Billionaire Mohamed Mansour Relocates Residence from Britain to Egypt

Egyptian billionaire Mohamed Mansour, one of the most prominent donors to Britain’s Conservative Party in recent years, has moved his primary residence from the United Kingdom to Egypt, according to official filings, marking another high-profile departure as tougher tax rules reshape Britain’s relationship with wealthy residents.

Records indicate that Mansour, 77, now resides in his country of origin after having lived in the UK since at least 2016. The move comes against the backdrop of sweeping reforms targeting so-called “non-domiciled” residents, individuals who live in Britain but are taxed differently on foreign income. A representative for Mansour did not immediately respond to a request for comment.

Mansour, a leading figure in one of Egypt’s wealthiest business families, donated £5 million ($6.7 million) to the Conservative Party in 2023 after being appointed its senior treasurer, making him the party’s largest donor in more than a decade. His relocation underscores a broader trend of wealthy individuals reassessing their ties to the UK as fiscal policies become less accommodating.

While the precise motivation behind Mansour’s decision remains unclear, his move coincides with a growing outflow of billionaires and affluent families from the UK. In March 2024, the then-Conservative government tightened tax rules by requiring non-domiciled residents to pay tax on overseas income after four years of UK residency, a sharp reduction from the previous allowance of more than a decade.

The Labour government under Prime Minister Keir Starmer has since gone further, pledging to abolish inheritance tax exemptions on assets held in offshore trusts, a move that has heightened concerns among global investors and long-term foreign residents.

Low-tax jurisdictions such as Monaco and the United Arab Emirates have emerged as popular destinations for those leaving Britain. Others, however, have followed a path similar to Mansour’s by returning to their home countries. Danish billionaire Troels Holch Povlsen, founder of fashion group Bestseller, shifted his residence back to Denmark, while Frédéric de Mévius, an heir to brewing giant AB InBev, returned to Belgium.

Mansour was previously ranked among London’s wealthiest residents and managed his international operations from an office in the city’s upscale Mayfair district. An early investor in technology giants such as Airbnb and Spotify, he built a reputation as a globally connected financier with interests spanning multiple continents.

The Mansour Group, which he chairs, was founded in 1952 as a cotton exporter and has since evolved into a diversified conglomerate with operations in real estate, consumer goods, manufacturing, and heavy equipment. The group is notably one of the world’s largest distributors of Caterpillar machinery.

In late 2022, then–Prime Minister Rishi Sunak appointed Mansour as the Conservative Party’s senior treasurer, placing him at the center of the party’s fundraising and financial oversight. His substantial donations the following year reinforced his influence within British political circles.

Last year, Mansour was knighted in recognition of his contributions to business, philanthropy, and public service, an honor that highlighted his longstanding ties to the UK, even as shifting tax policies appear to have prompted a reassessment of where those ties should be anchored.

As Britain presses ahead with reforms aimed at increasing tax fairness, Mansour’s departure adds to mounting questions about the long-term impact of those policies on the country’s appeal to global wealth.