{"id":5846,"date":"2026-08-23T19:07:08","date_gmt":"2026-08-23T19:07:08","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5846"},"modified":"2026-08-23T19:07:08","modified_gmt":"2026-08-23T19:07:08","slug":"the-tax-escape-map-billionaires-are-bolting-for-florida-from-the-west-coast-and-taking-some-29-billion-in-tax-revenue-with-them","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5846","title":{"rendered":"The tax escape map: Billionaires are bolting for Florida from the West Coast and taking some $29 billion in tax revenue with them"},"content":{"rendered":"<div>\n<p>Google cofounders Larry Page (net worth $295 billion) and Sergey Brin (net worth $275 billion) rushed to leave California last year before the Jan. 1 deadline for the California billionaire tax. Both have purchased property in Florida. Meanwhile, former Starbucks CEO Howard Schultz, whose net worth is $3.4 billion, and Meta CEO Mark Zuckerberg, whose net worth is $196 billion, also both bought property in the Sunshine State earlier this year.\u00a0<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=5844\">Japan\u2019s PM is barely sleeping and rarely leaving her office in the name of \u2018efficiency.\u2019 Her approval rating disagrees<\/a><\/p>\n<p>The tech titans and Schultz join Amazon founder Jeff Bezos, PayPal and Palantir cofounder Peter Thiel, Citadel founder Ken Griffin, and Oracle cofounder Larry Ellison, who have all bought property or moved their companies\u2019 operations to Florida in the past several years.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>The rush to buy in Florida has been fueled partly by California\u2019s proposed Billionaire Tax Act, which, if passed, would charge billionaires who resided in California after Jan. 1, 2026, with a one-time tax on 5% of their total net worth.<\/p>\n<p>The bill, which would reportedly affect about 200 people, aims to collect $100 billion in revenue that would go toward funding healthcare in the state, as well as education and food assistance, to a lesser extent. A simple majority in the November elections would make the effort pass and amend the state\u2019s constitution to put it into place.\u00a0According to a recent poll by UC Berkeley\u2019s Institute of Governmental Studies, voters are seemingly split on the proposal, with 48% of likely voters saying they would support the measure versus 41% who said they would not support it.<\/p>\n<p>Among the ultra-wealthy, the proposal is almost universally unpopular. Many wealthy individuals in California have come out against the tax, including Brin, who earlier this month donated an additional $20 million to a PAC, Building a Better California, which is promoting its own three counter measures, that, if approved by voters in November, would potentially kill the billionaire tax on arrival, even if the tax also passes. Brin has reportedly donated $102 million total to the group since it was created in January.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Thiel, for his part, donated $3 million to the California Business Roundtable, a group opposing the billionaire tax.\u00a0<\/p>\n<p>There are also doubts about whether the bill, even if it is passed, will reach its goal of collecting $100 billion. With Page and Brin arguably having left the state before Jan. 1, along with Uber cofounder Travis Kalanick, who left for Texas, the tax could be robbed of a fourth of its $100 billion goal, according to a calculation by <em>Fortune<\/em>. <\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>A back-of-the-envelope calculation using the 5% wealth tax metric puts the dollar figure of taxes owed by Page at about $14 billion and Brin at about $13 billion. Meanwhile 5% of Kalanick\u2019s and Thiel\u2019s wealth adds another $1.8 billion or so that brings the total potentially lost revenue to about $29 billion.\u00a0<\/p>\n<div>\n<div><\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<p>Still, the potential California billionaire tax isn\u2019t the only effort pushing billionaires to migrate South. Washington State\u2019s wealth tax may have also played a role. Both Bezos and Schultz left Seattle before Washington Gov. Bob Ferguson in March signed into law a high-earners income tax, or so-called \u201cmillionaire\u2019s tax,\u201d that would charge 9.9% on earnings of more than $1 million. The tax aims to bring in $3 billion to $4 billion per year from wealthy individuals while eliminating some sales taxes on items like diapers and expanding funding for childcare and health care.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Griffin, the lone former Chicago resident, left Illinois, moving Citadel to Miami in June 2022 after nearly three decades. At the time, Griffin pointed to the city\u2019s crime and politics as the reason. Since then, Griffin and Citadel have together invested billions in Florida real estate.<\/p>\n<p>Some of the reasons for the billionaires\u2019 departure is the attractiveness of Florida\u2019s low taxes as well as its nice weather. The state has no income tax and no capital gains tax, and Miami, in particular, has branded itself as a business-friendly alternative to high-tax cities in California and elsewhere. The billionaires who have moved to Florida can also easily afford to buy in the state\u2019s most exclusive areas and secure increasingly pricey waterfront properties.\u00a0<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Miami, especially, is one of the most expensive luxury markets in the U.S. Yet, in 2025, ultra-luxury home sales surged in Miami, with a record of 361 homes sold at $10 million or higher last year, according to the <em>New York Times.<\/em> While the median listing price in Miami fell about 3% year-over-year to $495,000, according to Realtor.com, demand is growing at the high range. Five years ago no home in Miami sold for $50 million, but in 2025, sales in this range made up 7% of the market, the <em>Times<\/em> reported.\u00a0<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<h3>Mark Zuckerberg<\/h3>\n<p>The Meta cofounder and his wife, Dr. Priscilla Chan, reportedly secured a $170 million waterfront mansion on the west side of Indian Creek Island, a man-made refuge for the ultrarich located in Biscayne Bay, west of Miami Beach. Zuckerberg\u2019s property is only a few houses down from Bezos\u2019s under-construction compound and includes a gym, hair salon, and massage room, according to the <em>Wall Street Journal<\/em>. Indian Creek, also known as the Billionaire Bunker, has a mere 41 residents and 24\/7 security, which adds to its exclusivity. The property would add to Zuckerberg\u2019s myriad properties across the U.S., including in Hawaii and Lake Tahoe in the Sierra Nevada mountains between Nevada and California.