Billionaires

California may be losing two of the state’s most famed residents and generous political donors.

Filmmaker Steven Spielberg recently moved to New York and Facebook co-founder Mark Zuckerberg is eyeing purchasing a new property in Florida, stirring speculation about whether their decisions are tied to a proposed new tax on California billionaires to fund healthcare for the state’s most vulnerable residents.

Although a handful of prominent conservatives who bolted out of California noisily blamed their departure on the controversial wealth tax measure, as well as the state’s liberal ways and what they describe as cumbersome business regulations, neither Zuckerberg nor Spielberg has given any indication that the tax proposal is the reason for their moves.

A spokesperson for Spielberg, who has owned homes on both the East and West coasts since at least the mid-1990s, said the sole motivation for Spielberg and his wife, actor Kate Capshaw, decamping to Manhattan was to be near family.

“Steven’s move to the East Coast is both long-planned and driven purely by his and Kate Capshaw’s desire to be closer to their New York based children and grandchildren,” said Terry Press, a spokesperson for the prodigious filmmaker. She declined to answer questions about his position on the proposed ballot measure.

Director Steven Spielberg presents president Bill Clinton with the Ambassadors Humanity award at the 5th Annual Ambassadors for Humanity Dinner Honoring former President Bill Clinton to support the Survivors of the Shoah Visual History Foundation held at the Amblin theatre Universal Studios on February 17, 2005 in Los Angeles, California.

(Frazer Harrison / Getty Images)

On Jan. 1, Spielberg and Capshaw officially became residents of New York City, settling in the historic San Remo co-op in Central Park West. The storied building is among the most exclusive in Manhattan, having been home to Bono, Mick Jagger, Warren Beatty, Tiger Woods and many other celebrities. On the same day, Spielberg’s Amblin Entertainment opened an office in New York City.

Zuckerberg and his wife, pediatrician Priscilla Chan, are considering buying a $200-million waterfront mansion in South Florida, the Wall Street Journal first reported this month. The property is located in Miami’s Indian Creek, a gated barrier island that is an alcove of the wealthy and the influential, including Amazon founder Jeff Bezos and Trump’s daughter Ivanka and her husband, Jared Kushner.

Representatives for Zuckerberg declined to comment.

The billionaires’ moves raised eyebrows because they take place as supporters of the proposed 5% one-time tax on the assets of California billionaires and trusts are gathering signatures to qualify the initiative for the November ballot. Led by the Service Employees International Union-United Healthcare Workers West, they must gather the signatures of nearly 875,000 registered voters and submit them to county elections officials by June 24.

If approved, the tax would raise roughly $100 billion that would largely pay for healthcare services, as well as some education programs. Critics say it would drive the wealthy and their companies out of the state. On Dec. 31, venture capitalist David Sacks announced that he was opening an office in Austin, Texas, the same day PayPal co-founder Peter Thiel publicized that his firm had opened a new office in Miami.

The proposed ballot measure, if it qualifies for the ballot and is approved by voters, would apply to Californians who are residents of the state as of 2026. But residency requirements are murky. Among the factors considered by the state’s Franchise Tax Board are where someone is registered to vote, the location of their principle residence, how much time they spend in California, where their driver’s license was issued and their cars registered, where their spouse and children live, the location of their doctors, dentists, accountants and attorneys, and their “social ties,” such as the site of their house of worship or county club.

It’s unclear whether the proposal will qualify for the November ballot, and if it does, whether voters will approve it. However, a mass exodus of a number of the state’s billionaires — more than 200 people — would have a notable effect on state revenue, regardless. The state’s budget volatility is caused by its heavy reliance on taxes paid by the state’s wealthiest residents, including from levies on capital gains and stock-based compensation.

“The highest-income Californians pay the largest share of the state’s personal income tax,” according to Gov. Gavin Newsom’s 2026-27 budget summary that was published in January. “The significant share of personal income taxes — by far the state’s largest General Fund revenue source — paid by a small percentage of taxpayers increases the difficulty of forecasting personal income tax revenue.”

