Tech Billionaires Relocated Away From California
As California voters weigh a wealth tax, high-net-worth residents are shifting primary residences to other states.
Updated on Oct. 14, 2026 in Financial Planning
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Google cofounders Larry Page and Sergey Brin have moved their residences out of California to Florida and Nevada. This exodus of high-net-worth individuals occurs as California residents prepare to vote on a proposed billionaire wealth tax in November 2026.
Why it matters
The migration of the state's wealthiest residents follows the introduction of tax policy changes that could impact large asset holdings. As these individuals establish new homes in other states, it highlights a shifting landscape for high-net-worth financial and tax planning.
California is home to 255 billionaires with a combined net worth of $1.87 trillion. Larry Page, with a fortune of $288 billion, and Sergey Brin, with $265 billion, are the two wealthiest people in the state.
The players
Larry Page
Google cofounder and formerly California's wealthiest resident with an estimated fortune of $288 billion.
Sergey Brin
Google cofounder who holds an estimated $265 billion fortune and has spent over $100 million opposing state wealth taxes.
Mark Zuckerberg
Current wealthiest California resident with a $246 billion net worth whose future residency status remains a subject of speculation.
The details
Billionaires establish new tax residences by purchasing homes in jurisdictions outside of California. Larry Page invested $173 million in two Miami properties, while Sergey Brin spent $42 million on a home in Nevada. Additionally, Brin spent over $100 million in the past year alone to oppose the state wealth tax proposal.
Timeline
2020: Alex Karp moved Palantir headquarters to Colorado.
2022: Brad Smith moved from Silicon Valley to West Virginia.
2023: Larry Ellison changed his voter registration to Florida.
October 9, 2026: Forbes locked in net worth figures for state rankings.
November 2026: California voters will decide on a billionaire wealth tax.
Money Landscape
The relocation of high-net-worth individuals reflects an evolving response to the proposed California billionaire wealth tax. This trend follows earlier moves by tech leaders toward states with different tax structures.
High-net-worth households often review residency status when facing significant state-level tax proposals. Consult with a qualified tax professional to understand how state-specific legislative changes might influence your long-term financial and tax strategy.
The takeaway
Tax policy proposals can significantly influence the residency decisions of the wealthiest households. Readers should review their current state tax exposure and monitor legislative developments that could alter the financial landscape for their specific asset classes.
What happens next
California voters are scheduled to vote on the billionaire wealth tax in November 2026.
Further reading
For more on managing residency shifts and tax obligations, visit Financial Planning.
Source note: This article includes information reported by Forbes.
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