Full Breakdown
Egyptian Billionaire Nassef Sawiris Closes London Family Office, Completing UK Exit After Non-Dom Tax Abolition
4/25/2026, 9:28:54 PM
London Office Closure Marks End of Sawiris’s UK Presence
Nassef Sawiris’s investment firm NNS Group filed final paperwork to dissolve its London entity, NNS Advisers, by the end of April 2026. The closure ends a year-long wind-down that began after Sawiris moved his personal residence to Italy and relocated the firm’s primary base to Abu Dhabi in 2024. The London office had managed an estimated $2.5 billion-$5 billion in assets from its Mayfair headquarters.
Background: Abolition of the Non-Dom Tax Status
For two centuries the United Kingdom offered a “non-domicile” (non-dom) tax regime that allowed foreign high-net-worth residents to pay UK tax only on income earned within the country. The reform, which took full effect on 6 April 2026, removed this exemption, exposing worldwide earnings to UK taxation. Sawiris, who had benefited from non-dom status for over a decade, cited the change as the decisive factor in his relocation.
Timeline of Sawiris’s Exit
- 2016 – Sawiris founded NNS Advisers in London.
- July 2024 – Registered NNS Group in the Abu Dhabi Global Market.
- Nov 2024 – Resigned as director of the London branch.
- Early 2025 – Changed personal residency to Italy.
- April 2026 – Closed the London office, completing the exit.
Financial Scope and Tax Comparison
Sawiris’s net worth is estimated at $9.3 billion. Italy imposes a flat annual levy of €200,000 regardless of global income, which Sawiris described as “a fraction of what the UK’s reformed tax treatment would cost.” By contrast, the new UK rules would subject his worldwide portfolio to standard rates, substantially increasing his annual tax bill.
Broader Implications for the United Kingdom
Sawiris’s departure illustrates a wider trend. Henley & Partners reported that the UK experienced the largest outflow of wealthy individuals globally in 2025, with more than 16,000 millionaires leaving the country, and that the millionaire population has declined by roughly 9 % over the past decade. Competing jurisdictions—particularly the United Arab Emirates, Italy, Switzerland, and the United States—are attracting displaced capital through lower tax rates and stable regulatory environments.
Official Statements & Responses
Sawiris criticized the UK government, stating the Conservative administration had shown “years of incompetence” on tax policy. No formal response from UK officials appears in the available sources.
Criticism & Opposition
Sawiris’s remarks constitute direct criticism of the tax reform. The exits of other ultra-wealthy individuals—such as steel magnate Lakshmi Mittal, shipping billionaire John Fredriksen, and investor Christian Angermayer—reinforce the perception that the new regime is unattractive to foreign capital.
Conflicting Reports & Gaps
Sources differ on the exact assets under management by NNS Advisers, citing a range of $2.5 billion to $5 billion. Precise calculations of the tax liability Sawiris would face under the reformed UK system are not disclosed.
Verbatim Quotes
- “years of incompetence” — Nassef Sawiris, on the UK Conservative government’s tax policy.
- “The shift underscores intensifying competition among countries to attract and retain the world’s richest individuals—an increasingly decisive factor in global investment flows.” — Analyst, Arbiterz.
- “According to Henley & Partners, the UK experienced the largest outflow of wealthy individuals globally in 2025, with more than 16,000 millionaires leaving the country.” — Henley & Partners.
- “Over the past decade, the UK’s millionaire population has declined by roughly 9%.” — Henley & Partners.
- “He moved to Italy, where the alternative is a flat annual levy of €200,000 ($220,500) regardless of global income and asset base.” — Source on Italy’s tax regime.
What’s Next
Sawiris’s investment activities will now be coordinated from Abu Dhabi and Italy. Observers expect further scrutiny of the UK’s high-net-worth tax policy and potential adjustments to retain capital, while other jurisdictions may continue to market their tax advantages to displaced investors.