This reliance on wealthy Californians is among the reasons the proposed billionaires tax has created a schism among Democrats and is a source of discord in the 2026 governor’s race to replace Newsom, who cannot seek another term and is weighing a presidential bid. He opposes the proposal; Sen. Bernie Sanders (I-VT.) campaigned for it Wednesday evening at the Wiltern in Los Angeles.

“I am not only supportive of what they’re trying to do in California, but we’re going to introduce a wealth tax for the whole country. We have got to deal with the greed, the extraordinary greed, of the billionaire class,” Sanders told reporters Feb. 11.

Zuckerberg and Spielberg are both prolific political donors, though it is difficult to fully account for their contributions to candidates, campaigns and other entities because of how they or their affiliates donate to them as well as the intricacies of campaign finance reporting.

Spielberg, 79, a Hollywood legend, is worth more than $7 billion, according to Forbes. He and his wife have donated almost universally to Democratic candidates and causes, according to Open Secrets, a nonprofit, nonpartisan tracker of federal campaign contributions, and the California secretary of state’s office.

The prolific filmmaker, who won acclaim for movies such as “Schindler’s List,” “Jaws,” “Jurassic Park” and the “Indiana Jones” trilogy, was born in Ohio and lived with his family in several states before moving to California. He attended Cal State Long Beach but dropped out after Universal Studios gave him a contract to direct television shows.

Zuckerberg, 41, launched Facebook while in college and is worth more than $219 billion, making him among the world’s richest people, according to Forbes.

His largest personal federal political donation appears to be $1 million to FWD.us, a group focused on criminal justice and immigration reform nationwide, according to Open Secrets.

Zuckerberg, who is currently a registered Democrat in Santa Clara County, has donated to politicians across the partisan spectrum, including Democrats such as former House Speaker Nancy Pelosi and current Senate Minority Leader Chuck Schumer to Republicans such as President Trump’s Secretary of State Marco Rubio when he ran for the White House and Chris Christie during his New Jersey gubernatorial campaign.

Both men’s personal donations don’t include their other effects on campaign finances — Spielberg has helped countless Democratic politicians raise money in Hollywood; Zuckerberg’s company has made other contributions. Meta — the parent company of Facebook, Instagram and WhatsApp — donated $1 million to Trump’s inauguration committee in December 2024. Zuckerberg later attended the president’s swearing in at the U.S. Capitol Rotunda.

Zuckerberg, born in White Plains, N.Y., created an early prototype of Facebook while at Harvard University and dropped out to move to Silicon Valley to complete the social media platform, as depicted in the award-winning film “The Social Network.”

He still owns multiple properties in California and elsewhere, including a controversial, massive compound on Kauai that includes two mansions, dozens of bedrooms, multiple other buildings and recreational spaces — and an underground bunker that features a metal door filled with concrete, according to a 2023 investigation by Wired. The cost of land acquisition and construction reportedly has topped $300 million.

Meta is based in Menlo Park, Calif., though it has been incorporated in Delaware since Facebook’s founding in 2004.

Times staff writer Queenie Wong contributed to this report.

Sen. Bernie Sanders, a political hero among liberals and populists, next week will formally kick off the campaign to place a new tax on billionaires on California’s November ballot.

The controversial proposal, which would impose a one-time 5% tax on the assets of the state’s wealthiest residents, is critical to backfilling federal funding cuts to healthcare enacted by the Trump administration, Sanders said in a statement.

“This initiative would provide the necessary funding to prevent over 3 million working-class Californians from losing the healthcare they currently have — and would help prevent the closures of California hospitals and emergency rooms,” he said. “It should be common sense that the billionaires pay just slightly more so that entire communities can preserve access to life-saving medical care. Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires.”

