Egyptian billionaire Nassef Sawiris will shut down the London office of his investment firm NNS Group by the end of April, completing a year-long exit from the UK after major changes to the non-domicile tax regime. His move joins a rising wave of high-profile departures from London’s long-established wealth hub.
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The firm has submitted final documents to dissolve its London entity, according to registry filings, concluding a process that began in 2024 when NNS initiated voluntary liquidation.
Sawiris had already shifted his personal residency to Italy and Abu Dhabi, and withdrew most of his equity from the firm in early 2025 after stepping down as director of its London arm.
The decision comes in the wake of the UK scrapping its long-standing non-domicile tax regime, which had allowed wealthy foreign residents to be taxed only on income generated within the country rather than their global earnings.
Investment base shift
NNS moved its main office to Abu Dhabi in 2024, reflecting a broader strategic shift toward the Gulf as a hub for global investment activity. Sawiris has been expanding his presence in markets that offer more attractive tax and regulatory conditions.
His international portfolio spans holdings in Orascom Construction, a major stake in Adidas, and a 5% share in Madison Square Garden Sports, which owns the New York Knicks and Rangers. He also co-owns Aston Villa Football Club with Wes Edens of Fortress Investment Group.
Estimated net worth ranking
Sawiris, a member of one of Egypt’s most influential business families, has an estimated net worth of $9.3 billion as of April 24, based on external valuations.
Wealthy elite departure from the UK
Sawiris’s exit reflects a wider trend of affluent individuals leaving the UK in response to recent tax changes. Notable figures such as Lakshmi Mittal, John Fredriksen, and Christian Angermayer have also shifted their residency or tax base away from Britain, pointing to evolving fiscal policies and lifestyle preferences.
Data from Henley & Partners shows that more than 16,000 millionaires left the UK in 2025 alone, contributing to an overall decline of around 9% in its millionaire population over the past decade. This places Britain among the countries experiencing the highest net outflows of wealth globally.
Countries such as the United Arab Emirates, United States, Italy, Switzerland, and Saudi Arabia are emerging as key destinations, attracting high-net-worth individuals with lower taxes, political stability, and premium lifestyle offerings.
A report by Knight Frank highlights the rise of luxury hotspots such as Abu Dhabi, Miami, Mumbai, Via Veneto, and Lake Como—underscoring a broader shift away from traditional wealth centers like London.
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