Once best known for its casinos, Elvis impersonators, and $4 buffets, Las Vegas is undergoing a dramatic transformation.
The city is now becoming a refuge for California’s wealthy residents who are tired of high taxes, rising crime, and complex regulations.
And they’re not just visiting—they’re moving in with deep pockets.
Vegas Sees a Boom in Millionaire Households
New data from the U.S. Census Bureau shows that the number of millionaire households in Las Vegas Valley has surged by a staggering 166% since 2019.
Back then, there were just 331 households worth a million or more.
Fast forward to 2023, and that number has jumped to 879.
These new millionaires aren’t shying away from buying real estate either.
While many wealthy people across the country have shifted toward renting, Las Vegas’s newcomers are snatching up homes.
Why Nevada Looks Like Paradise to the Rich
What’s fueling this wealth migration? For many Californians, the answer is simple: taxes—or the lack thereof.
Nevada doesn’t charge state income tax, corporate income tax, inheritance tax, or gift taxes.
That alone is enough to make entrepreneurs and business moguls pack their bags.
In 2024 alone, nearly 39,000 Californians traded in their Golden State driver’s licenses for Nevada ones, setting a record.
The surge has stirred fears that Nevada may slowly start resembling California—not just demographically, but politically and economically too.
Political Shockwaves Hit Nevada
The shifting population has already had an impact.
Once considered a swing state, Nevada took many by surprise during the last presidential election by flipping red for the first time since 2004, backing Donald Trump.
It wasn’t a random swing either—Trump made big gains among Latino voters, suburbanites, and college-educated women who previously leaned Democratic but felt disillusioned by crime and inflation.
Business Tycoons and Celebrities Are Settling In
Among the high-profile Californians who’ve made the move are Andrew and Peggy Cherng, the billionaire couple behind Panda Express, and David Chao of venture capital firm DCM.
Hollywood stars like Mark Wahlberg and Dean Cain have also settled in Vegas recently, especially after California introduced its so-called “mansion tax.”
Entrepreneurs like Teddy Liaw, founder of NexRep, made the switch from the Bay Area and haven’t looked back.
He’s now an advocate for Nevada as a business-friendly haven, hosting the annual Vegas Tech Summit to lure even more movers and shakers to the state.
A Breath of Fresh, Tax-Free Air
Liaw describes Nevada as “pro-business” and refreshingly free of the red tape that often strangles innovation in California.
“People are realizing the opportunities, the quality of life, and the access we have here,” he explained.
“California has been losing population, and that’s not just a number—it’s a statement.”
Why Tech Entrepreneurs Are Loving Vegas
Take Kent Yoshimura, for example. He’s the co-founder of NeuroGum, a startup making caffeine-infused gum.
He relocated from L.A. to the Summerlin area of Las Vegas—not just for financial reasons, but for clarity and focus.
“Life’s just simpler here,” he said. “I see more people now than I did in L.A., and everyone wants to visit Vegas anyway.”
Yoshimura highlighted the perks—shorter commutes, easier employment laws, and a growing tech scene centered around the Vegas Tech Summit, which continues to attract major investors and CEOs.
The Shadow Side of the Boom: A Growing Housing Crisis
But with all this wealth flowing into the desert, Vegas is starting to feel the pressure.
Home prices are climbing rapidly, and Nevada Treasurer Zach Conine has issued a warning: if the housing situation isn’t addressed soon, the state could face a full-blown crisis.
“Housing instability leads to economic instability,” he said.
“It affects education, business growth, and overall quality of life.”
Former Stars and Entrepreneurs Embrace the New Vegas
Even Olympic gold medalist Apolo Ohno, now an entrepreneur in Miami, said at last year’s Vegas Tech Summit that he’s tempted to move.
“Vegas has got a special vibration to it right now,” he said, echoing the excitement that’s been building among the business elite.
The Cherngs of Panda Express fame have quietly shifted operations to Nevada, and that’s just one example of the big money relocating from California’s increasingly unlivable cities to Nevada’s more inviting climate—both literal and economic.
Locals Send a Clear Message: Don’t California Our Nevada
While the influx of wealth is sparking optimism for some, others are nervous.
Long-time Nevadans fear that the same policies that drove Californians out—high taxes, overregulation, and progressive politics—could follow them east.
As Liaw put it bluntly: “If Nevada adopts those same policies, the rich will just move again—to Texas, Florida, Utah, or Arizona.”
A City at a Crossroads
Las Vegas is now at a pivotal moment. The arrival of millionaires and tech innovators is reshaping the city, promising economic growth and a new identity.
But whether Nevada can hold onto its low-tax, pro-business spirit without getting overwhelmed by its own success remains to be seen.
For now, Vegas isn’t just the city of dreams—it’s becoming the dream destination for California’s disillusioned elite.