Billionaires Ramp Up California Exits Ahead of Proposed 5% Tax

At least a half-dozen billionaires left California before the new year, and their exodus could soon be followed by more than a dozen others in the face of a proposed 5% tax on their wealth, according to financial advisers to the rich.

Peter Thiel, president and founder of Clarium Capital Management.

Photographer: Eva Marie Uzcategui/Bloomberg

David Lesperance, who specializes in relocation and expatriation, said he personally helped four billionaires leave the state ahead of the bill’s Jan. 1 residency cut-off date. Two other billionaires — Peter Thiel and David Sacks — both publicly announced new office locations on New Year’s Eve as they departed for Florida and Texas, respectively.

Iconiq Capital ...