Larry Page, Wealth Taxes, and the New Geography of Capital

Over the past few years, a growing number of high-net-worth individuals have quietly but decisively shifted their primary residence from California to Florida. One of the most telling recent signals came from Larry Page, Google co-founder and one of the world’s wealthiest entrepreneurs, whose real estate moves reignited the conversation around tax policy, capital preservation, and lifestyle migration.

While no single decision defines a trend, the broader pattern is clear: Miami has become a strategic destination for billionaires reassessing where they live, invest, and operate.

Larry Page and the California Wealth Tax Debate

California has long been home to the world’s largest concentration of tech wealth. But proposed and ongoing discussions around wealth taxes, higher capital gains, and expanded fiscal oversight have fundamentally changed how ultra-high-net-worth individuals evaluate residency.

In recent years, California lawmakers have explored:

• Wealth taxes on net worth
• Higher long-term capital gains rates
• Expanded taxation tied to residency history

For founders and investors whose wealth is often illiquid, globally diversified, or tied to long-term equity holdings, these policies introduce material financial risk.

Larry Page’s real estate decisions, including the sale and restructuring of California properties, reflect a broader reassessment taking place among Silicon Valley elites — not necessarily as political statements, but as capital strategy.

Florida vs. California: A Structural Tax Difference

The appeal of Florida is not theoretical. It is structural.

Florida offers:

• No state income tax
• No wealth tax
• No state capital gains tax
• Strong asset protection laws
• Favorable trust and estate planning frameworks

California, by contrast:

• Has the highest state income tax in the U.S.
• Continues to debate wealth-based taxation
• Maintains aggressive residency enforcement
• Imposes complex capital gains treatment

For billionaires, these differences compound over time — often translating into hundreds of millions of dollars preserved across decades.

Why Miami, Specifically?

Florida alone doesn’t explain the migration. Miami does.

Miami has evolved from a lifestyle city into a global capital node, offering:

• Direct access to Latin America, Europe, and the Middle East
• A rapidly growing tech, finance, and venture ecosystem
• World-class real estate inventory (waterfront, privacy, security)
• Cultural legitimacy among global elites
• A pro-business political and regulatory climate

For entrepreneurs like Larry Page — and many others who have followed similar paths — Miami provides both tax efficiency and global relevance, without sacrificing quality of life.

Real Estate as a Strategic Move, Not Just a Lifestyle Choice

For billionaires relocating to Miami, real estate is not simply about homes — it’s about establishing tax residency, long-term presence, and capital alignment.

Common characteristics of these purchases include:

• Waterfront properties with privacy and security
• High-value single-family homes or branded luxury residences
• Long-term holding strategies (not speculative flips)
• Estate-planning-friendly ownership structures

This shift has had a direct impact on Miami’s luxury real estate market, particularly in neighborhoods like:

• Miami Beach
• Coconut Grove
• Coral Gables
• Indian Creek
• Bal Harbour
• Brickell waterfront zones

California’s Risk: Capital Is Mobile

The central issue California now faces is not ideological — it is structural.

Capital, unlike labor, is extremely mobile. When taxation becomes unpredictable or punitive at scale, high-net-worth individuals respond by relocating legally, strategically, and permanently.

Miami’s rise is not accidental. It is the byproduct of:

• Policy clarity
• Tax predictability
• Global positioning
• Lifestyle credibility

Larry Page’s real estate decisions are simply one of the most visible data points in a trend that has been unfolding quietly for years.

Miami’s Position Going Forward

As wealth continues to globalize and decentralize, cities that align policy, lifestyle, and capital strategy will continue to win.

Miami has positioned itself not just as a refuge from high taxes, but as a long-term base for global entrepreneurs, investors, and founders seeking stability, access, and optionality.

Thinking About Relocating or Investing in Miami?

At Suma Luxury Realty, we work closely with international buyers, founders, and high-net-worth individuals navigating relocation, investment, and residency decisions in Miami.

Whether you’re evaluating Miami as a primary residence, an investment market, or part of a broader capital strategy, our team provides local expertise with a global perspective.