The billionaire exodus from the West Coast to Florida is underway as the ultra-wealthy seek refuge from wealth taxes in states like California and Washington.
The bill, which would reportedly affect about 200 people, aims to collect $100 billion in revenue that would go toward funding health care, education, and food assistance. To get on the ballot in November, the proposal needs to collect 875,000 signatures from California residents by June. Once on the ballot, a simple majority in the November elections would make the effort pass and amend the state’s constitution to put it into place.
But not everyone is on board. Many wealthy individuals in California have come out against the tax, including Brin, who donated $20 million to a political action committee running three counter “spoiler” measures which if approved by voters would potentially weaken or yield legal challenges to the billionaire tax if it passes as well. Thiel also donated $3 million to the California Business Roundtable, a group opposing the billionaire tax.
Some of the reasons for the billionaires’ departure is the attractiveness of Florida’s low taxes as well as its nice weather. The state has no income tax and no capital gains tax, and Miami in particular has branded itself as a business-friendly alternative to high-tax cities in California and elsewhere. The billionaires who have moved to Florida can also easily afford to buy in the state’s most exclusive areas and secure increasingly pricey waterfront properties.
Miami, especially, is one of the most expensive luxury markets in the U.S. In 2025, more ultraluxury homes sold in Miami, according to the New York Times. While the median home price in Miami fell about 7% to $610,000 in March, at the ultra-high end range, demand is growing. Five years ago no home in Miami sold for $50 million, but in 2025, sales in this range made up 7% of the market, the Times reported.
The 5,500 square foot property has five bedrooms, a rooftop terrace, and an oceanfront cabana, according to the Journal.
