Table 1. Confirmed California Departures Prior to Residency Snapshot
Net worth estimates based on Forbes Real-Time Billionaires List with minor adjustments and
public financial disclosures, excluding estimated directly held real estate. Tax avoided calculated
as 5% of adjusted net worth. These departures were identified through media reports and occurred
between October 15, 2025 (initiative filing) and January 1, 2026 (statutory residency snapshot date).
Departures represent about 28.3% of California’s total billionaire wealth base ($536.4B of $1.895T)
Source: Forbes Real-Time Billionaires List, authors' calculations.