Nigerians urged to rethink wealth protection strategies

Nigerian investors and high-net-worth individuals have been urged to adopt new strategies to protect their wealth amid rising global tax pressures on assets.

Nicholas Michael, Group Head of Market Development at Multipolitan, revealed this in the company’s report, ‘Wealth Report 2025: The Taxed Generation’, during a webinar on Tuesday.

Supreme news reports that Multipolitan is a global platform simplifying travel, relocation, business, and asset management for borderless individuals.

Michael said the report identifies top cities where affluent individuals can safeguard wealth amid rising taxes, shifting policies, and the growing impact of climate change.

He noted that the report provides vital insights for Nigerian investors, emerging high-net-worth individuals, and wealth managers navigating today’s complex economic environment.

“As Nigeria’s private wealth grows, it’s vital to consider jurisdictions offering low tax exposure, international access, and regulatory stability,” Michael stated.

According to the report, the inaugural Tax-Friendly Cities Index 2025 ranked Abu Dhabi and Dubai as the top two globally.

“These cities were recognised for investor-friendly tax systems, strong legal frameworks, and stable governance,” Michael added.

He noted that Singapore secured third place, reinforcing its position as a reliable base for globally mobile families.

Michael said five other Gulf cities—Manama, Doha, Kuwait City, Riyadh, and Muscat—also made the top 20 list.

This, he explained, reflects the Gulf Cooperation Council’s growing importance for wealthy individuals seeking fiscal efficiency and clear regulation.

He stressed that strategic wealth placement is crucial, noting that where wealth is held can be as important as how it grows.

“The UAE and Singapore do not just attract capital—they protect it through fiscal discipline and political stability,” he said.

Michael added that beyond taxation, the report includes two other indices: the Wealth Preservation Cities Index and the Smart and Sustainable Cities Index.

He explained that Zug, Hong Kong, and Basel ranked highest for preserving purchasing power in the Wealth Preservation Cities Index.

Meanwhile, Wellington, Copenhagen, and Singapore were top in the Smart and Sustainable Cities Index for climate resilience and digital infrastructure.

Chee Okebalama, Executive Partner for Africa at Multipolitan, emphasised the report’s relevance to Nigerian families and wealth holders.

She said uncertain wealth poses risk, and forward-thinking Nigerian families are now prioritising resilience over simply chasing returns.

She highlighted cities like Singapore, Abu Dhabi, Doha, Wellington, and Copenhagen for their stability, governance, and readiness for future challenges.

Okebalama noted that more Nigerian families now view global mobility as a strategy for market access, education, and asset protection—not just for relocation.

She said the Wealth Report 2025 includes expert insights from former partners at EY, Deloitte, and BDO.

These experts cover topics like tax compliance in a transparent world, AI-driven strategies, and emerging jurisdictions in Europe, North America, and the Middle East.

She added that the report shows a clear trend that Nigerian high-net-worth families increasingly require flexible structures and timely responses to global regulatory changes.