Meet the 22 California Billionaires Opposing Prop. 40

On Nov. 3, 2026, California voters will vote on Proposition 40, a one-time 5% levy on the net worth of billionaires who were California residents on Jan. 1, 2026. Ninety percent of the revenue would fund healthcare programs, with the remainder set aside for food assistance and education.

A small segment of the state’s 200 plus billionaires has stepped up to oppose Proposition 40, contributing millions to opposition groups and vocally speaking out against the one-time fee.

In a brief report, “California’s Billionaire Wealth Surge: Meet the 22 California Billionaires Opposing Prop 40 Billionaire Wealth Tax,” we identified 22 California billionaires who are active funders and outspoken opponents of Proposition 40. Together they have given over $150 million to oppose the initiative — with more rolling in every day.  These 22 include a prince, several private jet-flying chums of Jeffrey Epstein and a bunch of crypto and tech bros designing the AI future for the rest of us.

On Jan. 1, 2025, these 22 billionaires had a combined wealth of $439.8 billion. By Sept. 1, 2026, their wealth had grown to $722.1 billion. 

In a little under 20 months, their combined wealth increased $282.6 billion, a gain of over 64%.

Just to be clear, these “snowflake billionaires” are whining, wailing and donating money to fight a tax that would effectively require them to part with one-eighth of the wealth they’ve gained since Jan. 1, 2025.  

This group includes Google’s Sergey Brin who has been the single largest opposition donor, chipping in over $102 million to fight Proposition 40. Brin has seen his wealth grow a whopping 70% in the last 20 months, from $148 billion on Jan. 1, 2025, to $253 billion on Sept. 1, 2026. Brin’s wealth is 83,498 times that of a median Californian household, which is $303,000. 

Palantir’s Peter Thiel gave $3 million to the No on 40 campaign and has called on other billionaires to move out of California. In the last 20 months, Thiel’s wealth increased a whopping 120.27%, from $14.8 billion on Jan. 1, 2025, to $32.6 billion on Sept. 1, 2026, according to Forbes. Thiel’s wealth is 10,759 times the median Californian household’s.

Chris Larsen, founder of cryptocurrency firm Ripple has given over $5 million to the No on 40 campaign, along with another $5 million from Ripple. and $12 million to Building a Better California. His personal wealth increased 23.5%, from $10.2 billion to $12.6 billion, in the last 20 months. His wealth is 4,158 times that of the median California family.

Venture capitalist John Doerr gave $10 million to No on 40. In the last 20 months, Doerr’s wealth increased 47.97%, from $14.8 billion on Jan. 1, 2025, to $21.9 billion on Sept. 1, 2026. Doerr’s wealth is 7,227 times the median wealth of a Californian household.

Three of the 20 saw their wealth decline over this 20-month period: Tony Xu, Marc Pincus and Marco DeGeorge. But most have experienced substantial gains.

California billionaires vs. the median California household

The number of billionaires in California has grown, with their average wealth remaining roughly between $9.1 to $9.4 billion. As of Sept. 1, 2026, the 231 billionaires identified as living in California have a combined wealth of $2.117 trillion. Just 20 months ago, there were 178 billionaires in California with a combined wealth of $1.685 trillion. 

To show how quickly billionaire wealth has accelerated since the pandemic, let’s go back in time six years. In early 2020, all 815 billionaires residing in the United States had a combined wealth of $2.9 trillion, only slightly more than what the 231 California billionaires have today in 2026. 

Meanwhile, the median net worth of a California household has risen a marginal 5.2%, increasing $15,000 from $288,000 in 2025 to $303,000 in 2026. A Californian with $1 billion in wealth has 303 times the wealth of the median California household. 

Under Proposition 40, this billionaire will pay a one-time tax of $50 million to support healthcare, education and food assistance for their fellow Californians, leaving them $950 million to survive on.

The undertaxed California billionaire

In California, the state’s 231 billionaires (as of Sept. 1, 2026) hold approximately $2.117 trillion in wealth ($2.3 trillion as of Sept. 22, 2026) and pay incredibly low taxes on their riches. 

According to an analysis published by economists Gabriel Zucman and Emmanuel Saez, from 2019 to 2025, while California billionaires’ wealth grew an average of over 15% per year, they paid, on average, just 0.26% of their wealth annually in state income taxes. Sergey Brin and fellow Google founder Larry Page paid just 0.07% of their wealth annually in California income tax during that period. I guess we can see why they don’t want anything to change.

This analysis prepared by the Institute for Policy Studies and Tax the Ultra-Rich Now (TURN). More detailed dossiers available soon. Press release HERE.