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California billionaires relocating to Miami
Proposed California wealth taxes are accelerating an exodus of high-net-worth individuals to Florida. Google co-founders Larry Page and Sergey Brin are among confirmed buyers acquiring Miami waterfront estates.
South Florida’s ultra-luxury real estate market has surged in response. Luxury neighborhoods, including Coconut Grove, Allison Island, and Indian Creek, see a spike in multi-million-dollar property transactions.
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California’s 5% billionaire tax proposal
California voters could approve a one-time 5% tax on fortunes over $1 billion in 2026, prompting some ultra-wealthy residents to rethink their homes.
Many are establishing Florida residency to avoid the new tax while staying close to U.S. business and financial hubs…