The Rich are fleeing California more than ever ..

California state has always been the permanent heaven of millionaires and billionaires in general . Whether if it was a short stay to get away from concrete jungles of big cities or to move permanently .

Recently after Elon Musk’s announcement of leaving the state of California .

A lot of tweets and articles been discussing the move of the Space mogul .

Elon has sold his four properties in Bel Air, California a neighborhood known for it’s high priced properties and occupied by one of the richest people in the nation and the world . But if Elon Musk’s move out of California is work related as many sources has reported, Then why many rich residents are aiming at “ a move for good “ out of the golden state .

If we look at the cities in California where most of the elites are residing . it’s more coming down from south of Cali ( LA metropolitan area ), unlike the elites of silicon valley and San Francisco who have shown no intentions of moving whether for corporation or residential reasons .

Los Angeles metropolitan area is home to many Movie moguls and celebrities along with many Business tycoons who owns multiple properties in the Beverly Hills , Bel Air , Malibu and many other fancy neighborhoods .

Recently the California’s council has proposed a bill that would tax each individual who amass over 30 million dollars of wealth a 0.4% of his wealth .

Of course there’s some requirements for the taxation to occur one of the main requirements is the person who amass the wealth must be a resident of California in the last 10 years .

Along with the 1.16% of tax on each property they own makes the life in California a bit harsh for the top elites of the state .

It’s rumored that Some members of the state also said that even if they Leave the state and are considered no longer residents of California, They will still be subjected to pay the taxes on their wealth in case they sold their properties and got rid of their taxes .

Will the departure of many elites from the state of California impact the state’s economy ? especially if they took their businesses with them .. And if they left where would they go ?

No one can predict the outcome for now . and the proposed law is still yet not in effect ..