The independent senator from Vermont, who caucuses with Democrats in the nation’s Capitol, will appear Feb. 18 at the Wiltern in Los Angeles alongside prominent musical acts. Sanders has a deep base of support among California Democrats, winning the state’s 2020 presidential primary over Joe Biden by eight points, and narrowly losing the 2016 primary to Hillary Clinton. In both elections, he won the votes of more than 2 million Californians, who were also a major source of the small-dollar donations that fueled his insurgent campaigns.

The tax proposal, which Sanders previously endorsed on social media, is proposed by the Service Employees International Union-United Healthcare Workers West. The supporters need to gather the signatures of nearly 875,000 registered voters and submit them to county elections officials by June 24 for the measure to qualify for the November ballot. They began gathering signatures in January.

Supporters of the tax argue it is one of the few ways the state can backfill major federal cuts to healthcare services for California’s most vulnerable residents. Opponents warn it would kill the innovation that has made the state rich and prompt an exodus of wealthy entrepreneurs.

More than 200 billionaires in Californians would be affected if the proposal qualifies for the ballot and is approved. Some prominent billionaires have already left the state, notably PayPal co-founder Peter Thiel and venture capitalist David Sacks.

Both men were major supporters of President Trump.

Democrats are divided about the issue. Notably, Gov. Gavin Newsom and San Jose Mayor Matt Mahan, who is among a dozen candidates running in November to replace the termed-out governor, oppose the proposal.

SAN FRANCISCO — As California struggles with homelessness and healthcare cuts, some activists are taking on an unexpected cause: fighting for billionaires.

About a dozen people took part in the “March for Billionaires” on Saturday morning in San Francisco to raise awareness about the plight of the ultrarich. Although some assumed the event was satire, organizer Derik Kauffman said it was a sincere protest against a potential new tax on the state’s wealthiest residents.

“We must not judge billionaires as a class but by their individual merits,” he said, speaking outside the San Francisco Civic Center. “There are good billionaires and bad billionaires, just like there are good people and bad people. California is extraordinarily lucky that this is where people come to start companies and build fortunes and we should do our best to keep it that way.”

The Billionaire Tax Act is a proposed state ballot initiative that would levy a one-time, 5% tax on the state’s billionaires to help offset recent federal cuts that have affected healthcare and food-assistance programs. The tax would apply to their overall net worth but would exclude pensions, real estate and retirement accounts.

Supporters say it would benefit the majority of the state’s residents and help ensure billionaires pay their fair share. Opponents — including Gov. Gavin Newsom — argue it will cause billionaires and the businesses they own to flee the state, taking jobs and tax dollars with them.

Kauffman echoed those concerns Saturday and said everyone should want billionaires to remain in California.

“This tax will drive billionaires out; it already has,” he said. “The founders of Google — they left the state and they are taking their money with them.”

Google is still headquartered in California, but other companies tied to Google co-founders Larry Page and Sergey Brin recently lef the state, including T-Rex Holdings, which moved from Palo Alto to Reno last year.

San Francisco Jan. 7, 2026 Two counter-protesters mockingly impersonated billionaires by playing characters they dubbed “Oli Garch” and “Trilly O’Naire.”

(Katie King / Los Angeles Times)

The event attracted a few dozen humorous counterprotesters.

Razelle Swimmer carried around a puppet of the Swedish Chef from the Muppets, brandishing knives and wearing an apron that said “Eat the Rich.” Swimmer told The Times she doesn’t believe billionaires need more protections.

“If they aren’t willing to pay more taxes, then I don’t really care if they leave,” she said.

Other counterprotesters mockingly impersonated billionaires by donning crowns or top hats. A man and woman, playing characters called Oli Garch and Trilly O’Naire, said they worried what would happen if the tax passed.

“There is a small chance that my helicopter won’t be able to have a sauna in it just because apparently some kids want dental work or something,” said the woman, as she adjusted her tiara.

At one point, a man wearing a gold crown and carrying a sign that said “Let them eat cake” ran through the crowd shouting, “Keep the poors away from me.”

The Service Employees International Union-United Healthcare Workers West, the main backer of the tax proposal, needs to collect about 875,000 signatures by June 24 in order to get the measure on the November ballot.

