Table of Contents
Key Points
- Nassef Sawiris, Egypt’s richest person, is reportedly considering leaving the UK due to sweeping tax reforms under the Labour government.
- The UK’s largest tax hikes since 1993, including higher social security and inheritance taxes, are driving affluent individuals to relocate abroad.
- From 2017 to 2023, the UK lost 16,500 millionaires to migration; preliminary 2024 estimates predict a further net outflow of 9,500.
Egypt’s richest person, Nassef Sawiris, is reportedly considering leaving the UK due to sweeping tax reforms introduced under the ruling Labour government.
This potential move follows his earlier decision to relocate his family office to Abu Dhabi, the capital of the United Arab Emirates (UAE), in December 2023.
Sawiris’s departure would mark another chapter in his gradual disengagement from the UK, as tax policies continue to drive out high-net-worth individuals.
UK tax concerns prompt billionaire move
The Egyptian billionaire, with an estimated net worth of $7.8 billion according to Forbes, is also weighing the sale of his $160 million stake in Aston Villa Football Club.
Sawiris, who resides in London and frequently attends matches at Villa Park or other venues in the capital, is now exploring relocation options in the United States and Europe.
While his plans remain fluid, the possibility of a move underscores growing concerns among wealthy individuals about the UK's evolving tax landscape.
New UK taxes target foreign wealth
In October, British Finance Minister Rachel Reeves presented a budget featuring the largest tax hikes since 1993.
Key measures include a 1.2 percentage-point increase in businesses' social security contributions, a reduction in the salary threshold for contributions, and the extension of inheritance tax freezes until 2030.
Reeves also announced plans to tax inherited pensions starting in 2027, limit relief for companies and farms, and raise capital gains taxes on most assets, which will generate £2.5 billion ($3.1 billion) annually by 2030.
Perhaps most significantly, the budget seeks to close long-standing tax exemptions for wealthy, often foreign, residents on overseas income—expected to raise £12.7 billion ($16.5 billion) over five years.
These policies have unsettled affluent individuals and businesses alike, accelerating an exodus of wealth from the UK.
According to Henley & Partners, the UK has historically been a magnet for millionaires, attracting families from Europe, Africa, Asia, and the Middle East.
However, this trend began reversing over the past decade, particularly post-Brexit. From 2017 to 2023, the UK experienced a net loss of 16,500 millionaires to migration.
Preliminary estimates for 2024 predict a further net outflow of 9,500 millionaires, with destinations such as Paris, Dubai, Amsterdam, Monaco, and Geneva gaining prominence among the wealthy.
Wealth exodus threatens UK status
Nassef Sawiris’s decision to relocate his family office to Abu Dhabi reflects a broader trend among the global elite.
He has also redomiciled his private investment company, NNS Group, to Abu Dhabi Global Market (ADGM), the city-state’s international financial hub. From this base, NNS Group focuses on building stakes in companies across Europe, the Middle East, and North America.
Since acquiring a 55 percent controlling stake in Aston Villa alongside fellow billionaire Wes Edens in 2018, Sawiris has played a pivotal role in the club’s resurgence.
However, as private wealth continues to exit the UK, the nation risks losing its status as a global hub for the affluent.