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=5842\">Burry says he sold Alibaba, calling it pricey before share sale<\/a><\/p>\n<h3>Jeff Bezos<\/h3>\n<p>The Amazon founder and executive chair has purchased three multimillion-dollar properties on Indian Creek Island. The world\u2019s third-richest man bought two adjoining properties on the western side of the 41-person island in 2022 and 2023, for $68 million and $79 million, with plans to combine the lots into a mega-compound. Meanwhile, Bezos lives on the other side of the island in a Mediterranean-style home he bought for about $90 million in 2024. The billionaire\u2019s combined properties cost him more than $230 million in total.\u00a0<\/p>\n<div>\n<div><\/div>\n<\/div>\n<h3>Larry Ellison<\/h3>\n<p>Ellison made a 16-acre oceanfront property in Manalapan, Fla., in Palm Beach County, his primary residence earlier this year. The property, which Ellison purchased for $173 million in 2022 is conveniently located fewer than 10 miles from President Donald Trump\u2019s Mar-a-Lago estate. Ellison is a major Republican donor and hosted a fundraiser for Trump at his estate in California\u2019s Coachella Valley in 2020, according to <em>SFGate<\/em>. Just after Trump\u2019s inauguration last year Ellison stood by Trump as he, alongside OpenAI CEO Sam Altman and SoftBank CEO Masayoshi Son, announced a $500 billion initiative dubbed Stargate to invest in U.S.-based AI infrastructure.\u00a0<\/p>\n<div><!--$?--><!--\/$--><\/div>\n<p>In 2024, Ellison purchased the Eau Palm Beach Resort and Spa for $277 million, quickly pushing remodeling plans and installing his favorite Japanese and Peruvian fusion restaurant, Nobu. Ellison also owns another waterfront property in North Palm Beach he purchased for $80 million in 2021.<\/p>\n<p>By moving his primary residence from Lanai, Hawaii, to Florida, before selling Oracle stock and collecting dividends, Ellison saved an estimated $1 billion in taxes, according to <em>Forbes<\/em><em>.<\/em><\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<h3>Larry Page<\/h3>\n<p>With his purchases in recent months, Google cofounder and former CEO Larry Page has amassed more than $180 million worth of properties in the Sunshine State as he looks to build his own mega-compound in Miami\u2019s upscale Coconut Grove community. The Google cofounder purchased two adjacent properties in late December and early January for $101.5 million and $71.9 million. One of the homes includes 13 bedrooms and 15.5 bathrooms. Page snapped up another property in the same area for $14.97 million in January, <em>South Florida Business Journal <\/em>reported.\u00a0<\/p>\n<h3>Sergey Brin<\/h3>\n<p>Page\u2019s cofounder Brin snagged his own slice of Florida in recent months. The billionaire bought a $51 million home on Allison Island, near Miami Beach, earlier this year, <em>Business Insider <\/em>reported. The 10,000-square-foot property has seven bedrooms, a waterfront pool, and a private dock. The island has 24-hour security and fewer than 50 homes, according to Realtor.com.\u00a0<\/p>\n<h3>Ken Griffin<\/h3>\n<p>Griffin made a splash when he announced he was moving his hedge fund Citadel to Miami in 2022. But even before then, Griffin was building up his Florida real-estate empire. For the past 10 years, the hedge funder has poured $450 million into a 50,000-square-foot waterfront compound in Palm Beach County, which, when finished, will be the most expensive residence on the planet, according to the <em>New York Post<\/em>. The financier also purchased a $106.9 million compound in Coconut Grove in 2022.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Apart from Griffin\u2019s personal purchases, his company, Citadel, is also reportedly pouring billions into real estate in Miami, including a 54-story headquarters for Citadel in downtown Miami that is estimated to cost $2.5 billion.<\/p>\n<h3>Peter Thiel<\/h3>\n<p>While Peter Thiel\u2019s Florida footprint is relatively more modest than his fellow billionaires, he has still purchased nearly $40 million worth of property in the Miami area. Thiel in 2020 purchased a compound made up of two homes for $18 million on Miami\u2019s Venetian Islands, man-made islands that sit between Miami Beach and downtown Miami in Biscayne Bay. Late last year, the billionaire\u2019s Thiel Capital opened an office in Miami. Palantir also announced it was moving its headquarters to Miami in February.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<h3>Howard Schultz<\/h3>\n<p>Schultz and his wife, Sheri Schultz, purchased a penthouse in Surfside, Fla., north of Miami Beach, earlier this year for $44 million, the <em>Wall Street Journal<\/em> reported. The purchase was made public shortly after Schultz announced he was leaving Seattle, where he has lived for 44 years, for Miami, in a statement on LinkedIn.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>The 5,500-square-foot property has five bedrooms, a rooftop terrace, and an oceanfront cabana, according to the <em>Journal.\u00a0<\/em><\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=5840\">The U.S. picked the Mexican state without screwworm to reopen the border. Then it got screwworm<\/a><\/p>\n<p><em>A version of this story was published on Fortune.com on April 2, 2026.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Driven partly by proposed wealth taxes, some of America\u2019s richest people have poured hundreds of millions of dollars into waterfront Florida real estate.<\/p>\n","protected":false},"author":1,"featured_media":5845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[346],"tags":[],"class_list":["post-5846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-billionaires"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The tax escape map: Billionaires are bolting for Florida from the West Coast and taking some $29 billion in tax revenue with them - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5846\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The tax escape map: Billionaires are bolting for Florida from the West Coast and taking some $29 billion in tax revenue with them - 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