Egyptian billionaire Nassef Sawiris closes London family office after UK exit

Egyptian billionaire Nassef Sawiris is winding down the London arm of his family office after giving up UK residency, marking a further retreat from the country’s wealth management hub as tax reforms reshape how some of the world’s richest individuals structure their affairs.

His private investment firm, NNS Group, has filed a final notice to complete the closure of its London entity by the end of this month. The move follows a voluntary dissolution process begun about a year ago, according to filings, and comes after Sawiris stepped away as director and extracted most of his equity in early 2025 from the firm and related holdings.

UK exit begins December 2023

The 65-year-old businessman has progressively shifted his base over the past two years. He began distancing himself from the UK in December 2023, relocating his family office to Abu Dhabi, a jurisdiction increasingly used by high-net-worth individuals seeking lower tax exposure. By April 2025, he had chosen Italy as his primary residence, completing a series of moves that effectively ended his UK tax ties.

Sawiris’ relocation coincides with the UK government’s decision to abolish a tax status that had existed for about 200 years, prompting reassessments among investors. In Italy, he opted into a flat tax regime that charges €200,000 ($220,500) annually for foreign nationals. The structure allows residents to live in Italy without paying tax on global income or assets, making it an alternative for wealth planning under its non-dom regime for new residents.

Nassef Sawiris shifts Abu Dhabi, Italy base

The departure underscores a broader shift among wealthy individuals reconsidering their exposure to the UK. Lakshmi Mittal has moved to the United Arab Emirates, while Christian Angermayer relocated to Switzerland, reflecting a pattern of capital and family offices adjusting to evolving tax regimes across Europe and beyond.

Sawiris’ exit adds to the ongoing debate in London’s financial community about competitiveness in attracting and retaining global capital. His decision, spread across moves from London to Abu Dhabi and later Italy, highlights how policy changes in major economies are influencing where some of the world’s wealth is ultimately managed and based.