Larry Page Moves Entities to Escape California Wealth Tax
The billionaire relocated his residency and business operations to Florida and Delaware amid potential tax liabilities.
Updated on Oct. 20, 2026 in Financial Planning
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In December 2025, billionaire Larry Page moved his residency to Miami and incorporated his business entities in Delaware. This strategic pivot aims to avoid significant tax liabilities associated with a proposed California wealth tax.
Why it matters
The relocation highlights a growing trend of ultra-high-net-worth individuals migrating to tax-friendly jurisdictions to shield assets from state wealth tax proposals. California's proposed Proposition 40 is projected to generate $100 billion, forcing major taxpayers to weigh residency costs against potential levies.
Larry Page, who holds a net worth of $292 billion, purchased two Miami estates for a total of $173.4 million. This move coincides with the incorporation of his family office, Koop, and several other entities in Delaware.
The players
Larry Page
He is a billionaire entrepreneur and the co-founder of Google.
The details
Page completed the purchase of a $101.5 million property in Coconut Grove and a second Miami estate for $71.9 million. These moves follow a contentious debate over Proposition 40, which saw opponents spend $187 million against the measure compared to $32 million by supporters.
Timeline
December 2025: Page incorporated business entities in Delaware and purchased Miami real estate.
November 3, 2026: Washington voters are scheduled to decide on a 9.9% income tax repeal.
January 1, 2027: The residency date trigger for California's Proposition 40 takes effect.
Market Dynamics
This relocation mirrors broader trends of wealth migration as billionaire taxpayers seek to minimize exposure to state-level wealth taxes. These shifts often follow patterns set by legislative changes, such as the residency requirements established under California's Proposition 40.
For retail investors, these moves illustrate the critical importance of monitoring state-level tax legislation as it can drastically alter the net value of an asset portfolio. Changes in residency status or corporate domiciles often serve as a bellwether for how state laws affect long-term wealth preservation strategies.
The takeaway
Ultra-high-net-worth individuals are increasingly utilizing complex legal and real estate restructuring to mitigate state-specific wealth taxes. Taxpayers should consider the potential for rapid legislative shifts when evaluating the long-term cost-benefit of their primary residency.
What happens next
Washington state voters will head to the polls on November 3, 2026, to vote on the repeal of a 9.9% income tax, an event expected to draw significant national attention to state-level fiscal policy.
Further reading
For more on managing high-net-worth tax strategies, see the Financial Planning section.
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Should states implement wealth taxes even if they drive high-net-worth individuals to relocate elsewhere?
