1000 wealthy individuals leave Lagos over taxes, increasing crime rates

The latest Global Wealth Migration review says rich people are leaving Lagos in droves for other cities because of taxes.

According to the report, some of the reasons high net worth people are leaving their locations are taxes and increasing crime rates. Other cities affected are London and Istanbul. The report said 1000 wealthy people left Lagos in 2017 and there were no inflows into the state.

Auckland, Dubai, Montreal and Toronto recorded the largest inflow of rich people across the world.

New World Wealth said it only focused on high net worth individuals who truly moved — that is, those who stay in their new country for more than half the year.

The report defines high net worth people as those with net assets worth $1 million or more.

China and India recorded the largest number of outflows of rich people in the world, a trend that the report said would change if the standard of living in both countries change. According to the report, the total private wealth in the world is $215 trillion. There are 15.2 million high net worth people in the world.

Recall that in 2017, the Ministry of Finance in collaboration with the Federal Inland Service (FIRS) launched a tax payment scheme called the Voluntary Assets and Income Declaration Scheme (VAIDS) to increase tax compliance. The tax amnesty window will close in March this year.