Proposed California wealth tax drives billionaire exodus to Florida real estate, locals confirm

Florida real estate managers and city officials are reporting an influx of California billionaires hoping to relocate due to concerns over a potential wealth tax.

A recent initiative proposed by the Service Employees International Union–United Healthcare Workers West would impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. Though the proposal does not yet qualify for the November 2026 ballot, its push is already motivating billionaires to flee to the Sunshine State.