Billionaires Flee West Coast for Florida, Taking Billions in Tax Revenue

Several of the nation’s richest entrepreneurs, such as Larry Page, Sergey Brin, Howard Schultz, Mark Zuckerberg, Jeff Bezos, Peter Thiel, Ken Griffin and Larry Ellison, have recently purchased homes or shifted business activities to Florida. Their relocations are linked to California’s proposed Billionaire Tax Act, which would impose a one-time 5 % levy on the net worth of billionaires residing in the state after Jan. 1, 2026, aiming to raise $100 billion for health, education and food-assistance programs.

A UC Berkeley poll shows the measure divides likely voters, while many of the targeted billionaires have donated heavily to groups seeking to block or dilute the tax. Washington’s newly enacted high-earners income tax may also be influencing moves, as Bezos and Schultz left Seattle before its passage. Florida’s zero income-tax policy and its booming luxury housing market, especially in Miami’s exclusive neighborhoods, provide a compelling alternative for these high-net-worth individuals.