California Exodus Cost $1 Trillion in Financial Firm Flight Alone

A new Bloomberg analysis of over 17,000 corporate filings shows that the exit of financial companies from California is estimated to have cost around $1 trillion, when measured by assets under management.

A homeless encampment lines a street in the Skid Row community in Los Angeles, Calif., on Dec. 14, 2022. Mario Tama/Getty Images

A new Bloomberg analysis of over 17,000 corporate filings shows that the exit of financial companies from California is estimated to have cost around $1 trillion when measured by assets under management.

The flight of individuals and businesses from California has long grabbed headlines, with many of those fleeing the Golden State citing factors like red tape and high taxes.