California millionaires flock to Florida ‘within seven days’ to escape looming wealth tax
Corcoran Group agent Julian Johnston speaks exclusively to Fox News Digital about the new wave of California billionaires moving to South Florida because of the proposed wealth tax.
ABSOLUTELY: The realization hit fast – and the response was very fast.
As California’s proposed “millionaires tax” began gaining steam late last year, some of the nation’s wealthiest people didn’t wait for votes, lawmakers or court challenges — they moved. “Then a lot of couples came and flew to Miami, bought properties and closed within seven days,” luxury real estate agent Julian Johnston of The Corcoran Group told Fox News Digital. “So that was a point of comment.”
According to Johnston – who told Fox News Digital that he is currently working with three million people to move them from California to South Florida – the urgency was driven by the potential dramatic loss.
“One client said, ‘You know, this could be like five billion dollars in taxes for me,'” he recalled. “So they’re moving because of that.”
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The discussions all started at the high-profile Miami Art Basel show in early December, Johnston said, and moved on to several high-profile holiday parties on the island of St. Louis. Barts.
Billionaires in California are leaving the country at a rapid pace, Julian Johnston of The Corcoran Group exclusively tells Fox News Digital. (Getty Images)
“They all eat and win together and talk about this proposed tax. Then as the proposed tax gained momentum, they realized they had to rent or buy something outside of California to establish a residence and reduce their exposure to the proposed millionaire tax,” he explained.
“It’s a melting pot and they’re all friends. And that’s it. The tipping point was when they bought four or five and three would go into contracts. Everyone else, all their friends are there. And they talked about office buildings.”
“I think this happened too quickly, even for them,” Johnston continued. “Now that it’s…January, to 2026, we’ve slowed down a bit… So if you don’t buy or rent before the end of the year, it might be too late. It might work for you no matter what happens now.”
Unleash Prosperity founder Steve Moore opposes high taxes that drive residents away and proposes to show the big gains in real estate sales for inflation in ‘The Bottom Line.’
Although not yet on the ballot in November, the proposal — backed by the Service Employees International Union-United Healthcare Workers West — would impose a one-time 5% tax on California residents’ balances worth more than $1 billion. The tax is due in 2027, and taxpayers can spread the payments over five years, with additional costs, according to the Legislative Analyst’s Office.
If the measure is approved by voters, anyone who was a California resident on Jan. 1, 2026, will owe taxes, according to the proposal.
When asked to describe the billionaires he worked with, Johnston referred to “Palo Alto guys” who had never spent much time in Miami before.
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“There are several other great founders and tech giants and venture capital firms, whose heads I have moved here,” he said. “It was always a holiday, overnight, event, but Miami has changed a lot in the last 10 years. It’s culturally interesting … They said they’re excited to move here and see what happens in the next few years.”
Billionaires Larry Page, left, and Larry Ellison, right, are among the latest to take strategic steps to get out of California ahead of the proposed wealth tax. | Getty Images
Florida famously has no state income tax for residents who live there for at least 183 days during the year, but Johnston explained what South Florida offers other tax havens like Texas, Tennessee and Nevada can’t match.
“I think you have to look at the culture between these VC companies and the tech guys, that they like to stay together… They have already moved here, some of them are already here or have a place to live here, they will spend a lot of time and they will have a multiplier effect on their friends who will spend time with them,” he said.
“Miami lives an outdoor life like California,” Johnston continued to argue. “I think the climate suits them. I think there’s a lot of security here. Politically it’s safe and economically, I mean, two of the biggest capital projects in the country right now are in Miami.”
The ‘Big Money Show’ panel reacts to the billionaires fleeing California as the wealth tax proposed by Gov. Gavin Newsom sparks backlash and red-country migration.
Beyond real estate, California’s billionaires know they’re taking investment money — and that lawmakers may not fully understand how mobile wealth has become.
“That was a conversation between some of them [in] lunch house. They were talking about the fact that, [if] enough for them to move, it’s actually going to create change,” Johnston said. “It’s going to financially change the state of the state budget… And they want changes… they want changes before they back down.”
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Throughout his 25-year career in luxury goods, Johnston admits that the current wave of migration feels unique in terms of the scale of wealth and the speed with which high-net-worth individuals are seeking to move away from the West Coast.
“I think Florida has good immigration in the next 20 years… it’s a booming city,” he said. “Those big companies are going to push the state to spend a lot of money on jobs and things and bring a lot of people from around the world that haven’t been to Miami before, because I think [city of the future] of America.”
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