Billionaires are fleeing California for Florida ahead of the proposed wealth tax
- Jake Nicholas
- 22 hours ago
- 2 min read
Billionaires long anchored in California’s tech and finance hubs are increasingly packing up and setting roots in Florida as a controversial wealth tax looms over Silicon Valley’s richest residents — transforming the Sunshine State into the next epicenter of ultra-high-net-worth activity.
What began as chatter among advisors and executives has quickly turned tangible. A proposed one-time, 5% wealth tax — targeting individuals with net worths above $1 billion in California — has not yet qualified for the November 2026 ballot, but its mere threat has already sent shockwaves through billionaire circles.
At the forefront is Google co-founder Larry Page, who has strategically shifted numerous business entities out of California and repositioned others in Florida, Delaware, and Nevada. Documents show several of his ventures now list Florida addresses, signaling a preemptive dash to protect wealth and operational flexibility.
Page’s relocation is underscored by high-profile property buys, most notably two Miami beachfront estates totaling $173.4 million, signaling that Florida isn’t just a tax haven but a preferred lifestyle and strategic base for the ultra-wealthy. Other notable billionaires are following suit: WhatsApp co-founder Jan Koum, Netflix founder Reed Hastings, and Google co-founder Sergey Brin have been linked to Miami’s booming luxury market, while tech investor Peter Thiel has expanded his presence there, opening a new office in Wynwood.
Financial advisers and real-estate brokers report a noticeable uptick in California billionaires touring and acquiring trophy homes in South Florida, with red-state tax environments and no personal income tax drawing fresh interest from wealth holders reevaluating long-term residency.
The broader business implications are stark. With an estimated ~200 billionaires historically resident in California — more than any other U.S. state — a shift of even a minority of that cohort could reshape where capital, jobs, and innovation hubs grow across the country.
