Several billionaires, including Google cofounders Larry Page and Sergey Brin, have relocated from California to Florida ahead of a proposed California Billionaire Tax Act set to take effect in 2026. The bill would impose a one-time 5% tax on the net worth of billionaires residing in California after January 1, 2026. This migration has involved other notable figures such as Meta CEO Mark Zuckerberg and former Starbucks CEO Howard Schultz, who have purchased property in Florida this year, according to fortune.com.
The migration surge is driven by California’s proposed tax, which aims to raise $100 billion primarily for healthcare, with additional funds for education and food assistance. The bill targets about 200 billionaires and requires a simple majority vote in the November elections to amend the state constitution. Several tech leaders, including Amazon founder Jeff Bezos and Oracle cofounder Larry Ellison, have already moved their operations or homes to Florida in recent years, intensifying the trend.
This billionaire exodus underscores the impact of state-level wealth taxes on ultra-wealthy individuals’ residency decisions. Florida’s lack of a state income tax and favorable tax policies have made it an attractive destination. The proposed California tax, if passed, would represent one of the largest wealth taxes in the U.S., potentially reshaping where billionaires choose to live and pay taxes. The movement also highlights broader debates over taxing the ultra-rich to fund social programs.
The California Billionaire Tax Act will appear on the November ballot, where voters will decide if the state constitution should be amended to impose the 5% net worth tax on billionaires residing in California after January 1, 2026, according to fortune.com.