California Wealth Tax List: How the Proposed 2026 Billionaire Tax Act Impacts Over 200 Ultra Wealthy Residents

The fiscal landscape of the Golden State is currently facing a seismic shift as a bold new legislative effort takes aim at the concentrated wealth of the world’s most successful entrepreneurs. As of January 11, 2026, the political discourse in Sacramento is dominated by the 2026 Billionaire Tax Act, a proposed ballot initiative that seeks to leverage the massive net worth of California’s most affluent citizens to solve pressing budget challenges. This initiative, officially identified as Initiative 25-0024, targets approximately 255 individuals whose collective wealth has surged to unprecedented levels over the past decade.

For the high net worth individuals living within California’s borders, the stakes have never been higher. The proposal suggests a one time 5 percent excise tax on the worldwide net worth of any resident whose assets exceed 1 billion dollars. With the state grappling with potential federal funding cuts to vital healthcare programs, proponents of the measure argue that this is a necessary step to ensure the stability of the public safety net. Critics, however, warn of a potential “billionaire exodus” that could leave a permanent dent in the state’s tax base.

The Legislative Framework: Understanding the 2026 Billionaire Tax Act

The 2026 Billionaire Tax Act is not a traditional income tax. Instead, it is an excise tax on the total value of personal property and wealth, including intangible assets like stocks, bonds, intellectual property, and business interests. The measure was filed by the Service Employees International Union United Healthcare Workers West (SEIU UHW) and is currently in the critical phase of signature gathering to qualify for the November 2026 statewide ballot.

According to the official summary provided by the California Attorney General, the tax would apply to any individual who was a resident or part year resident of California as of January 1, 2026. This specific date is crucial because it serves as the “tax obligation date,” meaning that moving out of the state after this date might not exempt a billionaire from the levy. The proposal includes a phase out mechanism for those with a net worth between 1 billion and 1.1 billion dollars to avoid a “cliff effect,” but for those well above the threshold, the math is straightforward: a 5 percent hit on their total global fortune.

The revenue generated by this tax is projected to be astronomical. Estimates from the nonpartisan Legislative Analyst’s Office suggest that the state could collect tens of billions of dollars, potentially reaching up to 100 billion dollars over a five year period. The initiative stipulates that 90 percent of these funds must be directed toward a special healthcare reserve fund, primarily to offset anticipated reductions in federal Medicaid (Medi Cal) spending. The remaining 10 percent would be allocated to K 12 education and food assistance programs.

The Billionaire Roll Call: Who Faces the Largest Tax Bills

California remains the undisputed home of the global billionaire class. Despite high profile departures in recent years, the state still boasts a higher concentration of extreme wealth than almost any other jurisdiction in the world. The following list highlights the individuals who would likely face the most significant obligations under the proposed 2026 Billionaire Tax Act.

Mark Zuckerberg: The Meta Fortune

As the co founder and CEO of Meta Platforms, Mark Zuckerberg remains one of the most prominent residents of the San Francisco Bay Area. His net worth, largely tied to his holdings in Meta, has seen significant growth in 2025 and early 2026. With a current estimated net worth exceeding 220 billion dollars, Zuckerberg’s potential tax obligation under the 5 percent levy could reach a staggering 11 billion dollars. While his philanthropic efforts through the Chan Zuckerberg Initiative are well known, this mandatory tax would represent a different level of fiscal contribution to the state’s coffers.

Larry Page and Sergey Brin: The Google Architects

The co founders of Alphabet (Google) have long been the backbone of Silicon Valley’s economic prestige. Larry Page and Sergey Brin each possess fortunes that fluctuate between 160 billion and 260 billion dollars depending on market conditions. For Larry Page, whose net worth is estimated at 262 billion dollars, the tax bill could exceed 13 billion dollars. Sergey Brin, with a net worth around 242 billion dollars, would face a bill of roughly 12 billion dollars. Recent reports indicate that Larry Page has been relocating several of his business entities, such as Koop LLC and Flu Lab LLC, to other states like Florida and Nevada, signaling a potential preparation for the tax’s implementation.

Larry Ellison: The Oracle Titan

Though he famously spends a significant amount of time on his private island in Hawaii, Larry Ellison maintains deep ties and significant property in California. As the co founder and chairman of Oracle, Ellison’s wealth is estimated at 253 billion dollars as of early 2026. A 5 percent tax on this fortune would equate to approximately 12.65 billion dollars. Ellison’s recent real estate activities, including the reported sale of his San Francisco home for 45 million dollars, have fueled rumors that he may be looking to fully divest his California residency to avoid the reach of the 2026 Billionaire Tax Act.

