Texas Board of REALTORS chair Jennifer Wauhob talks to Fox News Digital about the Lone Star State's recent fortunes and population growth that is 'creating great things for Texas.'
The changing economic situation has reached its peak in Texas, dethroning California as the main base of Fortune 500 companies.
Data from the 2026 Fortune 500 list shows Texas leading the way with 57 headquarters, compared to California's 56, marking a reversal from two years ago, when California led the way.
Additionally, companies in Texas generated $2.8 billion in revenue, while those in California reported $2.7 billion in revenue.
“Texas is the undisputed capital of the state,” Texas Gov. Greg Abbott said in a press release responding to the news. “The world's leading businesses invest with confidence in Texas because of our welcoming business environment, predictable regulatory environment, and talented and growing workforce. People and businesses choose Texas because Texas works.”
GIVING BIRTH TO THEIR FUTURES, CALIFORNIA'S EXODUS RESTS ON FLORIDA'S 'GOLD'
In the past year alone, companies including ExxonMobil, Chevron, Samsung Electronics America, SpaceX and X have moved their headquarters or their official incorporation to Texas – mostly from California, two from New Jersey.
California has lost its title of most Fortune 500 companies to Texas for the first time in two years. (Getty Images)
Corporate relocations have also been accompanied by billionaires and public figures moving their homes and portfolios to the Lone Star State. Recently, Uber founder Travis Kalanick revealed his move to Austin, while Elon Musk, Mark Cuban, Palantir founder Joe Lonsdale and David Sacks have made their mark in Texas in recent years.
“Americans are voting with their feet. They want places to live. They want places to live. They want places that are sustainable and affordable,” Texas REALTORS Chairwoman Jennifer Wauhob previously told Fox News Digital. “And so I think this migration, as we call it, has become a long-term change.”
The exodus of major corporations and prominent business figures comes amid growing concern over California's proposed tax policies, including a 5% wealth tax for the wealthiest one-time residents.
Samsung Electronics America Inc. is moving its headquarters from New Jersey to Texas, citing the business transformation for long-term growth.
The Service Employees International Union-United Healthcare Workers West (SEIU-UHW) said it has collected more than 1.55 million signatures, according to a press release, nearly doubling the 875,000 signature requirement — to put a one-time tax on billions of dollars on the California ballot.
The California Billionaire Tax Act would target a total of about 200 residents and impose a one-time 5% tax on the net worth of California residents with assets over $1 billion. The tax is due in 2027, and taxpayers can spread the payments over five years, with interest, according to the Legislative Analyst's Office.
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As the cost of doing business and the cost of living continue to rise in the Golden State, South Florida is reaping the benefits as tech professionals and other wealthy business owners find a safe financial haven in the Sunshine State.
If the measure is approved by voters in November, anyone who was a California resident on Jan. 1, 2026, will owe taxes, according to the proposal. In practical terms, a resident with a net worth of $20 billion on that date would owe a one-time tax of $1 billion, payable over five years.
Supporters argue that the tax on billionaires is a direct response to “cuts to Medicaid and other federal health insurance programs by the Trump administration last year,” while opponents of the measure have warned that the tax could kill an estimated 108,000 high-paying jobs over the next 20 years.
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