Steven Spielberg is latest billionaire to leave California ahead of proposed wealth tax

Legendary filmmaker Steven Spielberg is following in the footsteps of fellow billionaires in leaving California for a new home. The director of such classics as Jaws, ET, Jurassic Park, and Oscar-winners Schindler’s List and Saving Private Ryan, is reported to be moving across the country to New York City. And his decision to leave the Golden State comes just months before a proposed California wealth tax makes an impact. (Picture: Rodin Eckenroth/FilmMagic) The proposed Billionaire Tax Act would see residents of the state whose net worth exceeds that figure having to pay a one-time tax totalling 5% of their assets. The director, and his wife of 34 years Kate Capshaw, have bought a property in the iconic San Remo co-op in New York City, which overlooks Central Park, Daily Mail reports. The co-op is a popular draw for celebrities, with Warren Beatty, Tiger Woods, Bono and Mick Jagger among some of the big names who have homes there. Although living there doesn’t come cheap, with homes costing anything from $5m (£3.6m) to $25m (£18.9m). (Picture: Lia Toby/Getty Images for BFI) And according to his spokesperson, Spielberg – who is also a producer on the Oscar favourite Hamnet – made the move to be closer to his family.The 72-year-old is a father of seven and a grandfather of six, sharing his blended family with Capshaw. The couple are parents to daughter Sashas and Destiny and son Sawyer, as well as adopted daughter Mikayla. Capshaw adopted a son, Theo, before marrying the director and a stepdaughter, Jessica, who is famous in her own right for her role as Arizona Robbins on Grey’s Anatomy. Spielberg has a son, Max, from his first marriage to actress Amy Irving. (Picture: Taylor Hill/FilmMagic) Speaking to the Los Angeles Times, Terry Press said: ‘Steven’s move to the East Coast is both long-planned and driven purely by his and Kate Capshaw’s desire to be closer to their New York-based children and grandchildren.’ He officially became an East Coast resident as of January 1, 2026, according to the paper, while his production company Amblin Entertainment has also now opened an office in New York City. Spielberg’s next movie, the sci-fi blockbuster Disclosure Day, is due to be released on June 12. (Picture: Eric Charbonneau/Focus Features via Getty Images) His spokesperson did not comment further when asked on the filmmaker’s position regarding the wealth tax. In recent months the likes of Facebook co-founder Mark Zuckerberg and Google co-founder Sergey Brin have also upped sticks and moved elsewhere, sparking speculation the proposed tax could be to blame. (Picture: Los Angeles Times via Getty Imag) Zuckerberg and his wife Priscilla Chan recently bought a $150m (£111m) waterfront mansion in Indian Creek Island, a gated community in South Florida, which is also home to the likes of Ivanka Trump and her husband Jared Kushner, as well as Amazon founder Jeff Bezos. His spokesperson has not commented on whether the move is to avoid the billionaire tax. (Picture: Getty Images) California is home to more billionaires than any other state in the US, according to Forbes. More than 255 people with wealth of more than $1bn ($738m) live there, with more than 80 of them featuring on the Forbes 400 list in 2025. (Picture: Getty Images) The proposed introduction of the wealth tax would act as an attempt to recoup money for essential services, such as education and health care, with some arguing it’s necessary to make up for Donald Trump’s One Big Beautiful Bill and its cuts to Medicaid. However those opposing the wealth tax have said that it would lead residents to sell off companies or move out of California altogether, rather than pay the money. The bill is due to be voted on in November; if it passes billionaires living in California would be retroactively affected from January 1, 2026. (Picture: Getty Images) Add Metro as a Preferred Source on Google Add as preferred source