Billionaires Exit UK and California Over Wealth Taxes
Wealthy individuals are relocating from the United Kingdom and California to avoid new or proposed taxes on high-net-worth assets.
A global trend of billionaire relocation is unfolding as governments implement or propose aggressive wealth taxes. In the United Kingdom, property magnate David Reuben moved from London to Monaco following the abolition of the non-domicile tax status on April 6, 2025. This policy change subjects the worldwide assets of long-term residents to a 40% inheritance tax, contributing to an exodus of more than a dozen billionaires with a combined wealth of £120 billion since the Labour government took power.
Similar tensions are emerging in California, where voters are weighing Proposition 40, a proposed one-time 5% levy on the state's approximately 200 billionaires. While Senator Bernie Sanders and Representative Ro Khanna support the measure, Governor Gavin Newsom has warned that the tax could trigger a mass departure of wealthy residents. Some billionaires, including Larry Page, Sergey Brin, and Peter Thiel, have already relocated to Austin and Miami.
Opponents of Proposition 40 have spent over $187 million to defeat the initiative. However, Nvidia CEO Jensen Huang has distinguished himself from other tech leaders by stating he intends to remain in Silicon Valley and pay the tax if it passes.
