"It's a classic fight-or-flight response - with a billionaire's twist. A proposed wealth tax in California prompted the state's resident billionaires to consider whether they wanted to continue their residency if the one-time 5% tax is approved. Their reactions, said CFP professional Don Hilario, who works with financial planning clients in California, boil down to risk tolerance. The tax, as proposed, would only apply to assets in the state during the 2026 tax year."
"Google's billionaire cofounder, Larry Page, moved some of his assets out of California ahead of the January 1, 2026, deadline to avoid facing the tax, Business Insider first reported. Meanwhile, Nvidia's billionaire CEO Jensen Huang said he has "not even thought about it once." "We chose to live in Silicon Valley, and whatever taxes they would like to apply, so be it," Huang told Bloomberg TV's Ed Ludlow. "I'm perfectly fine with it.""
California's proposed one-time 5% wealth tax for assets in the state during the 2026 tax year split responses among resident billionaires. Google's Larry Page moved some assets out of California before the January 1, 2026 deadline to avoid the tax. Nvidia CEO Jensen Huang said he has not considered leaving and stated he is perfectly fine with living in Silicon Valley and accepting whatever taxes are applied. CFP professional Don Hilario attributed differing reactions to individual risk tolerance and desire for control. High-net-worth individuals face choices about residency, asset allocation, and spending amid tax and economic uncertainty.
Read at Business Insider
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