California Billionaires Exodus: Why They’re Leaving
- A proposed tax on California's wealthiest residents is leading to an exodus of billionaires from the state, reversing a historical pattern of migration.
- the California Billionaire Tax Act proposes a one-time tax of 5% on the net worth of California residents with a net worth exceeding $1 billion.
- Several high-profile individuals have publicly announced or reportedly undertaken moves out of California.
California Billionaire Tax Prompts Wealthy Residents to Relocate
A proposed tax on California’s wealthiest residents is leading to an exodus of billionaires from the state, reversing a historical pattern of migration.
Details of the Proposed Tax
the California Billionaire Tax Act proposes a one-time tax of 5% on the net worth of California residents with a net worth exceeding $1 billion. The tax applies to individuals residing in California as of January 1, 2026, prompting significant relocation activity in 2025 among the approximately 200 wealthiest households in the state. The measure aims to capture wealth that currently avoids ongoing taxation.
Notable Relocations
Several high-profile individuals have publicly announced or reportedly undertaken moves out of California. These include:
- Lynsi Snyder: Owner and heiress of In-n-Out Burger, relocated in 2025.
- Peter Thiel: PayPal co-founder and conservative donor.
- David Sacks: Venture Capitalist and co-founder of Craft Ventures.
- Larry Page: Google co-founder, purchased $173 million worth of waterfront property in Miami’s Coconut Grove.
These moves suggest a shift in where the wealthiest Americans choose to reside, potentially impacting California’s tax base and economic landscape.