Egyptian billionaire Nassef Sawiris is completing his exit from the UK, closing the London office of his investment firm NNS Group by the end of April. The move caps a gradual withdrawal that began last year, following major changes to Britain’s non-domicile tax framework, and underscores a wider shift among global elites away from London.
Final step in UK exit
Regulatory filings show that NNS Group has initiated the final steps to dissolve its London entity, bringing to a close a wind-down process that started in 2024 with voluntary liquidation. The decision follows a series of personal and professional changes by Sawiris, including relocating his residency to both Abu Dhabi and Italy.
He also reduced his direct involvement in the London-based business earlier this year, stepping down from its board and withdrawing a substantial portion of his equity.
Strategic pivot to the Gulf
The restructuring reflects a broader repositioning of Sawiris’s investment operations. NNS had already shifted its main base to Abu Dhabi in 2024, aligning with a growing trend of high-net-worth individuals gravitating toward the Gulf for its tax efficiency, regulatory flexibility, and global connectivity.
Sawiris maintains a diverse international portfolio, with holdings in Orascom Construction and Adidas, as well as a stake in Madison Square Garden Sports. He is also co-owner of Aston Villa alongside investor Wes Edens.
Policy shifts reshape wealth flows
At the center of this transition is the UK’s decision to abolish its long-standing non-dom tax regime, which had allowed foreign residents to limit taxation to UK-sourced income. The policy change has prompted a reassessment among wealthy individuals with global assets.
With an estimated net worth of $9.3 billion, according to Forbes, Sawiris is among several prominent figures reevaluating their UK presence.
A broader billionaire migration
His departure reflects a wider trend. Business leaders including Lakshmi Mittal, John Fredriksen, and Christian Angermayer have also shifted their primary bases in recent years.
Data from Henley & Partners indicates that more than 16,000 millionaires left the UK in 2025, contributing to an approximate 9% decline in its millionaire population over the past decade—one of the highest net outflows globally.
New global wealth hubs emerge
As traditional financial centers lose some of their appeal, destinations such as the United Arab Emirates, the United States, Switzerland, Italy, and Saudi Arabia are attracting increasing interest.
According to insights from Knight Frank, emerging luxury and investment hotspots—including Abu Dhabi, Miami, Mumbai, Rome’s Via Veneto, and Lake Como—are gaining traction, reflecting a broader realignment in where the world’s ultra-wealthy choose to live, invest, and operate.
Together, these shifts signal a changing global map of wealth—one where agility, favorable policy environments, and lifestyle appeal are reshaping the priorities of the world’s richest investors.
