California billionaires are increasingly looking abroad, and New Zealand’s golden visa program has become a favored escape route. Wealthy Americans, especially Californians, are moving money and interest toward the South Pacific nation as Sacramento prepares to vote on a proposed one-time tax on the very richest residents.
Under New Zealand’s revamped visa system, applicants can secure the right to live, work and study in the country by investing at least NZ$5 million, or about US$2.9 million. A separate route requires NZ$10 million, or about US$5.7 million, in passive assets. The Financial Times reported that more than 700 wealthy foreigners have applied in just 14 months, a sharp jump from 115 applications over the prior three years. Since the rules were loosened in April 2025, applicants from North America, Europe and Asia have committed about NZ$4.8 billion to New Zealand.
The California fight centers on Proposition 40, a ballot measure that would impose a one-time tax of up to 5% on the assets of people and trusts with more than $1 billion in covered wealth. The proposal, backed by the Service Employees International Union-United Healthcare Workers West, would send 90% of the money to healthcare and 10% to food assistance or education programs. State officials say it could bring in tens of billions of dollars over several years, and supporters say California needs the revenue to help fill gaps in healthcare funding after federal cuts.
The measure made the ballot after clearing the signature threshold, and it has now become a major political and financial fight. The California Democratic Party and the California Labor Federation have endorsed it, giving the campaign added force. Gov. Gavin Newsom has opposed the state-only tax, warning that it could push wealthy residents and their businesses out of California and weaken support for schools, clinics and public safety. Billionaire-backed groups have also put forward rival ballot measures designed to make the levy harder to enforce.
Some of the wealthiest names tied to California have already drawn attention for moving or reportedly moving before the proposed Jan. 1, 2026 residency cutoff. The group publicly reported to have left includes Google co-founders Larry Page and Sergey Brin, venture capitalist Peter Thiel, Los Angeles lending magnate Don Hankey, former Uber chief executive Travis Kalanick and filmmaker Steven Spielberg. Their combined fortunes were estimated to represent roughly $27 billion in potential tax revenue. Meta chief Mark Zuckerberg and venture capitalist David Sacks have also been reported to have moved away, though their circumstances and timing differ from those who departed before the cutoff.
