California has 200-plus billionaires who the proposed Wealth tax could hit: Full list

California’s lawmakers are advancing the Billionaire Tax Act which could impose a one-time 5% levy on residents worth over $1 billion. If the measure secures enough signatures, it will appear on the November 2026 ballot. If the California wealth tax gets approved then a tax would apply retroactively to residents as of January 1, 2026. Attorney’s for wealth clines have warned Governor Gavin Newsom that the Billionaire wealth tax proposal could lead to an ‘exodus of capital and innovation’ from the state.According to Forbes data compiled by Americans for Tax Fairness and reported by Business Insider, as of January 2026, around 214 to 241 billionaires live in California. Which is more than any other US state. Tech leaders dominate the list, including Larry Page, Sergey Brin, Mark Zuckerberg, Jensen Huang, Eric Schmidt, and Elon Musk, alongside figures from real estate, entertainment, and finance.Due to the California Wealth tax Larry Page and Sergy Brin have moved entities out of California ahead of the deadline. On the other hand, Nvidia CEO Jensen Hunag is all ok with the tax. However, Palmer Luckey the founder of Andruil, has warned that this tax would force companies to “pivot into profit obsession over mission or long‑term sustainability.”