Egyptian billionaire Nassef Sawiris is closing the London office of his investment firm, NNS Group, marking a decisive step in his withdrawal from the United Kingdom following sweeping changes to the country’s tax regime.
The firm has filed final paperwork to dissolve its London entity by the end of April, concluding a year-long wind-down process. The move follows Sawiris’s relocation of both his personal residence and business operations to more tax-friendly jurisdictions, including Abu Dhabi and Italy.
NNS Group had already shifted its primary base to Abu Dhabi in 2024, aligning with Sawiris’s strategy to expand investments in the Gulf region. His departure from the UK also came shortly after the government abolished the long-standing “non-domicile” tax status, a policy that previously allowed wealthy foreign residents to avoid taxes on overseas income.
While several high-net-worth individuals have exited the UK in response to the policy shift, Sawiris’s departure stands out due to his deep-rooted ties to the country. He established his family office in London over a decade ago and co-acquired Aston Villa in 2018 alongside Wes Edens. That same year, he launched a UK-based charitable foundation that has distributed more than $60 million to local causes.
With an estimated net worth of $9.3 billion, Sawiris remains one of the world’s wealthiest individuals. His portfolio includes stakes in major global companies such as Adidas and Madison Square Garden Sports, as well as leadership of a major nitrogen fertilizer enterprise and significant holdings in construction giant Orascom.
Broader Trend
His exit reflects a broader trend. According to Henley & Partners, the UK experienced the largest outflow of wealthy individuals globally in 2025, with more than 16,000 millionaires leaving the country. Over the past decade, the UK’s millionaire population has declined by roughly 9%.
Other prominent figures have also relocated. Steel magnate Lakshmi Mittal has shifted his base to Dubai and Switzerland, while shipping billionaire John Fredriksen has moved to Dubai. Investor Christian Angermayer similarly departed for Switzerland, criticizing the UK’s tax overhaul.
As the UK loses ground, destinations such as the United Arab Emirates, the United States, Italy, and Switzerland are emerging as top hubs for global wealth migration, driven by favorable tax systems, political stability, and lifestyle appeal.
The shift underscores intensifying competition among countries to attract and retain the world’s richest individuals—an increasingly decisive factor in global investment flows.
