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A controversial 5% wealth tax could cost California’s 246 billionaires anywhere from $50 million to $13 billion each. Whatever the final number, many of the state’s richest and most famous residents are already planning their next moves, reports Forbes.

The proposal, spearheaded by the Service Employees International Union — United Healthcare Workers West and first introduced in October, must gather 875,000 valid signatures by June to qualify for next year’s ballot. After that, the measure is expected to face legal challenges and an intense political battle.

Some of California’s ultra-wealthy are already taking action. Oracle co-founder Larry Ellison owns over $1 billion in property, including an island in Hawaii and a waterfront estate in Manalapan, Florida. In December, he sold his Pacific Palisades home for $45 million, potentially linked to the January 1, 2026, residency deadline for the prospective billionaire tax.

Google co-founder Larry Page spent $173.5 million on two Miami properties in December, almost at the last minute to establish residency. More than 45 companies tied to Page have filed for liquidation or relocation in recent weeks, according to a New York Times analysis.

Peter Thiel’s investment firm, Thiel Capital, opened a Miami office on New Year’s Eve, while Thiel himself — a nearly 50-year California resident — donated $3 million to a pro-business lobbying group opposing the tax.

Even some Democrats have criticized the proposal. LinkedIn founder Reid Hoffman called the tax “poorly thought out in many aspects,” noting that a single social media post could expose its “massive flaws.”

Why billionaires are staying in California

Despite complaints and relocations, California remains attractive. Thanks to the AI boom, the state now has a record 246 billionaires, up from 219 in March 2025 — more than any other U.S. state.

Next on the list: New York – 157 billionaires, Florida – 130, Texas – 85. California’s billionaires are collectively worth $2.1 trillion, a 19% increase since March, more than three times the projected tax haul.

The tax’s authors are undeterred. “When the dust settles, academic research consistently shows that very few, if any, actually leave,” says David Gamadg, law professor at the University of Missouri and co-author of the proposal.

Gamadg and colleagues estimate that a tax on California’s 200+ billionaires could raise around $100 billion for the state from 2027 to 2031. Forbes’ analysis yields a similar figure based on net worth as of January 9, 2026.

For a typical California billionaire, the tax would be $145 million, with potential amounts ranging from under $50 million to $13.4 billion. These figures will fluctuate daily with the stock market.

Estimated Billionaire Tax Bills

1. Larry Page

• Net worth: $268.1B

• Estimated tax: $13.4B

• Co-founder of Google and largest Alphabet shareholder. Bought $101.5M waterfront property and $72M adjacent mansion in Miami in December 2025. Over 45 associated companies filed for liquidation or relocation. Still owns two Palo Alto homes worth ~$33M.

2. Sergey Brin

• Net worth: $247.4B

• Estimated tax: $12.4B

• Google co-founder, divorced twice, at least three kids in California. Owns three properties in Los Altos and Malibu (~$57M). Last month, transferred at least 15 associated companies out of California.

3. Mark Zuckerberg

• Net worth: $221.8B

• Estimated tax: $11B

• Facebook/Meta founder, owns Instagram and WhatsApp, heavily invested in AI. With wife, donated $600M+ to California universities and $75M to General Hospital SF. Owns five Palo Alto properties (~$50M) and Lake Tahoe estate ($59M).

4. Jensen Huang

• Net worth: $160B

• Estimated tax: $8B

• Nvidia co-founder, Stanford alum. Declared he won’t fight the tax: “We chose to live in Silicon Valley, so whatever taxes they want to impose — fine.”

5. Peter Thiel

• Net worth: $26B

• Estimated tax: $1.5B

• Co-founder of PayPal, Palantir; major investor. Considering relocation, donated $3M to anti-tax lobbying group. Thiel Capital opened Miami office.

6. Steven Spielberg

• Net worth: $7.1B

• Estimated tax: $350M

• Owner of Amblin Entertainment and DreamWorks, resides in Pacific Palisades, $30M home.

7. George Lucas

• Net worth: $5.3B

• Estimated tax: $250M

• Founder of Lucasfilm, owner of Skywalker Ranch, educational foundation. Real estate holdings ~$125M.

8. Kim Kardashian

• Net worth: $1.9B

• Estimated tax: $90M

• Founder of Skims, owns four California properties, including Malibu mansion ($63M) and Hidden Hills estate.

9. Magic Johnson

• Net worth: $1.5B

• Estimated tax: $75M

• Former Lakers star, owns Magic Johnson Enterprises, two California homes (~$30M).

10. LeBron James

• Net worth: $1.3B

• Estimated tax: $60M

• NBA career points leader, resides in Brentwood, building larger Beverly Hills estate (land purchased $37M).

11. Arnold Schwarzenegger

• Net worth: $1.2B

• Estimated tax: $60M

• Former California governor, owns LA home ($23M) and commercial property ($20M+).

Methodology: Forbes applied a 5% tax to net worth in stocks, private company shares, and personal assets (investment portfolios, art collections, yachts). Primary residences were excluded, but commercial and investment real estate were included. Analysis based on net worth as of January 11, 2026.

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