Egyptian billionaire Nassef Sawiris has begun winding down the London arm of his family office, marking one of the clearest signs yet of how recent tax changes are reshaping the United Kingdom’s private wealth landscape.
Regulatory filings show that Sawiris’ investment vehicle, NNS Group, has issued a final notice to complete the closure of its London entity by the end of April 2026.
The move follows an earlier voluntary dissolution process initiated about a year ago and comes shortly after the billionaire relinquished his UK residency.
What they are saying
Sawiris, 65, has since relocated his base to Italy and Abu Dhabi, aligning with a broader migration trend among ultra-high-net-worth individuals seeking more tax-efficient jurisdictions.
Filings further indicate that he exited most of his equity holdings in the London-based entity in early 2025, months after stepping down as a director.
The development shows growing pressure on the UK’s long-established status as a hub for global wealth. Policy changes introduced under Keir Starmer’s Labour administration, building on earlier proposals by the Conservative government, have tightened tax rules for non-domiciled residents, a group historically drawn to Britain for favourable tax treatment.
The reforms have triggered a wave of high-profile departures. Investors such as Christian Angermayer and entrepreneurs like Guillaume Pousaz are among those who have either reduced their UK exposure or exited entirely, raising concerns about the long-term competitiveness of the country’s wealth management ecosystem.
What you should know
Family offices, private investment firms that manage the fortunes of the ultra-wealthy, have been particularly affected. While outright closures remain rare, industry data suggests many have scaled back operations in London, relocating executives or opening new offices in emerging financial centres such as Abu Dhabi and other parts of the Middle East.
At the start of 2026, at least 20 billionaires tracked globally maintained family office operations in the UK, collectively overseeing more than $450 billion in assets. However, reports say the ongoing outflow of capital and talent could gradually erode London’s dominance in this niche sector.
Sawiris’s exit is especially notable given his long-standing ties to the UK. He established his London family office in 2016 and expanded his investment footprint shortly after, including the acquisition of Premier League side Aston Villa alongside Wes Edens in 2018.
His broader business empire remains anchored by OCI NV, a global chemicals and fertiliser producer spun out of the Orascom conglomerate founded by his late father.
Recent filings also reveal a shift in personal asset allocation, with artworks, books, and sculptures exported from the UK in 2025 as part of his transition to new bases in the United Arab Emirates and Italy, both of which have emerged as key beneficiaries of Britain’s wealth exodus. Sawiris is one of Africa’s richest people to own family offices around the world.
