Nobody on earth does valuations like Forbes and in the May edition of its African magazine, the business authorities put the gaze on entertainers who originate from the continent and deliver a list of Africa’s Richest musicians. While coming up with the list, factors such as endorsement deals, show rates, record sales, awards, YouTube views, investments, social media presence and the like are assessed.
Topping the list is Senegalese born singer turned entrepreneur, Akon while Zimbabwean Oliver Mtukudzi comes in to close the elite list. Akon is followed by South African DJ, Black Coffee who sits ahead of fellow countryman and Jazz legend, Hugh Masekela. Following the legend is Nigerian producer and President of the Supreme Mavin Dynasty, Don Jazzy who is trailed by the only female who makes it on the list, Zimbabwean native and one of the many RCA signees on the list, Tinashe. In 6th place is Nigerian MC, Jidenna who sits ahead of Africa’s biggest pop acts, Wizkid and Davido who occupy the 7th and 8th positions respectively while Ghanaian rapper, Sarkodie occupies the 9th position and Zimbabwean musician and human rights activist, Oliver Mtukudzi occupies the 10th spot.
While speaking on the new issue, Forbes Africa Managing Editor, Chris Bishop revealed the motivation behind the issue. Bishop stated that:
“For long, music has been a part of business in Africa. With this issue not only did we want to come up with another much-talked about Forbes list, we also wanted to focus on how musicians made their money. In this edition you will also see how musicians deal with financial problems when they fall out of the limelight. We give a lesson in financial planning as well as rhythm and blues.”