Billionaires Are Ramping Up Their California Exits on Threat of Wealth Tax

At least a half-dozen billionaires left California before the new year, and their exodus could soon be followed by more than a dozen others in the face of a proposed 5% tax on their wealth, according to financial advisers to the rich.

David Lesperance, who specializes in relocation and expatriation, said he personally helped four billionaires leave the state ahead of the bill’s Jan. 1 residency cut-off date. Two other billionaires — Peter Thiel and David Sacks — both publicly announced new office locations on New Year’s Eve as they departed for Florida and Texas, respectively.