Billionaire Wealth Tax Qualifies For California's November 3rd Ballot, With Polls Showing Widespread Support

California voters will decide in November whether to impose a one-time 5% tax on the net worth of the state's roughly 200 billionaires as part of the 2026 Billionaire Tax Act. The measure, which qualified for the ballot after supporters submitted more than 1.55 million signatures-nearly double the required threshold-cleared verification by the Secretary of State and is set for certification on June 25.

The initiative would levy the tax on California residents with a net worth of $1 billion or more as of December 31, 2026, with payments spread over five years at 1% annually plus a small deferral charge.

Proponents estimate it would raise approximately $100 billion over five years, directing about 90% to Medi-Cal healthcare programs and the remainder to public K-14 education and state food assistance.

The tax applies to worldwide net worth, excluding directly held real estate, pensions, and retirement accounts, but includes business-held property.

Backed by groups including SEIU United Healthcare Workers West, the measure is framed as a response to federal funding cuts threatening healthcare and social services. Supporters argue it targets extreme wealth accumulated with help from state infrastructure without burdening the middle class.

Critics, including some tech leaders and Governor Gavin Newsom, have warned that the tax could accelerate wealthy residents' departures, potentially eroding the state's tax base. California's top 1% already pay a large share of personal income tax revenue. Legal challenges are expected if the measure passes.

California currently has approximately 200–250 billionaires, according to recent estimates as of mid-2026.

Forbes data and related analyses from early 2026 placed the number at around 213–246, with collective wealth exceeding $2 trillion (making California home to the most billionaires of any U.S. state, concentrated heavily in tech). A real-time tracker based on Forbes data showed 252 as of mid-June 2026. Figures fluctuate with market valuations, new entrants, and residency changes.

Only a small number-primarily six high-profile billionaires-appear to have fully or significantly left the state in response to the proposed wealth tax and other factors.

These include Google co-founders Larry Page and Sergey Brin, PayPal co-founder Peter Thiel, former Uber CEO Travis Kalanick, and a couple of others (with some reports also noting moves or reduced ties by figures like Oracle's Larry Ellison). These departures are tied to the January 1, 2026, residency cutoff for the proposed tax and have been estimated to remove roughly $500 billion (or less, depending on the source) in associated wealth and about $27 billion in potential tax revenue from the initiative.

Many reports describe these as high-profile but limited cases rather than a mass exodus. Broader wealthy migration from California (including high-net-worth individuals) continues due to taxes, housing costs, and regulations, but the vast majority of the state's billionaires remain. Some accounts note business entity moves or property purchases elsewhere (e.g., Florida) without confirmed full residency changes for all mentioned individuals.

Data comes from Forbes lists, Oxfam analyses, and news reports tracking residency filings and public moves; exact counts can vary by methodology and timing.