From Los Angeles Business Journal · Christina Chkarboul · · 1m 50s
Wealthiest Angelenos: A Wealth of Uncertainty
California's proposed 5% wealth tax sparks billionaire exodus as election nears.
In brief
California's proposed 5% wealth tax sparks billionaire exodus as election nears. California's proposed 5% wealth tax could trigger billionaire migration to low-tax states before November election. Originally reported by Los Angeles Business Journal.
California's proposed 5% wealth tax
California's proposed 5% wealth tax tests billionaires' ties to the state as November election approaches.
Billionaires face tax flight risks
Seven of California's 220-some billionaires relocated ahead of Jan 1 2026 tax snapshot date.
Tax consultant predicts widespread movement
David Lesperance says seven clients with $1.3 trillion fortune moved to low-tax states like Nevada and Florida.
Billionaire exodus details
Peter Thiel relocated to South Florida in late 2025 and moved family to Buenos Aires.
Uber co-founder moves to Texas
Travis Kalanick left Los Angeles for Houston on December 18 citing tax snapshot date.
Film director relocates to New York
Steven Spielberg swapped Pacific Palisades estate for New York City co-op on Upper West Side.
Car loan magnate moves to Nevada
Don Hankey relocated to Nevada after hearing about California's proposed wealth tax.
Tech leaders oppose tax
Nvidia CEO Jensen Huang says he is 'perfectly fine' with $8 billion tax bill.
Billionaires consider tax restructuring
Many billionaires moved property into personal names or sold assets to lower tax bill.
Economist warns of long-term impact
UC Berkeley professor Enrico Moretti says California could lose future entrepreneurs due to tax.
Billionaires' tax strategy
Private wealth attorney Laura Zwicker says many clients are averse to changing lifestyle to minimize tax.
Billionaire tax debate intensifies
California's proposed wealth tax faces opposition from tech executives raising $200 million.
Billionaires stay in California
Dozen billionaires advised by Laura Zwicker resolved to remain in California and pay tax.
What happens next
California's wealth tax faces November 3 ballot decision as billionaire migration continues.
The main idea
California's proposed 5% wealth tax could trigger billionaire migration to low-tax states before November election.
