California Billionaires Shift Strategies Amid Proposed Wealth Tax

January 7, 2026 - 23:28

California billionaires, including tech moguls Larry Page and Larry Ellison, are taking significant steps in their business and real estate portfolios in anticipation of a proposed 5% wealth tax targeting assets exceeding $1 billion. This potential tax, aimed at addressing income inequality and funding state programs, has prompted wealthy individuals to reevaluate their financial strategies.

Reports indicate that many billionaires are exploring options to relocate their primary residences or invest in markets outside California, where tax burdens may be more favorable. The proposed wealth tax has sparked a wave of concern among the state’s elite, who fear the implications for their financial futures and the overall business climate in California.

As discussions surrounding the wealth tax continue, the actions of these billionaires reflect a growing trend of wealth preservation and strategic planning. With the possibility of the tax looming, it remains to be seen how these moves will impact California's economy and its status as a hub for innovation and entrepreneurship.