California's wealth game just leveled up. 💰
“We’ve never seen an absolute growth in the number of millionaires like this data,” Cristobal Young, a professor at Cornell University who’s studied wealth migration, told Bloomberg. “Ultimately, California is a great place to make money.”
In addition to that boost, California saw over 288,000 residents report more than $1 million in income in 2021. Compare that with New York’s paltrier 80,000 millionaires that year. And Californians are still seeing their wealth increase: So far this year, when looking at BloombergIndex data, the state’s 113 billionaires on the list added an eye-popping $270 billion from January through July.
That growth occurred even though some high-profile billionaires have moved out of the state recently, such as Elon Musk and Larry Ellison. Others, however, can’t quit all that California has to offer, including high-earning industries like Hollywood and Silicon Valley, elite colleges like Stanford and UCLA, and—of course—the beaches and year-round sunshine. For many, those benefits far outweigh any downsides, like the state’s high income tax rate.
“There’s no question I’m paying a ridiculous amount of tax for many, many years now, but hey, that’s my problem, if I don’t like it I can quit,” Dominic Ng, the millionaire CEO of East West Bancorp, told Bloomberg. The proliferation of ultra-rich residents has led to an influx of businesses catering to this elite set. For example, the members’ club Core is opening in
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