The Legislative Analyst’s Office, which offers guidance to the Legislature about budgetary issues, has cautioned that the tax might lead to only short-term benefits.

“It is likely that some billionaires decide to leave California,” the agency stated in a recent analysis. “The income taxes they currently pay to the state would go away with their departure. The reduction in state revenues from these kinds of responses could be hundreds of millions of dollars or more per year.”

California has roughly 200 billionaires, the most of any state. Their collective wealth was $2.2 trillion in October, up from $300 billion in 2011, according to a December report from law and economics professors at UC Berkeley, UC Davis and the University of Missouri.

The researchers concluded that billionaires in the United States pay less in taxes, relative to income, than the average American.

“It is estimated that, including all taxes at all levels of government, billionaires paid only 24% of their true economic income in taxes in years 2018-20 while the U.S.-wide average was 30%,” the report states.

SAN FRANCISCO — Gov. Gavin Newsom, barred from running for reelection, still took heat Tuesday during the first debate in California’s 2026 race for governor.

Six Democrats and one Republican on the stage in Newsom’s hometown of San Francisco took direct aim at the governor’s record on homelessness, efforts to ban the sale of new gas-powered cars and opposition to an anti-crime ballot measure that Californians overwhelmingly passed two years ago.

Former Los Angeles Mayor Antonio Villaraigosa, who unsuccessfully ran against Newsom for governor in 2018, pointed to state spending on homelessness as an example of ineptitude.

“We spent $24 billion at the state, along with billions more from the counties and the cities throughout the state, and homelessness went on,” he said. “We cannot be afraid to look in the mirror.”

The televised debate revealed the schism between the moderate and progressive Democrats hoping to replace Newsom, as well as efforts by Steve Hilton, the sole Republican who took part, to coalesce the conservative vote.

Hilton, a former Fox New commentator and British political strategist, called on his top GOP rival, Riverside County Sheriff Chad Bianco, to drop out of the race.

“My Republican colleague Chad Bianco is not here tonight to face these Democrats or his record in 2020, during the Black Lives Matter riots,” Hilton said at the event, which was co-sponsored by the nonprofit Black Action Alliance, which was founded to give Black voters a greater voice in the Bay Area.

Bianco “took a knee when told to by BLM, now he says he was praying,” Hilton said. “Chad Bianco has got more baggage than LAX.”

Bianco was invited to the debate but said he was unable to attend because of a scheduling conflict. His campaign did not respond to requests for comment about Hilton’s attacks.

The, at times, feisty debate came amid a gubernatorial race that thus far has lacked sizzle or a candidate on either side of the aisle who has excited Californians. Public opinion polls show that most voters remain undecided.

Seven of the dozen prominent candidates running to replace Newsom participated in the gathering at the Ruth Williams Opera House in front of a live audience of about 200 people. Rep. Eric Swalwell (D-Dublin) was scheduled to participate but canceled, citing the need to go back to Washington, D.C., for congressional votes. Former Rep. Katie Porter (D-Irvine) also did not attend the debate.

The two-hour clash, at times plagued by audio issues, was hosted by two local Fox News affiliates and moderated by KTVU political reporter Greg Lee and anchor André Senior, as well as KTTV’s Marla Tellez.

Five takeaways from the debate:

Making California affordable again

When grilled about how they planned to tackle the high cost of living in the state — gas prices, rent, utility bills and other day-to-day financial challenges — most of the candidates prefaced their answers by talking about growing up in struggling households, often with immigrant parents who worked blue-collar jobs.

Former U.S. Health and Human Services Secretary Xavier Becerra said he would stabilize rents and freeze utility and home insurance costs “until we find out why they’re increasing.” California Supt. of Public Instruction Tony Thurmond said he would raise taxes on billionaires and create tax credits to help families afford the high cost of living.

Villaraigosa and Hilton said they would lower gas prices by cutting regulations on California’s oil refineries.

