Billionaires bolt for Florida and take $29B in tax revenue
West Coast billionaires are relocating to Florida to dodge proposed wealth taxes in California and Washington, and Fortune estimates the exodus could cost those states roughly $29 billion in tax revenue. As billionaires bolt for Florida, Google cofounders Larry Page and Sergey Brin raced to leave before a Jan. 1, 2026 residency deadline tied to California's proposed 5% billionaire levy. Both tech founders have since purchased property in the Sunshine State as the migration accelerates.
Key Takeaways
- Fortune reports a billionaire exodus from California and Washington to Florida driven by proposed wealth taxes.
- Google's Larry Page and Sergey Brin left California before Jan. 1, 2026 and purchased Florida property.
- California's proposed Billionaire Tax Act would impose a one-time 5% levy on billionaire net worth.
- Fortune calculates that early departures alone could strip roughly $29 billion from West Coast tax bases.
- Meta CEO Mark Zuckerberg, Howard Schultz, Jeff Bezos, Peter Thiel, and Larry Ellison have also moved toward Florida.
Why are billionaires leaving the West Coast for Florida?
The billionaire exodus from the West Coast to Florida is underway as the ultrawealthy seek refuge from wealth taxes in states like California and Washington, according to Fortune.
California's proposed Billionaire Tax Act would charge residents worth more than $1 billion a one-time tax equal to 5% of their total net worth if they lived in the state after Jan. 1, 2026. Supporters projected the measure could raise about $100 billion.
Washington has added pressure of its own. Gov. Bob Ferguson signed a high-earners income tax charging 9.9% on personal income above $1 million annually, aimed at generating $3 billion to $4 billion per year.
Which billionaires have already bought property in Florida?
Google cofounders Larry Page (net worth $295 billion) and Sergey Brin (net worth $275 billion) rushed to leave California last year before the Jan. 1 deadline. Both have purchased property in Florida.
Former Starbucks CEO Howard Schultz, whose net worth is $3.4 billion, and Meta CEO Mark Zuckerberg, worth $198 billion, also bought property in the Sunshine State. Amazon founder Jeff Bezos, PayPal cofounder Peter Thiel, Citadel founder Ken Griffin, and Oracle cofounder Larry Ellison have bought Florida property or shifted company operations there in recent years.
For more on how tax policy reshapes fortunes, see our Net Worth & Wealth coverage.
How much tax revenue could West Coast states lose?
Fortune's headline figure puts the combined tax hit at about $29 billion as billionaires bolt for Florida. A separate Fortune calculation focused on California's proposed levy suggests Page alone could owe roughly $13 billion under the 5% metric, Brin about $12 billion, and departures by Uber cofounder Travis Kalanick (to Texas) and Thiel add another $1 billion or so.
That back-of-the-envelope total of roughly $26 billion represents about one-fourth of the $100 billion the California measure hoped to collect. With Page and Brin gone before the deadline, analysts warn the tax could fall far short of its revenue target even if voters approve it.
What does this mean for Florida's economy?
Florida offers no state income tax, making it a magnet for founders who can establish residency by purchasing luxury homes. The rush has fueled demand for high-end real estate in Miami and across the state.
The migration underscores a broader pattern: when states target billionaire wealth, some of the richest taxpayers respond by moving — and taking billions in future tax revenue with them.