Billionaire Nassef Sawiris Closes London Investment Office—Latest Ultra-Rich Blow Over Tax Rule

BreakingBusinessBillionaire Nassef Sawiris Closes London Investment Office—Latest Ultra-Rich Blow Over Tax RuleByMary Whitfill Roeloffs,Forbes Staff. Mary Roeloffs is a Forbes breaking news reporter covering pop culture.Follow AuthorApr 24, 2026, 10:25am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.ToplineEgyptian billionaire Nassef Sawiris has said the London office of his investment firm, NNS Group, will be closed by the end of the month as he completes his exit from the country amid a larger billionaire flight brought by new, unfavorable tax laws. Aston Villa co-owner Nassef Sawiris.PA Images via Getty ImagesKey FactsNNS group has submitted final paperwork indicating its London entity will be closed by the end of April, one year after the firm first started the process of dissolving and Sawiris moved his personal residence from the U.K. to Italy and Abu Dhabi.The company relocated its main office to Abu Dhabi in 2024, a few months before Sawiris resigned as a director from the London branch, to further the development and growth of its portfolio in the United Arab Emirates. Sawiris is now a resident of Italy, which has one of most attractive tax policies in Europe for the ultra-wealthy, and billionaire-friendly Abu Dhabi after the United Kingdom abolished its non-domicile tax status, which allowed non-citizen residents to only pay British taxes on the money they earned in the country, instead of their global earnings.While he's one of a handful of billionaires to have left the U.K. due to the end of the wealth-friendly tax policy, Sawiris’s exit is especially notable because of his longstanding ties to the country: he established his family office branch there a decade ago, purchased the Aston Villa Football Club in 2018 and that same year created a UK foundation in 2018 that has since distributed more than $60 million (£45 million) to charities around the country. if (!window.cnxel...