# Wealthiest Angelenos: A Wealth of Uncertainty

> California's proposed 5% wealth tax sparks billionaire exodus as election nears.
- Title: Wealthiest Angelenos: A Wealth of Uncertainty | Shortify
- Summary: California's proposed 5% wealth tax sparks billionaire exodus as election nears. California's proposed 5% wealth tax could trigger billionaire migration to…
- Keywords: california, wealth tax, billionaires, prop 40, nvidia, jensen huang, travis kalanick, steven spielberg, don hankey, in-n-out, larry page, sergey brin
- Source: Los Angeles Business Journal — https://labusinessjournal.com/special-reports/wealthiest-angelenos-a-wealth-of-uncertainty
- Author: Christina Chkarboul
- Published: 2026-10-12T16:10:12+00:00
- Read time: 1 min
- Topics: california, wealth tax, billionaires, prop 40, nvidia, jensen huang, travis kalanick, steven spielberg, don hankey, in-n-out, larry page, sergey brin
## 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.
## Key takeaway

California's proposed 5% wealth tax could trigger billionaire migration to low-tax states before November election.