See which of California's more than 200 billionaires might be affected by the suggested wealth tax

California's Billionaire Wealth Tax Proposal Sparks Debate

California is home to more billionaires than any other state—and even outnumbers most countries in this regard. A newly proposed wealth tax targeting these ultra-rich residents could generate significant revenue, provided they remain in the state.

The Billionaire Tax Act would require Californians with assets exceeding $1 billion to pay a one-time tax equal to 5% of their total wealth.

If the initiative secures enough support, it will be placed on the November ballot. Should voters approve it, the tax would apply retroactively to billionaires residing in California as of January 1. Payment would be due in 2027, with the option to pay over five years, including interest.

This proposal has prompted strong reactions from both political figures and business leaders.

According to Business Insider, Google cofounders Larry Page and Sergey Brin recently relocated some of their business interests out of California, just before the cutoff date.

Jensen Huang, CEO of Nvidia, expressed that he has no objections to the tax. In contrast, Palmer Luckey, the billionaire founder of defense technology company Anduril, argued that such a measure would push companies to prioritize profits over their mission or long-term goals.

Opponents warn that the tax could drive wealthy individuals to leave California, potentially harming the state's economy.

As of January 1, there were 214 billionaires living in California, based on Forbes data compiled by Americans for Tax Fairness, an organization that supports higher taxes on the wealthy.

California's Billionaires

Below is a comprehensive list of billionaires residing in California. Those whose names are marked with an asterisk have recently moved at least some of their business operations out of the state.