Key Takeaways
- • Nassef Sawiris, Egyptian billionaire worth billions, is shutting down his London family office (NNS Group) by end of May 2026, completing a voluntary dissolution process initiated a year prior, after relocating to Italy and Abu Dhabi and relinquishing UK residency.
- • The closure reflects broader wealth exodus from the UK driven by recent tax changes, with Sawiris extracting majority equity from the London entity in early 2025 following his resignation as director from the English capital branch.
- • Multiple high-net-worth individuals and private equity executives are reportedly evaluating or executing departures from London to lower-tax jurisdictions including Italy, Dubai, and Abu Dhabi, signaling structural challenges for the UK's private wealth management sector.
- • The family office sector is undergoing evolution amid billionaire departures, with implications for recruitment, asset management capacity, and the competitive positioning of London as a global wealth management hub.
Summary
Nassef Sawiris, the 65-year-old Egyptian billionaire, is completing the shutdown of his London-based family office, NNS Group, as part of a broader trend of ultra-high-net-worth individuals exiting the United Kingdom. According to Bloomberg Tax filings dated April 24, 2026, Sawiris has submitted final notice to wind up the entity by the end of May 2026, concluding a voluntary dissolution process that began approximately one year earlier. The billionaire, now a resident of Italy and Abu Dhabi, extracted most of his equity from the London firm in early 2025 following his resignation as director from the English capital branch.
The closure underscores mounting structural pressures on the UK's private wealth sector stemming from recent tax policy changes. Sawiris's departure joins a documented exodus of high-net-worth individuals and prominent private equity figures reassessing their UK residency. Notable figures reportedly considering or executing similar moves include Rolly van Rappard, cofounder of CVC Capital Partners, and multiple well-heeled executives who have cited tax considerations as primary drivers for relocating to jurisdictions such as Italy and Dubai.
While individual family office closures are occurring, the broader family office sector in the UK is experiencing evolution rather than wholesale collapse. However, the departure of major wealth holders and institutional investors presents tangible recruitment challenges and reduces the asset management base concentrated in London. The combination of tax policy headwinds and the relocation of prominent billionaires to lower-tax jurisdictions has created a pronounced competitive disadvantage for London as a global wealth management destination, according to commentary from private equity and family office professionals responding to the trend.
The closure underscores mounting structural pressures on the UK's private wealth sector stemming from recent tax policy changes. Sawiris's departure joins a documented exodus of high-net-worth individuals and prominent private equity figures reassessing their UK residency. Notable figures reportedly considering or executing similar moves include Rolly van Rappard, cofounder of CVC Capital Partners, and multiple well-heeled executives who have cited tax considerations as primary drivers for relocating to jurisdictions such as Italy and Dubai.
While individual family office closures are occurring, the broader family office sector in the UK is experiencing evolution rather than wholesale collapse. However, the departure of major wealth holders and institutional investors presents tangible recruitment challenges and reduces the asset management base concentrated in London. The combination of tax policy headwinds and the relocation of prominent billionaires to lower-tax jurisdictions has created a pronounced competitive disadvantage for London as a global wealth management destination, according to commentary from private equity and family office professionals responding to the trend.
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