Jensen Huang: The Semiconductor King

The rise of artificial intelligence has propelled Nvidia CEO Jensen Huang into the top tier of the world’s wealthiest individuals. Residing in the Santa Clara area, Huang’s net worth has surged to an estimated 154 billion dollars. The 2026 Billionaire Tax Act would see Huang contributing 7.7 billion dollars to the state. As the head of one of the most important tech companies in the world, his potential reaction to this tax is being closely watched by industry analysts who fear a “brain drain” of executive talent from the tech capital.

The Full List: A Glimpse at the 200 Plus Targeted Individuals

While the top five names dominate the headlines, the tax would reach deep into the ranks of California’s elite. Below is a summary of other notable billionaires who fall under the scope of the proposal:

Name	Estimated Net Worth (Jan 2026)	Potential 5% Tax Liability	Primary Source of Wealth
Larry Page	$262 Billion	$13.1 Billion	Google/Alphabet
Larry Ellison	$253 Billion	$12.65 Billion	Oracle
Sergey Brin	$242 Billion	$12.1 Billion	Google/Alphabet
Mark Zuckerberg	$222 Billion	$11.1 Billion	Meta Platforms
Jensen Huang	$154 Billion	$7.7 Billion	Nvidia
Henry Samueli	$28 Billion	$1.4 Billion	Broadcom
Eric Schmidt	$27 Billion	$1.35 Billion	Google/Alphabet
Robert Pera	$24 Billion	$1.2 Billion	Ubiquiti
Peter Thiel	$24 Billion	$1.2 Billion	PayPal/Palantir
Laurene Powell Jobs	$14 Billion	$700 Million	Apple/Disney

The list continues to include venture capitalists, real estate moguls, and entertainment icons. In total, over 200 individuals would be required to file detailed disclosures of their worldwide assets to the California Franchise Tax Board if the measure passes.

The Great Exodus: Is California Facing a Billionaire Flight?

One of the most contentious aspects of the 2026 Billionaire Tax Act is its potential to drive high earners out of the state. Historical data on “tax migration” is mixed, with some studies suggesting that billionaires are relatively “embedded” in their communities due to business ties and family. However, the sheer scale of a 5 percent wealth tax is unprecedented at the state level in the United States, and early indicators suggest that some are not waiting to see if the measure passes in November.

Venture capitalist David Sacks, a vocal critic of the state’s fiscal policies, has already shifted significant operations to Austin, Texas. Similarly, the movement of Larry Page’s family office and private flight entities to Florida and Nevada indicates a proactive approach to tax planning. The “Hotel California” provision of the bill, which attempts to tax anyone who was a resident on January 1, 2026, is designed to prevent a last minute rush to the exits, but legal experts believe this retroactive application will be the subject of intense litigation.

Critics argue that the loss of even a handful of these individuals could be catastrophic for California’s general fund. The top 1 percent of taxpayers currently contribute more than 40 percent of the state’s personal income tax revenue. If billionaires leave, they take not only their potential wealth tax payments but also their ongoing annual income tax contributions, which fund everything from state parks to prisons.

Legal and Constitutional Challenges: The Battle in the Courts

If the 2026 Billionaire Tax Act is approved by voters, it will immediately face a barrage of legal challenges. There are three primary areas where the law may be vulnerable:

1. The Dormant Commerce Clause: Taxpayers could argue that taxing worldwide assets, including those with no physical connection to California, violates federal protections against states interfering with interstate and international commerce. The “Complete Auto” test established by the Supreme Court requires that a tax be fairly apportioned and have a substantial nexus with the taxing state. Opponents will likely argue that a resident’s stock in a global company or art kept in a London vault does not meet these criteria.
2. The Due Process Clause and Retroactivity: The initiative attempts to set a residency date of January 1, 2026, even though the vote will not occur until November 2026. Courts generally frown upon “wholly new taxes” being applied retroactively. If a billionaire moved out of California in March 2026, they would argue that being taxed on a full year’s residency based on a law passed months after their departure is a violation of their due process rights.
3. Valuation and Administration: Establishing the “book value” or “fair market value” of private companies, specialized intellectual property, and rare collectibles is a monumental task. The initiative provides the Franchise Tax Board with relatively limited funding to handle these complex audits. Billionaires with sophisticated legal teams will likely challenge the state’s valuations at every turn, leading to years of administrative backlogs.

