California Wealth Tax Threat Accelerates HNWI Migration

California Democratic Party endorses Prop 40 wealth tax with retroactive Jan 1, 2026 valuation date, creating immediate planning urgency for billionaires. Expected to accelerate HNWI migration to Nevada and other no-income-tax states. Legal challenges and voter support dynamics make it a high-stakes November ballot. Sergey Brin already spending $102M to fight the measure. Las Vegas cost of living data (zero state income tax, low property tax) reinforces the structural advantage for relocating HNWIs.