New Oxfam analysis finds the 10 wealthiest Californians are now worth a collective $1.045 trillion, up $338.4 billion from March 2025.
Today, Oxfam, the global organization fighting inequality to end poverty and injustice, released a new analysis showing how billionaire wealth in California has exploded over the last year, underscoring the need for tax reform to curb inequality in the state. California’s 246 billionaires saw their collective wealth increase by $487.2 billion — or 31% — between March 2025 and March 2026, reaching a new height of $2.061 trillion. The 10 richest California billionaires did exceptionally well, with their wealth surging by 48% in the last year.
This new data, which comes alongside Oxfam America’s endorsement of the California Billionaire Tax Act, gives a critical update on the state’s runaway billionaire fortunes:
- As of March 2026, the 10 wealthiest California billionaires are now worth $1.045 trillion according to Forbes data. That’s a $338.4 billion (48%) increase from the previous year.
- The average wealth growth of the 10 richest California billionaires is equivalent to an hourly wage of $16.3 million.
- It would take a typical California worker 670,630 years to earn as much as the 10 richest California billionaires did on average over the past year ($33.8 billion).
- The collective wealth of California’s 246 billionaires — $2.061 trillion — is equal to nearly half (48.5%) of California’s 2025 GDP.
Meanwhile, ordinary Californians are struggling with affordability, and recent federal cuts in the One Big Beautiful Bill Act (OBBBA) will only increase the cost of essentials like food and healthcare. Up to 2 million Californians could lose their healthcare coverage under Medicaid as a result of the OBBBA’s cuts, and over 3 million households could face reductions in food assistance.
“California is home to nearly a quarter of the country’s billionaires, and their wealth is ballooning at an unimaginable rate while ordinary Californians struggle with an affordability crisis. It’s far past time for policymakers to address this rampant inequality. If the federal government won't step in and finally tax the ultra-rich, then California’s voters should,” said Nabil Ahmed, senior director of economic justice at Oxfam America.
If the wealth gains of California’s billionaires over the previous year were taxed like income from work, they would owe $199 billion in taxes. An analysis by the Institute on Taxation and Economic Policy (ITEP) found that California’s richest 1% of households are set to get a $7.3 billion tax break in 2026 thanks to OBBBA. According to Oxfam America, proposals like the California Billionaire Tax could help address the OBBBA’s inequality-fueling tax handouts to ultra-rich individuals, and fund investments to support people harmed by the Act’s cuts.
Oxfam America has endorsed the California Billionaire Tax Act proposal and encourages California voters to vote yes on the ballot initiative, which would keep local hospitals and ERs open, fund food aid, and support K-14 public education through a one-time tax on the state’s roughly 250 ultra-wealthy billionaires.
“We are deeply grateful to Oxfam America for standing with working families across California and endorsing the Billionaire Tax,” said Suzanne Jimenez, Chief of Staff at SEIU United Healthcare Workers West (SEIU-UHW) and lead sponsor of the ballot measure. “Their leadership underscores what this moment demands: bold action to prevent local hospitals and emergency rooms from closing their doors forever by ensuring the ultra-wealthy contribute a fraction of their fair share.”
Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal. Join us at oxfamamerica.org.
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Notes to editors:
Download Oxfam America’s analysis of California billionaire wealth here.
Data on individual wealth of California billionaires comes from Forbes Media, LCC. Figures compare wealth on March 7, 2025 with wealth on March 1, 2026.
Data on the consequences of funding cuts to healthcare and food assistance programs in California comes from the California Budget & Policy Center.
ITEP’s analysis of the OBBBA’s impact in California can be found here.