Nassef Sawiris Closes London Office Amid Tax Changes

Nassef Sawiris, an Egyptian billionaire, has begun winding down his London family office, NN Group, in response to recent tax changes that are reshaping the UK's private wealth landscape. This move follows a voluntary dissolution process initiated a year ago and comes shortly after Sawiris relinquished his UK residency.

At 65, he is relocating his base to Italy and Abu Dhabi, aligning with a broader migration trend among ultra-high-net-worth individuals seeking more tax-efficient jurisdictions. Regulatory filings indicate that Sawiris's investment vehicle, NN Group, has issued a final notice regarding this move, with plans to exit equity holdings in London-based entities by early 2025.

His decision to step down as a director reflects growing pressure on the UK’s status as a global wealth hub, particularly following proposed tax rule changes by Keir Starmer's Labour administration. Sawiris's exit is notable given his long-standing ties to the UK, including the acquisition of Premier League side Aston Villa in 2018.