Economic Repercussions: Capital Flight vs. Social Investment

The debate over the billionaire tax is essentially a conflict between two different economic philosophies. On one side, proponents like the SEIU UHW argue that the extreme concentration of wealth in California is a resource that must be tapped during times of crisis. They point out that the collective wealth of California’s billionaires has grown from 300 billion dollars in 2011 to over 2 trillion dollars today. A 5 percent tax, they argue, is a modest “correction” that would not significantly alter the lifestyle or investment capacity of these individuals.

The “social investment” argument highlights the dire state of the California healthcare system. With federal cuts looming, proponents argue that without the 100 billion dollars this tax could raise, dozens of community clinics and emergency rooms could be forced to close. They believe that a healthy, educated workforce is the true driver of California’s long term economic success, and that billionaires, who have benefited from the state’s infrastructure and talent, have a moral obligation to contribute.

On the other side, the “capital flight” argument warns that taxing wealth is fundamentally different from taxing income. By taxing the principal of an investment rather than the profit, the state could discourage entrepreneurs from building companies in California. Economists at the University of Pennsylvania’s Wharton School have cautioned that wealth taxes can incentivize startup founders to sell their stakes earlier, potentially depriving them of the long term control needed to grow their businesses into the next Google or Meta.

Political Landscape: Newsom’s Dilemma and the Union Push

Governor Gavin Newsom finds himself in a difficult political position regarding the 2026 Billionaire Tax Act. While he has often championed progressive causes, he has historically been wary of wealth taxes, once stating that such ideas were “going nowhere” in California. Newsom is acutely aware of the risk of losing the state’s highest taxpayers, especially as he eyes potential national leadership roles.

However, the SEIU UHW and other labor unions are powerful allies within the Democratic party. They have framed the initiative as a populist measure that appeals to the 80 percent of California voters who, according to some polls, believe the ultra rich should pay more. The union’s strategy of bypassing the legislature and going directly to the voters via a ballot initiative forces Newsom and other moderate Democrats to either support the measure or risk alienating their base.

The campaign leading up to November 2026 is expected to be one of the most expensive in the state’s history. Billionaires and business groups are expected to pour hundreds of millions of dollars into “No on the Billionaire Tax” advertisements, focusing on the potential for job losses and the “risky” nature of a new tax system. Proponents will counter with stories of patients unable to afford insulin and schools lacking basic supplies, framing the choice as one between “yachts and healthcare.”

Comparison with Other States: Is California an Outlier?

California is not alone in its pursuit of extreme wealth. Similar wealth tax proposals have been introduced in states like Washington, New York, Connecticut, and Illinois. Washington State, in particular, has already seen success with its capital gains tax, which survived a state Supreme Court challenge. However, California’s proposal is unique in its “one time” excise structure and its high 5 percent rate.

In New York, lawmakers have debated “mark to market” taxes on unrealized gains for several years, but have yet to implement a full scale wealth tax for fear of driving Wall Street firms to Florida. If California moves forward with the 2026 Billionaire Tax Act, it will serve as a high stakes experiment for the rest of the country. If the tax raises billions without causing a mass exodus, other blue states will almost certainly follow suit. If it leads to a fiscal crisis and a flight of capital, the wealth tax movement could be set back for decades.

Live Information: Signature Gathering and Key Deadlines

As of today, January 11, 2026, the proponents of the 2026 Billionaire Tax Act are in the middle of their 180 day window to collect the required 874,641 valid voter signatures. Reports from the field suggest that the campaign is ahead of schedule, buoyed by a large network of union volunteers and professional signature gatherers.

Key dates to watch for the remainder of the year include:

• May 2026: The deadline for submitting signatures to county registrars for verification.
• June 2026: The Secretary of State will officially certify whether the measure has qualified for the November ballot.
• September 2026: The release of the official Voter Information Guide, which will include the final fiscal impact statement from the Legislative Analyst.
• November 3, 2026: Election Day. Voters will decide the fate of the initiative.

Should the measure pass, billionaires will have until 2027 to make their first payments. The act does allow for taxpayers to spread their payments over five years, though this option comes with an additional annual charge of 7.5 percent on the remaining balance, a feature designed to incentivize early payment while providing a lifeline for those whose wealth is tied up in illiquid assets.

A Turning Point for the Golden State

The 2026 Billionaire Tax Act represents a defining moment in California’s history. It is a bold, perhaps even risky, attempt to address the widening gap between the ultra wealthy and the rest of the population. Whether it is a visionary solution to a healthcare crisis or a self-inflicted wound to the state’s economy remains a matter of intense debate.

For the 200 plus billionaires on the list, the coming months will be a period of intense financial planning and political advocacy. For the millions of other Californians, the outcome of this vote will determine the quality of their healthcare, the funding of their schools, and the future of the state’s reputation as a global hub for innovation and wealth.

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