Legendary Director Steven Spielberg Leaves California for New York

Spielberg joins growing list of wealthy residents fleeing the Golden State amid proposed 'wealth tax'

Published on Mar. 2, 2026

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Iconic filmmaker Steven Spielberg has reportedly shifted his primary base from California to New York, joining a broader 'billionaire exodus' from the state. The move comes as California considers a controversial 'wealth tax' that has split Democrats and raised concerns about the potential economic fallout.

Why it matters

Spielberg's departure is the latest high-profile example of wealthy individuals and business leaders seeking more favorable environments outside of California, which is seen as increasingly hostile toward entrepreneurs and job creators. The state's progressive policies, including the proposed wealth tax, have sparked an exodus of capital, jobs, and cultural icons.

The details

According to reports, Spielberg has relocated to Manhattan, New York, amid a broader trend of high-net-worth individuals and business leaders, such as Meta founder Mark Zuckerberg and Tesla CEO Elon Musk, moving out of California. The proposed wealth tax, which would impose a one-time 5% tax on billionaires, has been a major factor driving this exodus, though Spielberg's representative claims his move is unrelated to the tax.

  • In February 2026, reports surfaced that Spielberg had shifted his primary base to New York.
  • The proposed California wealth tax is set to appear on the November 2026 ballot.

The players

Steven Spielberg

A legendary American film director, producer, and screenwriter, known for iconic films such as 'Jaws,' 'E.T.,' and many others. Spielberg has reportedly relocated his primary residence from California to New York.

Gavin Newsom

The current Governor of California, who has openly expressed concerns that the proposed wealth tax could accelerate the 'billionaire exodus' from the state.

Bernie Sanders

A U.S. Senator and self-described democratic socialist, who is enthusiastically backing the proposed California wealth tax.

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What’s next

The proposed California wealth tax will be on the November 2026 ballot, and its passage could further accelerate the exodus of wealthy residents and businesses from the state.

The takeaway

Spielberg's relocation to New York is the latest example of a high-profile individual leaving California, highlighting the state's increasingly hostile climate toward the wealthy and successful. As California doubles down on progressive policies, including the proposed wealth tax, the state risks losing more of its cultural and economic icons, raising questions about the long-term consequences of this 'billionaire exodus'.