Despite those massive numbers, real estate no longer dominates Californians’ personal wealth, which now tops $30 trillion. About a third is residential real estate, with commercial real estate, investments, personal property and cash representing the rest. Voters may decide this year because a wealth tax initiative is being circulated by a union representing health care workers. In theory, those who haven’t already migrated would still be subject to the wealth tax because it would be backdated to Jan. 1, 2026. The passage of a wealth tax could be weaponized in a presidential campaign.

Source: Los Angeles Times January 21, 2026 13:35 UTC