- Nassef Sawiris, Egyptian billionaire, relocates from the UK to Italy amid rising taxes.
- Sawiris’ move is part of a broader trend of wealthy individuals fleeing the UK due to economic pressures.
- As a key investor in Aston Villa and OCI NV, Sawiris’ shift reflects broader changes among the global elite.
Nassef Sawiris
What happened? Nassef Sawiris, Egyptian billionaire, has left the United Kingdom (UK).
The billionaire who holds a stake in the Premier League’s Aston Villa football club has moved to Italy having previously lived in the UK.
Why does this matter? This move comes amid an upheaval among the wealthy elite in Britain, following lawmakers imposing restrictions on privileges for living in the country.
The wealthy in the UK have been hit with a series of challenges to their finances. This ranges from higher taxes on inherited assets and offshore wealth to levies on private school fees.
Simultaneously, Britain has long been politically stable but this has declined in recent years after Brexit and 6 different prime ministers in 10 years.
Fleeing the UK This shift has led many wealthy individuals to flee to alternative destinations. This ranges from the Middle East to Singapore to Italy which offers new residents tax breaks on overseas earnings in exchange for EUR 200 thousand (USD 216K) annual payment.
In late November 2024. Nassef Sawiris resigned as director from the London branch of his family office, NNS Group. The group had registered in Abu Dhabi about four months prior to his resignation.
Who is Nassef Sawiris? He is an economics graduate from the University of Chicago and one of the three billionaire Sawiris siblings. Their collective wealth comes from the Orascom group founded by their late father, Onsi Sawiris.
Sawiris joined the family business over four decades ago and currently runs “OCI NV.” It is an Amsterdam-based fertilizer company that the Orascom Group spun off from its construction division in 2015.
Nassef Sawiris settled in the UK more than a decade ago and established a branch of his family’s business in London in 2016. Furthermore, his investments in the UK range from football to charity.
These investments include:
- Buying Aston Villa Football Club with Wes Edens for about EUR 30 million (USD 39M)
- Established a charitable foundation in the UK in 2018, donating more than EUR 45 million to support its activities
- Stakes in Adidas and Madison Square Garden Sports
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