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.
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.