Hilton blamed the state’s high cost of living squarely on Democratic policies. “They’ve been in power for 16 years,” he said. “Who else is there to blame?”

Billionaire hedge fund founder turned climate activist Tom Steyer said he favors rent control. Steyer and former state Controller Betty Yee said they would prioritize zoning and permitting reform to build more housing, particularly near public transit. Both Steyer, a progressive, and San Jose Mayor Matt Mahan, a moderate, spoke about using new technology such as pre-fabricated homes to build more affordable housing.

Protecting immigrants

In the wake of the Trump administration’s chaotic immigration raids that started in Los Angeles in June and have spread across the nation — recently resulting in the shooting deaths of two people by federal agents in Minneapolis — the Democrats on stage unanimously voiced support for immigrants who live in California. Some pledged that, if elected, they would use the governor’s office to aggressively push back on President Trump’s immigration policies.

“We’ve got to say no to ICE, and we’ve got to take on Trump wherever he raises his ugly head,” Villaraigosa said.

Steyer, whose hedge fund invested in a company that runs migrant detention centers on the U.S.-Mexico border, and Thurmond both said they support abolishing Immigration and Customs Enforcement, and Thurmond and Mahan said they support a pathway to citizenship for undocumented immigrants.

Politicians politicking

Antonio Villaraigosa, left, talks to Betty Yee during the California gubernatorial candidate debate Tuesday in San Francisco.

(Laure Andrillon / Associated Press)

Amid the debate’s dodging, weaving, yammering and spicy back-and-forth, there were a few moments when the candidates rose above the din.

Villaraigosa, the former two-term mayor of Los Angeles and a former speaker of the California Assembly, insisted that the moderators call him “Antonio” instead of Mayor Villaraigosa.

“It’s my name, everybody. I’m just a regular guy,” he said, prompting a laugh.

Mahan, on the other hand, tried mightily to portray himself as being above the dirty business of politics.

“The truth is that our politics has been oversimplified,” he said. “It’s become this blood sport between populists on both sides, and you deserve real answers, not the easy answers.”

Yee, who has been running on her background as controller and a member of the California Board of Equalization, cast herself as the financial savior the state needs in trying economic times of budget deficits and federal cuts.

“We have not been accountable or transparent with our dollars for a long time,” she said. “Why are we right now and [in successive] years spending more than we’re bringing in? This is where we are. So accountability has to be a tone set from the top.”

The rich guy and the new guy

Steyer, who paints himself as a repentant billionaire devoted to giving away his riches to make California a better place for all, did not directly answer a question about his position on a controversial proposed ballot measure for a new tax on billionaires to fund healthcare. But he said he supported increasing taxes on the wealthy and boasted of having the political backing of bus drivers, nurses and cafeteria workers because he was the rich guy willing to “take on the billionaires for working families.”

Mahan, the latest major candidate to enter the race, wasn’t impressed.

“Tom, I’ve got about 3 billion reasons not to trust your answer on that,” he said, an apparent reference to Steyer’s net worth.

Although he supports closing tax loopholes for the wealthy, Mahan said he opposes the billionaire tax because “it will send good, high-paying jobs out of our state, and hard-working families, in the long run, will all pay more taxes for it.”

Money also spoke Tuesday

Although the battle over campaign fundraising didn’t overtly arise during Tuesday’s debate aside from Mahan’s comment about Steyer, it still was getting a lot of attention. Campaign fundraising disclosures became public Monday and Tuesday.

Unsurprisingly, Steyer led the pack with $28.9 million in contributions in 2025, nearly all of it donations that the billionaire spent on his campaign. Other top fundraisers were Porter, who raised $6.1 million; Hilton, who collected $5.7 million; Becerra, who banked $5.2 million; Bianco, who received $3.7 million in contributions; Swalwell’s $3.1 million since entering the race late last year; and Villaraigosa’s $3.2 million, according to documents filed with the California secretary of state’s office.

