Billionaires in California will face a one-time 5% wealth tax, a measure that supporters say could raise about $100 billion for the state's healthcare costs. The proposal faces significant challenges, but if passed, it would target approximately 200 California residents worth $1 billion or more. Four of the world's top ten richest people live in California: Meta founder Mark Zuckerberg, Nvidia founder Jensen Huang, and Google founders Larry Page and Sergey Brin, with a combined fortune of more than $840 billion. At current valuations, these four individuals alone could face a tax bill exceeding $40 billion. To place the proposal on the November 2026 ballot, advocates need to collect more than 870,000 signatures. The text of the ballot proposal, submitted Wednesday, must still be reviewed by the California Attorney General and undergo 30 days of public deliberation.