Photograph by Nathaniel St. Clair

On November 3, 2026, California voters will vote on Proposition 40, a one-time 5 percent levy on the net worth of billionaires who were California residents on January 1, 2026. Ninety percent of the revenue would fund health care programs, with the remainder set aside for food assistance and education.

A small segment of the state’s 200 plus billionaires has stepped up to oppose Prop 40, contributing millions to opposition groups and vocally speaking out against the one-time fee.

In a brief report, “California’s Billionaire Wealth Surge: Meet the 22 California Billionaires Opposing Prop 40 Billionaire Wealth Tax,” we identified 22 California billionaires who are active funders and outspoken opponents of Prop 40. Together they have given over $150 million to oppose the initiative — with more rolling in every day.  These 22 include a prince, several private jet flying chums of Jeffrey Epstein, and a bunch of crypto and tech bros designing the AI future for the rest of us.

On January 1, 2025, these 22 billionaires had a combined wealth of $439.8 billion. By September 1, 2026, their wealth had grown to $722.1 billion.

In a little under 20 months, their combined wealth increased $282.6 billion, a gain of........

© CounterPunch