\n Signature drive advances amid debate over taxing extreme fortunes in richest US state.\n <\/p>\n
A campaign to impose a tax on California\u2019s wealthiest residents is moving closer to voters, as organizers claim they have gathered enough signatures to qualify the proposal for the state ballot; setting up a contentious debate in the nation\u2019s largest hub of billionaire wealth.<\/p>\n
Backers of the initiative<\/a> say they have surpassed the required signature threshold although election officials still need to validate the submissions. If approved, the measure would target individuals with multibillion-dollar fortunes, aiming to generate new revenue streams by taxing accumulated wealth rather than income alone.<\/p>\n Supporters argue the proposal reflects growing concern over inequality in a state that is home to an outsized share of the global ultra-rich. Advocacy group Our Revolution said the effort is intended to ensure the wealthiest residents contribute more to public finances, stating, \u201cthis is about ensuring the ultra-wealthy finally pay their fair share.\u201d<\/p>\n They believe a one-time 5% wealth tax could bring in $100 billion<\/a>, although opponents say those facing the tax (estimated to be around 200 individuals) would end up paying a \u201cdramatically higher\u201d amount<\/a> than 5% due to \u201caggressive design choices and possible drafting errors.\u201d<\/p>\n Those in favor also refute warnings that billionaires will leave California en masse and are confident that the level of new wealth generated in the state would offset that of any ultra-rich people who choose to leave.<\/p>\n Who\u2019s set to pay?<\/p>\n The state continues to dominate the ranks of the ultra-wealthy, with more billionaires than any other in the US, according to Forbes\u2019 2026 World\u2019s Billionaires List. In total, hundreds of California residents appear on global rich lists, with combined fortunes reaching into the hundreds of billions of dollars.<\/p>\n At the very top, tech leaders remain dominant. Larry Page leads California residents with an estimated $257 billion net worth, followed by Sergey Brin at $237 billion and Mark Zuckerberg at $222 billion. Chipmaker executive Jensen Huang is also among the state\u2019s wealthiest, with an estimated $154 billion fortune.<\/p>\n Further down the list are investors and entrepreneurs such as Peter Thiel and real estate magnate Donald Bren, highlighting the breadth of industries contributing to the state\u2019s concentration of wealth.<\/p>\n Nationally, the US remains the epicenter of billionaire wealth, with nearly 1,000 individuals on the global ranking and accounting for a large share of the world\u2019s richest people. The broader list includes Elon Musk, who tops global rankings with an $839 billion fortune but relocated from California to Texas in recent years, citing concerns about taxes and regulation.<\/p>\n That dynamic is central to critics\u2019 concerns about the proposed measure. Opponents warn that higher taxes on extreme wealth could accelerate an exodus of high-net-worth individuals, potentially eroding the tax base the policy is designed to expand.<\/p>\n Wider movement<\/p>\n