Nassef Sawiris; Egypt’s Richest Man Considering Moving Investments Out of UK Over Anticipated Tax Increase

Nassef Sawiris, Egypt’s richest man, and co-owner of Aston Villa, is reportedly weighing the decision to leave the UK due to anticipated tax increases under the Labour government‘s tax and spend budget.

Sawiris, whose net worth is estimated at $7.8 billion by Forbes, acquired a 55% controlling stake in the football club alongside American billionaire Wes Edens in 2018 when the team was still in the Championship. He is currently based in London, and is known to attend Aston Villa matches, particularly when the team plays in the capital.

According to Bloomberg, he announced in December 2023 that he plans to “redomicile” his NNS Group family offices from London to the Abu Dhabi Global Market (ADGM) international finance center. This move was preceded by his resignation from a director role at NNS Advisers Ltd in November, as per Companies House filings, although the office remains registered in London.

The Billionaire has however not made a final decision and is the latest in a series of high-net-worth individuals considering moving their businesses outside the UK following the increased taxation contained in the Labor budget presented by Rachel Reeves last year.

In light of the UK’s evolving tax system, a growing trend of billionaires shifting their bases to more tax-friendly jurisdictions like Dubai is expected with Dubai-based family offices now managing over $1 trillion in assets at the last count.

At this time, it is unclear what would happen to his investment in Aston Villa and if the speculated move would affect his commitment to Aston Villa.