to Fame
Davido was born on November 21, 1992, in Atlanta, Georgia, to Dr Veronica Adeleke, a university lecturer, and Chief Adedeji Adeleke, a Nigerian millionaire businessman. He is his parents’ third biological child, has two sisters, Sharon and Ashley Coco, and an elder brother, Adewale Adedeji.
His father is the CEO of “Pacific Holdings” and the founder-president of “Adeleke University.” The board of directors for his father’s business includes Davido and his siblings.
Though he was not born into a family of musicians, he developed a passion for music during his teenage years and began making music with his cousins B-Red and Sina Rambo. Davido started writing music at age 11 and credits his late mother for motivating his musical career.
Davido went to school in Lagos at “The British International School.” When he was eleven, he started writing music. He claims that his mother motivated his musical career since she passed on. To pursue business administration, he enrolled at Oakwood University in Alabama.
He became quite interested in music during his time at the university. Later, he left school to concentrate on music. As a student, he was a member of the musical ensemble “KB International.”
Then he travelled to London to work on his vocals. Davido returned to Nigeria in 2011, joined Babcock University at his father’s urging, and graduated with a degree in music (2015).
Since the success of “Dami Duro,” Davido’s career has only continued to grow. He has released many popular songs that have topped charts and become cultural moments for Africans on the continent and in the diaspora.
Despite all his success, Davido did not forget his roots and has helped in producing and assisting other artists in breaking into the music industry. He founded his record label, DMW, which stands for Davido Music Worldwide. His first major signing was Mayorkun, who has become a successful artist in his own right.
While Davido who is presently 31 years old, has achieved much success, he continues to work hard and innovate. He is always looking for new ways to improve his music and push the boundaries of African music. He has collaborated with international artists like Chris Brown and constantly explores new genres and styles.
Davido’s Assets
Davido takes pride in flaunting his assets. From lavish houses to a private jet and an impressive collection of high-end cars, Davido’s possessions reflect his penchant for luxury. Let’s explore various categories of assets owned by Davido.
Davido’s Houses
Davido, with a net worth of over $28 million, is renowned for leading a lavish life. He often brags about his expensive, shiny possessions.
One of the singer’s two homes is in Atlanta, Georgia, in the United States. His second home, which cost him $20 million, is an N140 million mansion in Lekki, Lagos State, Nigeria.
Davido finally relocated to his home, which has an elevator at Banana Island, Lagos, after living in Lekki for many years. This house is worth over $1 million.
Davido’s Jewelry
Davido loves jewellery, as it makes up a major part of his clothing. Here are some of his jewellery and their worth:
- 30BG Diamond Finger Ring
The 30BG diamond finger ring, also known as the 30BG championship ring, is an absolutely amazing and expensive piece of jewellery. It’s worth a staggering 145.4 million naira, making it one of the most costly rings in the world. The design is stunning, covered in dazzling diamonds, showing off its luxurious and extravagant style. It’s a special ring that represents belonging to the exclusive 30 Billion Gang (30BG), and it’s a symbol of opulence and class.
- Rolex Wristwatch
Davido’s most expensive piece of jewellery is his Rolex wristwatch, which he bought for a whopping 90 million naira.
- Diamond wrist chain for his daughter
Davido has acquired some of the most expensive jewellery worth billions of Naira, including a diamond wrist chain that he bought for his daughter, valued at 5.8 million Naira.
- Chioma engagement ring
Davido began his collection with one of the most expensive rings, which is valued at 10 million Naira. As a result, this ring ranks as the seventh most expensive piece of jewellery in his collection.
- OBO diamond encrusted necklace
Davido’s OBO Diamond encrusted necklace is a very rare and luxurious piece of jewelry. He had it customized by a famous and expensive jeweler, Ice Box, for $200,000. It’s one of the most expensive items in his collection, ranked as the sixth most valuable, worth 36.3 million Naira.
Davido’s Cars
He also owns many expensive cars such as:
- Rolls Royce Cullinan (N350 million)
- Lamborghini Urus (N72 million)
- Bentley Bentayga (N100 million)
- Mercedes-Maybach S680 Virgil Abloh Edition (N148 million)
- Chevrolet Camaro GS (N25 million)
- Porsche Carrera (N35 million)
- Range Rover (N98 million)
- Lamborghini Huracan (N120 million)
- Lamborghini Aventador (N275 million)
- Audi R8 (N25 million)
Davido’s Private Jet
Davido is one of the richest people in Nigeria to own a private jet. He possesses a luxurious Bombardier Global Express 6000 with a staggering price tag of approximately $62 million and in Naira about N47 Billion. However, the annual maintenance expenses for this aircraft can range from N252,000,000 to N1,440,000,000.
There have been speculations surrounding Davido’s private jet. Some rumours suggest that it was previously owned by his father, Adedeji Adeleke, who is also known for his jet acquisitions. Among his father’s collections is the Bombardier Challenger 605.
Davido’s Awards
Davido, the renowned Nigerian music artist, has been recognized and honoured with numerous prestigious awards throughout his career. Some of the notable awards he has received include:
- BET Awards: Davido won the BET Award for Best International Act in 2018.
- Kora Awards: He was also honoured with a Kora Award in 2012 for best newcomer category.
- Channel O Music Video Awards: Davido has won about four Channel O Music Video Awards.
- Ghana Music Awards: He was recognized at the Ghana Music Awards in 2014 as the African musician of the year.
- Nigeria Music Video Awards: Davido has won six Nigeria Music Video Awards.
- MTV Africa Music Awards: He has received two MTV Africa Music Awards.
- African Muzik Magazine Awards: Davido has received two African Muzik Magazine Awards.
- The Headies: He has received five awards from The Headies, a prominent Nigerian music awards ceremony.
- Nigeria Entertainment Awards: Davido has won seven Nigeria Entertainment Awards.
- Dynamix All Youth Awards: He has received two Dynamix All Youth Awards.
Davido has amassed an impressive number of nominations, with around 74 nominations in various categories, and has secured 29 awards across his career so far. These accolades reflect his immense talent, impact, and popularity within the music industry in Nigeria and internationally.
Final Thoughts
Davido’s impressive net worth is a testament to his remarkable achievements. Despite ranking among Nigeria and Africa’s most prominent and richest musicians, he remains grounded in a humble lifestyle.
Moreover, his philanthropic endeavours demonstrate his generosity and compassion, as he enjoys helping others. Through it all, Davido continues to savour life’s joys, cherishing moments spent with his friends and having fun together.