Thats something in bloomberg today about nassef that doesnt allow me to read about him leaving the uk today due to tax changes.
Heres the link
https://www.bloomberg.com/news/articles/2025-01-08/aston-villa-fc-billionaire-owner-nassef-sawiris-mulls-uk-exit-over-taxes
Billionaire Owner of Aston Villa FC Considers UK Exit Over Tax Drama
Egyptian businessman Nassef Sawiris said to weigh relocation
His family office NNS Group registered in Abu Dhabi last year
Nassef Sawiris
In this Article
adidas AG
By Benjamin Stupples and Pamela Barbaglia
8 January 2025 at 07:00 GMT
Nassef Sawiris has accumulated all the trappings of Britain’s super-rich: a stake in a Premier League football club, a team managing his fortune in Mayfair and a global portfolio of luxury homes.
But the Egyptian billionaire, 63, may not be among the UK’s wealthiest residents for much longer. Amid the tax changes and political drama that have gripped the nation over recent years, he’s now considering exiting Britain, according to people familiar with the matter.
Sawiris has looked into the US and other European countries as possible destinations for relocation, the people said, asking not to be identified discussing a private matter. The plans are still tentative and may change, they said.
Filings show he resigned in late November as a director from the London branch of his family office, NNS Group, which registered in Abu Dhabi back in July. It’s not clear if the UAE is among the locations abroad he is considering.
The deliberations underscore growing unease among well-heeled residents at UK Chancellor Rachel Reeves’s attempts to raise taxes and end favorable fiscal regimes to plug what she terms as a £40 billion ($50 billion) economic hole.
A representative for Sawiris — Egypt’s richest person with a net worth of about $8.8 billion, according to the Bloomberg Billionaires Index — declined to comment.
Wealthy individuals in the UK are grappling with a raft of changes hitting their finances, from higher taxes on inherited assets and offshore wealth to levies on private school fees. Meanwhile, Britain’s long-held reputation for legal and political stability has taken a hit in recent years after Brexit and the chop-and-change of six different Prime Ministers within the past decade.
Read more: UK’s Super-Rich Are Facing a Charm Offensive to Quit Britain
That shifting landscape is prompting many wealthy investors and executives to consider alternative destinations to the UK, ranging from Switzerland and Italy to the Middle East and Singapore.
British real estate investor Asif Aziz said last month he was moving to Abu Dhabi. German tech investor Christian Angermayer quit Britain last year in favor of Switzerland. And British hedge fund billionaire Alan Howard has recently explored a move to Geneva from the English capital.
Where the World's Wealthy Are Moving
Net number of millionaires expected to arrive or leave in 2024
Source: Henley & Partners, New World Wealth
Note: Millionaire defined as an individual with liquid wealth exceeding $1 million
Sawiris, a University of Chicago economics graduate, is one of three billionaire brothers whose fortunes are rooted in the Orascom conglomerate set up by their late father Onsi. He joined the family business more than four decades ago and now runs OCI NV, an Amsterdam-based fertilizer giant that spun out the Egyptian conglomerate’s construction division during 2015.
Sawiris — a Belgian, Egyptian and UAE citizen – laid down roots in the UK more than a decade ago. He ramped up his investments in the nation in 2018 when he acquired Aston Villa Football Club with Fortress Investment Group billionaire Wes Edens for about £30 million.
His UK charitable foundation was established in late 2018 and he’s donated more than £45 million to help fund its activities, spanning grants to London churches, UK medical research and a foundation established by British singer-songwriter Joss Stone, according to local registry filings.
Other investments include stakes in German sportswear group Adidas AG and Madison Square Garden Sports Corp., the holding company that owns the New York Knicks and Rangers.
He was also appointed last month, along with Blackstone Inc.’s Jon Gray, to the board of XRG, a new company created by Abu Dhabi’s national oil company Adnoc to invest in global energy assets.
Read more:
Alan Howard, General Atlantic Send London a Warning on Tax
‘A Huge Mistake’: Angermayer Slams UK Wealth Tax Plan After Exit
UK Ultra-Rich Make Final Plea to Labour Ahead of Budget Showdown
OCBC’s Wealth Arm Taps UK Flows to Singapore as Rich Flee Taxes
— With assistance from Ben Bartenstein