Mahan, who recently entered the race, wasn’t required to file a campaign fundraising disclosure, though he is expected to have notable support from wealthy Silicon Valley tech honchos. Former state Controller Betty Yee and state schools chief Tony Thurmond were among the candidates who raised the least, which spurs questions about their viability in a state of more than 23 million registered voters with some of the most expensive media markets in the nation.

Yee defended her candidacy by pointing to her experience.

“All the polls show that this race is wide open. You know, I think voters have had enough. I’ve been around the state. I’ve spoken to thousands of them,” she said. “Enough of the lies, the broken campaign promises, billionaires trying to run the world. You know, look, I’m the adult in the room. No gimmicks, no nonsense, straight shooter, the woman who gets things done. And we certainly can’t afford a leader who thinks grandstanding is actually governing.”

Mehta reported from Los Angeles and Nixon reported from San Francisco. Data and graphics journalists Gabrielle LaMarr LeMee and Hailey Wang contributed to this report.

The peaceful alpine paradise is difficult to reach with no airport, and has the highest density of millionaires in the world.

For those seeking a getaway free from hordes of fellow holidaymakers, one tiny nation stands head and shoulders above the rest. According to findings from cruise and tour operator Riviera Travel, Liechtenstein delivers stunning mountain scenery, understated elegance and abundant attractions, all minus the throngs.

Throughout 2024, visitors clocked up more than 200,000 overnight stays in this principality. Set that against Serbia, the tenth least visited nation, where tourists racked up 12,662,151 nights, and it becomes crystal clear just how tranquil Liechtenstein truly is.

This serene haven, tucked away between Switzerland and Austria, ranks amongst the continent’s – and the world’s – most compact territories. It boasts the unique status of being doubly landlocked, which means it’s encircled by other landlocked states and getting to the coast necessitates travelling through no fewer than two neighbouring countries.

It’s additionally categorised as a microstate, a sovereign territory with an exceptionally modest population or geographical footprint, usually both.

As Europe’s fourth-smallest state, Liechtenstein spans barely 62 square miles and is home to 40,023 residents, positioning it as the sixth-smallest country globally, reports the Express.

Nevertheless, despite its minuscule dimensions, it has earned an enviable standing as one of the world’s most prosperous nations and continues to be governed by a monarch who features amongst Europe’s wealthiest figures. The semi-constitutional monarchy is led by the Prince of the House of Liechtenstein, currently Hans-Adam II.

As of March 2025, the Bloomberg Billionaires Index put his fortune at around £7.9billion, making him the 277th richest person on the planet.

Liechtenstein is also among the rare nations worldwide with zero debt. It was once considered a billionaire tax haven, hitting its height during a tax scandal in 2008, but the principality has since put in considerable effort to shed this reputation.

In 2020, Liechtenstein boasted the world’s highest concentration of millionaires, with 19% of households holding millionaire status. Switzerland ranked second at 15%, whilst Bahrain claimed third spot with 13%, and Qatar sat at 12.7%.

As an Alpine country, Liechtenstein’s rugged mountainous terrain draws winter sports fans to spots like the Malbun resort.

However, this very topography leaves precious little space for building an aviation facility, making it one of the few nations worldwide lacking an airport.

The nearest airport for Liechtenstein’s inhabitants is Altenrhein Airport in Switzerland’s St. Gallen canton, approximately 30 minutes away by motor. Those opting for Zurich Airport face a drive of just under 90 minutes from the capital, Vaduz.

The principality is also without railway stations and, unsurprisingly, lacks any seaports. The easiest rail links can be found via Swiss border stations at Buchs or Sargans, or alternatively through the Austrian station at Feldkirch.

Each provides superb express train connections and coach services to Vaduz. That being said, Liechtenstein isn’t completely cut off from aviation – a privately operated helicopter landing site functions in Balzers.

While Liechtenstein is a member of the United Nations, it stays beyond the borders of the European Union. Nevertheless, it takes part in both the Schengen Area and the European Economic Area, shares a customs union and monetary union with Switzerland, and utilises the Swiss franc as its official currency.