Billionaires flee California ‘within seven days’ over proposed wealth tax: Inside the Miami migration
EXCLUSIVE: The realization hit fast — and the response was even faster.
As California’s proposed "billionaire tax" began gaining momentum late last year, some of the wealthiest people in the country didn’t wait for ballots, lawmakers or court challenges — they moved. "Then a couple more flew into Miami, bought properties and closed within seven days," luxury real estate broker Julian Johnston of The Corcoran Group told Fox News Digital. "So then it was a tipping point."
According to Johnston — who told Fox News Digital that he’s currently working with three billionaires to move them from California to South Florida — the urgency was driven by staggering potential losses.
"One client said, ‘You know, this could be like a $5 billion tax for me,’" he recalled. "So they’re moving because of that."
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The chatter all started at Miami’s high-profile Art Basel fair in early December, Johnston said, and carried into many of the ultra-wealthy’s holiday celebrations on the island of St. Barts.
"They're all dining and wining together and talking about this proposed tax. And then when the proposed tax gained speed, they then understood that they had to either rent or purchase something out of California to establish residency and reduce their net worth exposure to the proposed billionaire tax," he explained.
"It's a melting pot and they're all friends. And that's the thing. The tipping point was when four or five of them bought and three more were going into contract. The rest of them, all their friends are here. And they talked about the office buildings as well."
"I think this happened very quickly, even for them," Johnston continued. "Now that it's… January, into 2026, it has slowed down a little bit… So if you didn't buy or rent before the end of the year, it may be too late. It may apply to you no matter what now."
While it has not yet qualified for the November ballot, the proposal — backed by the Service Employees International Union–United Healthcare Workers West — would impose a one-time 5% tax on the net worth of California residents worth more than $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with additional costs, according to the Legislative Analyst’s Office.
If the measure is approved by voters, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal.
When asked to describe the billionaires he’s working with, Johnston mentioned "Palo Alto guys" who haven’t spent much time in Miami before.
"There's a few other very big founders and also tech giants and also venture capitalist firms, the heads of which I've also moved here," he said. "It was always a layover, one night, an event, but Miami's changed a lot in the last 10 years. It's culturally more interesting… They said they were quite happy to move here and then see what happens in the next few years."
Florida famously has no state income tax for residents who live there at least 183 days out of the year, but Johnston explained what South Florida offers that other tax havens like Texas, Tennessee and Nevada can't match.
"I think that you have to look at the culture amongst these VC firms and tech guys, that they like to be around each other… They're already moving here, some of them are already here or have established residency here, they're gonna spend more time and then they're going to have the multiplier effect of their friends coming in to spend time with them," he said.
"Miami has a very outdoor lifestyle similar to California," Johnston further argued. "I think that the climate suits them. I think there's a lot of security here. Politically it's safe and economically, I mean, two of the largest capital projects in the country are in Miami right now."
Beyond real estate, the California billionaires are aware they’re taking investment capital with them — and that lawmakers may not fully grasp how mobile wealth has become.
"That was a discussion point amongst some of them [in] the lunchroom. They were talking about the fact that, [if] enough of them move, it's actually gonna cause change," Johnston said. "It will financially change the landscape for the government's budget… And they want reform… they want reform before they move back."
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Across his 25-year career in luxury sales, Johnston agrees this current migration wave feels different in terms of the sheer scale of wealth and the speed at which high-net-worth individuals want to divest from the West Coast.
"I think Florida has a positive net migration for the next 20 years… it's a boomtown," he said. "Those big companies are going to push the state to spend more money on just activities and amenities and bring so many people from around the world that had never been to Miami before, because I do think it's a [city of the future] for America."