How California’s Billionaire Exodus Is Changing Who’s Richest In Other States

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0:56Angus Loten: Today on Forbes, how California's billionaire exodus is changing who's richest in other states. California voters are set to determine the fate of California's proposed billionaire wealth tax in November. But some of the state's wealthiest people aren't taking any chances and have already moved out of the state, starting with its two wealthiest people, Google co-founders Larry Page and Sergey Brin. According to the representatives, Page, whose estimated fortune is$288 billion, and Brin, whose fortune is$265 billion, are now residents of Florida and Nevada, respectively. Forbes was unable to find updated voter registrations or declarations of domicile documenting their moves, and their spokespeople declined to provide any proof.

1:52Angus Loten: However, Paige and Bryn both recently bought houses out of state, as they made their frustration with the tax known. Paige spent$173 million on two homes in Miami's Coconut Grove neighborhood over the past 12 months. Bryn, meanwhile, who has two ex-wives and three children in California, spent$42 million on a home just on the Nevada side of Lake Tahoe. Brin also forked over more than$100 million opposing California's billionaire tax over the past year. The Google co-founders are the most recent departees, but they are hardly the first. In fact, according to an analysis of the richest people in every state, the top-ranked person in at least half a dozen states were one-time residents of California,

2:43David Meyer: while several others rank close to the top in their new states. Hawaii's richest person, for instance, is Pierre Omidyar, worth$13.7 billion.

2:56Angus Loten: He moved from the Bay Area roughly a quarter of a century ago and settled down in Hawaii after a brief stint in Nevada. eBay's former CEO Meg Whitman, worth$4.4 billion, was a long-time California resident who once ran for governor of the Golden State. She recently moved to New Mexico after completing a two-year term as U.S. ambassador to Kenya. Alex Karp, worth$22.1 billion, went to Stanford Law School and later co-founded his defense technology firm Palantir in Palo Alto. But he has since moved Palantir's headquarters, first to Colorado in 2020 and again earlier this year to Florida, where he owns two neighboring homes in Miami Beach.

3:44Angus Loten: His main residence is a 500-acre estate in Lyman, New Hampshire, which is a population of less than 600. Meanwhile, former Intuit CEO Brad Smith, worth$700 million, left Silicon Valley around the same time, in 2022.

4:02David Meyer: He moved home to West Virginia, where he too is now the richest person in his state, to serve as president of his alma mater, Marshall University.

4:12Angus Loten: Florida seems to be the top pick for many billionaire transplants. In addition to Page, other high-profile folks who have moved to the Sunshine State in recent years

4:22David Meyer: include Ken Griffin, worth$57.5 billion. He previously lived in Chicago. Larry Ellison, worth$184 billion, sold his last California property in Pacific Palisades in December, but changed his voter registration to Florida in 2023. And Jeff Bezos, worth$381 billion, and Howard Schultz, worth$3.4 billion, both moved from Washington state after it enacted a new tax on capital gains. Bezos, not Larry Page, is the richest Floridian for now. Currently, California's richest person is Meta's Mark Zuckerberg, worth$246 billion. He's the Golden State's richest person for the third straight year. This year, he would have been bested by the Google co-founders had they not moved.

5:19David Meyer: But like Page and others, Zuckerberg also bought a Miami mansion for$170 million earlier this year, hinting that he may also reconsider his devotion to California. If he moves, then next in line would be NVIDIA's Jensen Huang, worth$199 billion. So far, California is only sent a billionaire who has pledged fealty to the state,

5:42Angus Loten: no matter what happens in November. Despite the threat of its proposed wealth tax,

5:48David Meyer: California is still home to the most billionaire residents by far. 255 of them, in fact, including a number of new AI billionaires. The Golden State is followed by New York, with 153, Florida, with 138, and Texas, with 88. But Forbes estimates that California's total billionaire wealth, at$1.87 trillion, now ranks second to that of Texas, at$1.94 trillion. Texas's richest resident, Elon Musk, was worth an estimated$1 trillion all by himself when Forbes locked in net worths for this year's ranking on October 9th. Musk's fortune dipped to an estimated$970 billion on Tuesday. Florida's and New York's billionaires, meanwhile, are worth an estimated$1.6 trillion and$1 trillion, respectively.

6:46David Meyer: For full coverage and to see the 2026 richest person in every state list, check out Matt Duro's piece on Forbes.com. This is Kieran Meadows from Forbes. Thanks for tuning in.

7:14Sergey Brin: Life is all about making decisions. Sometimes you make questionable ones, like buying a new TV that's too big for the wall because the electronics store employee was a little too good at their job. Then, sometimes you make great ones, like protecting your home and auto with Progressive. You get customized coverage options so you can be sure you have the right coverage. Get your quote today at Progressive.com. Progressive Casualty Insurance Company affiliates and other insurers. Not available in all states.