Miami in Florida is seeing an influx of more California billionaires. Mark Zuckerberg, the CEO of Meta, has become the latest California billionaire to purchase a house in Miami. The driving force behind this move is California legislators pushing for a tax on billionaires exceeding 5%.
According to a report by The Wall Street Journal, insiders revealed that Zuckerberg is in the process of purchasing a newly built oceanfront mansion in Indian Creek, Miami. It is currently unclear whether the transaction has been completed.
Billionaire car dealer Norman Braman and his wife Irma Braman live next door to Zuckerberg’s new home. Irma told The Wall Street Journal in a phone interview that Zuckerberg informed them he plans to move into the property by April.
“We are delighted with his arrival,” Irma said.
California legislators are proposing a 5% tax on billionaires. With Florida not imposing a state income tax, this means significant savings for billionaires like Zuckerberg and Bezos.
Real estate agents in Miami say that California’s proposed “billionaire tax” has unsettled the wealthy there, leading many to search for high-end residences in South Florida.
If approved, this tax would levy a one-time 5% tax on California residents with a net worth exceeding $10 billion as of January 1, 2026.
Danny Hertzberg, a real estate agent at Coldwell Banker Realty in Miami, was quoted by The Wall Street Journal as saying, “The 5% tax in California is indeed driving people away significantly.”
Dina Goldentayer, a luxury real estate agent at Douglas Elliman real estate firm, told Bloomberg, “They (California billionaires) are coming and they are making offers.”
She mentioned that many California buyers are focusing on luxury homes ranging from $30 million to $150 million. However, some are also looking for lower-priced properties to settle in quickly rather than wait for the perfect home.
Insiders revealed to The Wall Street Journal that Google co-founder Larry Page purchased multiple properties in Coconut Grove, Miami for approximately $188 million in the past few months, while another Google co-founder Sergey Brin has been in talks to buy a property on Miami Beach for $50 million.
Bloomberg reported that over six billionaires have already left California due to the potential tax threat, with another 15-20 families planning to depart if the tax proposal is passed.
Aside from billionaires, some wealthy individuals from California are choosing to leave due to reasons such as the state’s progressive tax system.
Andrew Graham, founder of Jackson Square Capital and wealth manager, as cited by Bloomberg, stated that other real estate buyers are mostly older, financially secure Californians who aim to safeguard their personal wealth by leaving California.
Graham estimates that about 8% of his clients have left California due to “poor government governance” and the state’s progressive tax system, with another 20% seriously considering a move.