Peter Thiel Leads Billionaire Departure Amid Looming California Wealth Tax
Several billionaires have departed California recently, triggered by concerns over a potential 5% wealth tax. Financial advisers report that the exodus could continue, potentially counting more than a dozen more wealthy individuals among the leavers.
Peter Thiel Leads Departure Amid California Wealth Tax Concerns
David Lesperance, a financial adviser who focuses on relocation, revealed that he assisted four billionaires in exiting California before the New Year’s residency deadline of January 1.
High-Profile Exits
- Peter Thiel moved to Florida.
- David Sacks relocated to Texas.
Both billionaires publicly announced their new office locations on New Year’s Eve, signaling their commitment to leaving California.
Potential Impact of Proposed Wealth Tax
The proposed 5% wealth tax has raised alarms among affluent residents. If implemented, it could accelerate the trend of high-net-worth individuals leaving the state.
As the January 1 cut-off date approaches, more billionaires might follow in the footsteps of Thiel and Sacks, seeking more favorable tax environments.
