Potential Impact of California's Billionaire Wealth Tax on its 200-Plus Wealthiest Individuals

California hosts a multitude of billionaires, exceeding the count in any other state and surpassing numerous countries. A proposed levy targeting these affluent residents might generate substantial revenue, assuming they remain residents.

According to the Billionaire Tax proposal, Californians with a net worth exceeding $1 billion would be subject to a one-time levy amounting to 5% of their total assets.

Should the proposal garner sufficient backing through signatures, it will be presented for voting in November. If approved, this tax will be retroactively applied to billionaires residing in California as of January 1st. The tax obligation is set for 2027, with an option to disperse payments over five years, including interest.

The concept has stirred intense debate among legislators and business figures.

Last month, sources indicated to Business Insider that co-founders of Google, Larry Page and Sergey Brin, relocated certain business affiliations from California just before the deadline.

Jensen Huang, CEO of Nvidia and a billionaire himself, expressed no opposition to the tax. Meanwhile, Palmer Luckey, founder of Anduril, a defense tech startup, voiced concerns that it could compel companies to focus solely on profit rather than their core missions or long-term goals.

Opponents of the tax caution that it may drive the wealthiest Californians to leave, potentially damaging the state's economy.

As of the beginning of the year, California was home to 214 billionaires, based on Forbes' data collected by Americans for Tax Fairness, an organization that supports increased taxation.

The list below includes all billionaires in California. Names marked with an asterisk have recently relocated some of their business operations beyond state lines.