Egyptian billionaires Nassef Sawiris and Mohamed Mansour join UK exodus

Egyptian billionaires Nassef Sawiris and Mohamed Mansour are among the super-rich who have left Britain over the past two years, part of an exodus that Bloomberg calculates involves fortunes worth a combined $160 billion.

The figure, published by Bloomberg on Sunday using data from the Bloomberg Billionaires Index, is the total wealth of people on the index who have loosened or cut their ties with the UK during that period. It is the first time the amount of money behind the departures has been measured.

Sawiris left for Italy and the United Arab Emirates, while Mansour moved back to Egypt. About half of the group left Britain before April 2025, when Chancellor Rachel Reeves abolished the non-domicile tax regime.

The end of non-dom status

The non-dom rules had allowed wealthy residents to pay UK tax only on money they earned or brought into Britain. The government has also raised taxes on inherited assets and on profits from private market deals. Government data cited by Bloomberg show that the top 1% of earners pay about 27% of the UK's income tax.

Sawiris made his move official more than a year ago. In April 2025, registry filings listed the co-owner of Premier League club Aston Villa as living in Italy, after he had previously given his residence as the UK. He told the Financial Times at the time that the Labour government was not to blame. "You can't blame Labour," he said. "This was all in the making for 10 years of incompetence by the most left-leaning Conservative party in history."

He has since completed his exit. In April this year, he formally closed NNS Advisers, his London family office, which managed an estimated $2.5 billion to $5 billion from Mayfair. His investment group, NNS, had already moved its main base to Abu Dhabi in 2024.

Sawiris is Egypt's richest person. Forbes estimated his fortune at $8.5 billion in January, built on Orascom Construction, fertilizer maker OCI and investments in companies including Adidas.

A former minister and party treasurer

Mansour's departure is notable because of his close ties to British politics. The chairman of the Mansour Group, one of Egypt's largest family conglomerates, served as senior treasurer of the Conservative Party. He was earlier Egypt's transport minister. His family's group spans car distribution, including General Motors and Caterpillar dealerships, consumer goods and investments.

Forbes estimated Mansour's fortune at about $3.4 billion in 2025.

The two Egyptians are part of a wider wave. Hedge fund billionaire Chris Rokos is moving his tax residence to Greece, and property investor David Reuben, who shares second place on the Sunday Times Rich List with his brother, moved to Monaco this summer.