The Great California Exodus: Billionaires Fleeing West Coast Taxes for Southern Havens

In recent months, California has witnessed a significant outflow of its ultra-wealthy residents, driven primarily by a proposed 5% wealth tax on billionaires. Known as the Billionaire Tax Act, this one-time levy would target individuals with net worths exceeding $1 billion, applying retroactively to those who were California tax residents as of January 1, 2026. The measure, which could appear on the November 2026 ballot if it gathers enough signatures, has sparked urgency among the state's estimated 200-250 billionaires, prompting many to relocate their residences, businesses, and assets to avoid potentially billions in taxes.

The exodus isn't new—California has seen steady population loss among high earners due to high taxes, stringent regulations, and rising costs—but the wealth tax proposal has accelerated the trend. Economists and real estate experts note that while the tax aims to fund healthcare programs, it risks driving away the very capital that fuels innovation and job creation in sectors like tech and entertainment. Prominent figures have publicly criticized the plan, arguing it could stifle entrepreneurship and force asset sales or down rounds for startups. As one venture capitalist put it, the tax represents "expropriation of private property."

Who's Leaving and Why?

High-profile billionaires are leading the charge out of the Golden State. Google co-founder Larry Page, with a net worth around $269-280 billion, has restructured dozens of his business entities, shifting them to Florida, Delaware, and Texas while personally acquiring over $170 million in Florida real estate, including a $101.5 million Miami Beach compound. This move alone could save him an estimated $13 billion in potential taxes. Fellow Google co-founder Sergey Brin has also departed, alongside venture capitalist Peter Thiel, who opened a Miami office for Thiel Capital and has been a Florida voter since 2024.

Other notable exits include Palmer Luckey of Anduril, who warned the tax could force founders to liquidate stakes in their companies. At least six billionaires have relocated their businesses ahead of the January 1 deadline, with reports of more planning to follow if the measure passes. Even those not fully exiting, like Larry Page, are minimizing their California footprint. This mirrors earlier moves by figures like Elon Musk, who shifted Tesla to Texas years ago, and Jeff Bezos, who has built a Florida compound.

The motivations are clear: states like Florida and Texas offer no state income tax, lower costs, and business-friendly environments. Real estate brokers in Miami report a surge in inquiries, with billionaires closing deals "within seven days" to establish residency before the retroactive date. One agent is currently assisting three such clients, citing potential tax bills in the billions as the tipping point.

The Florida Boom: A Magnet for Wealth

Florida has emerged as the top destination for California's fleeing billionaires, with its billionaire population exploding from 6 in 2001 to 119 in 2025. South Florida, particularly Miami and Palm Beach, is seeing an influx driven by tax incentives, lifestyle perks, and proximity to traditional sectors like finance and real estate. Agents describe a "migration wave," with tech founders from companies like Netflix, WhatsApp, and Stripe eyeing grand homes.

While exact numbers of 2026 relocations are fluid, reports indicate at least a dozen high-net-worth individuals have made the move or are in process, including Page and Thiel. Florida's appeal extends beyond taxes—it's about preserving wealth for retirees and attracting new investments. As one observer noted, the trend is part of a broader expansion of U.S. extreme wealth, but Florida is capturing a disproportionate share.

Tennessee's Growing Appeal: From Burgers to Broader Migration

Tennessee, particularly Nashville and surrounding areas, is another beneficiary, though the billionaire influx here is smaller and more tied to general Californian migration. In-N-Out Burger heiress Lynsi Snyder, worth $7.3 billion, announced her family's relocation to Franklin, Tennessee, citing challenges in raising a family and doing business in California. While In-N-Out's headquarters remains in California, the company is opening a regional office and new locations in Tennessee as part of eastward expansion.

Broader data shows thousands of Californians moving to Tennessee for affordability—homes that cost $700K-$1M in California buy far more in areas like Nashville, including spacious properties or land. No state income tax, economic opportunities, and a lower cost of living are key draws. While specific billionaire counts are low (Snyder being a standout), the state ranks high in taxpayer ROI and is seeing increased interest from high earners. Social media buzz highlights this shift, with posts noting billionaires eyeing Tennessee alongside Florida.

Knoxville's Comic Book Scene: A Niche Hub in the Southeast

Amid this migration, Tennessee's Knoxville area boasts a vibrant, if niche, comic book community that could benefit from broader business shifts. While not a major production center like New York or Los Angeles, Knoxville supports a thriving retail and fan ecosystem.

Local stores abound: Nirvana Comics offers a diverse collection of back issues, graphic novels, and exclusives; Comics Exchange provides a friendly selection of comics and action figures; Snake Eyes Comics focuses on community-building for collectors; and Tall Man Toys & Comics stocks thousands of Funko Pops alongside comics. These shops cater to enthusiasts with events, subscriptions, and a welcoming vibe.

The crown jewel is Fanboy Expo, Tennessee's largest pop culture event, held annually at the Knoxville Convention Center. Drawing over 30,000 attendees, it features celebrity guests, comic pros, cosplay, vendors, and live entertainment. This convention underscores Knoxville's role as a regional hub for comic fandom, blending comics with broader media.

The "industry" here is more consumer-facing than creative—focused on sales, events, and community rather than publishing giants. However, with Tennessee's growing appeal, it represents untapped potential for expansion.

Could Comic Powerhouses Like Marvel and DC Follow Suit?

Speculation abounds that major entertainment companies might relocate southeastward, following the billionaire and business migration. Marvel Comics, owned by Disney and based in New York City, and DC Comics, under Warner Bros. and headquartered in Burbank, California since 2015, have deep roots in high-cost areas. No concrete rumors exist of moves in 2025-2026—searches yield only upcoming storylines like Marvel's "Armageddon" event or omnibus collections.

That said, trends suggest possibility. California's tax pressures could push Disney (Marvel's parent) to reconsider Burbank operations, especially with Florida's Disney World presence and lower costs. Warner Bros. might eye Tennessee or Florida for cost savings amid industry shifts. Knoxville's comic scene, bolstered by events like Fanboy Expo, could attract satellite offices or talent if remote work and affordability draw creators eastward.

While pure speculation—major publishers remain tied to media hubs—the Southeast's business boom might inspire smaller imprints or digital arms to relocate. If billionaires like those funding entertainment ventures settle in Tennessee or Florida, it could indirectly boost local comic production. For now, though, Marvel and DC show no signs of packing up.