The ultra-wealthy are abandoning California for tax-friendly states like Nevada, with Incline Village—a lakeside town of 9,300 residents—emerging as a prime destination. Once an affordable community, the area has been dubbed 'Income Village' due to an influx of billionaires seeking to avoid income and estate taxes.
Billionaires Influx Disrupts Local Housing Market
According to a recent Bloomberg report, local historian David Antonucci noted, 'When I first moved here in 1975... it really was affordable. Now the billionaires are pricing out the millionaires.' The demographic shift has sent real estate prices soaring, with single-family home sales skyrocketing from $30.6 million in Q1 2025 to roughly $232 million in Q1 2026.
High-Profile Tech Moguls Move to Nevada
Prominent billionaires have established roots in Incline Village. Oracle co-founder Larry Ellison reportedly owns a sprawling wooded estate. Venture capitalist Steve Jurvetson is tied to a $125 million compound that set regional records, while Google co-founder Sergey Brin is linked to a $42 million mansion. These moves are largely tax-driven, as Nevada imposes no income or estate taxes.
California's Proposed Billionaire Tax Spurs Exodus
The migration is accelerated by California's proposed 2026 Billionaire Tax Act, a ballot measure that would impose a one-time 5% wealth tax on the state's roughly 200 billionaires, payable in installments over five years. Supporters argue it ensures the wealthy pay their fair share, but opponents note that California's billionaires collectively own $2 trillion in net worth yet paid $4.1 billion in income taxes in 2025. To avoid the levy, billionaires had until January 1, 2026, to officially change residency. Six have publicly announced departures, including Peter Thiel, Larry Page, and Sergey Brin.
