PACIFIC PALISADES—February 20, reports indicate more billionaires, including Meta CEO Mark Zuckerberg and director Steven Spielberg, are leaving California. The move is being blamed on the proposed 2026 “Billionaire Tax.”
According to the Public Policy Institute, “California has been losing residents to other states for nearly two decades.” Ten million people have left California in the last 10 years.
Zuckerberg invested heavily in the Palo Alto area, building 11 homes over at least two streets for his family.
According to reports, Zuckerberg’s net worth in the finance world is estimated at $264 billion. September 2025 Bankrate data reveals Zuckerberg among the three wealthiest people in the world. He’s moving to Florida, but hasn’t commented on the wealth tax. It would cost him an estimated $11 to $12 billion to stay in California. Zuckerberg is slated to purchase oceanfront property on the 300-acre man-made island of Biscayne Bay valued between $150 and $200 million. Florida will reap the benefits of that sale.
According to the Public Policy Institute, “California has been losing residents to other states for nearly two decades.”
Reports indicate that Gavin Newsom’s version of what California should look like, combined with the one-time five percent wealth tax, has been a deciding factor for what some have referred to as California’s “Mass Exodus.”
On January 1, director Steven Spielberg and his wife, Kate Capshaw, moved their primary residence to New York. Their new home is located in the San Remo coop on Central Park West in Manhattan.
According to Forbes, Spielberg has an estimated net worth of $7.1 billion. As of 2024, he was recognized as one of the wealthiest celebrities in the entertainment industry. In addition, he achieved EGOT status, earning Emmy, Grammy, Oscar, and Tony awards.
Retired actress, producer, and painter, Capshaw was independently wealthy before marrying Spielberg in 1991.
Multiple reports indicate that if the wealth tax passed, in November’s election, staying in California could cost Spielberg an estimated $300-$350 million. Spielberg and Capshaw made no mention of California’s proposed five percent wealth tax that is on the ballot for 2026.
The couple’s spokesperson, Terry Press, told the Los Angeles Times that the family-oriented couple’s plan was “Driven purely by his and Kate Capshaw’s desire to be closer to their New York-based children and grandchildren.”
Their blended family includes seven children: Jessica Capshaw, Max Spielberg, Theo Spielberg, Sasha Spielberg, Sawyer Spielberg, Mikaela Spielberg, and Destry Allyn Spielberg.
Reports indicate that in 2015, Spielberg sold his oceanfront compound located on Broad Beach Road in Malibu. His Pacifica Palisades home is located on Amalfi Drive. He told Architectural Digest (AD), “This house was a burden of dreams. It was not an easy house to do. I’m a movie-maker, I’m always looking for my next film. Somewhere in the back of my mind is the challenge of doing another house, but that’s far in the future.”
