Zillow’s co-founder Rich Barton has announced a move to Las Vegas after decades in Seattle, according to a recent post on X.
“Officially a Las Vegas resident,” the June 5 post said, “Kids are launched, empty nest achieved, and we’re excited to start this next chapter.”
Barton co-founded Zillow some two decades ago and is still the company’s co-executive chairman. He also co-founded Expedia Group. He has an estimated net worth of somewhere around $1.2 billion, according to Forbes. He declined to comment through a Zillow spokesperson.
High-net worth individuals are fleeing a number of predominately blue states (mainly Washington, California and New York) because of a number of factors including politics, taxes and perceived government overreach in the private sector. Left-wing politicians have taken hold in such cities as Seattle, New York and Los Angeles, promising or enacting wealth taxes on high-net worth individuals. Darin Marques, broker and CEO for Virtue Real Estate, said Barton is just another example of a larger trend taking place right now.
“We’re already seeing momentum from Seattle buyers, and I think it will continue to pick up toward the end of the year as Washington’s new tax changes take effect,” he said. “For every luxury buyer we’re seeing from California in the $10 million-plus range, we’re seeing roughly two from Seattle in the $5 million-plus category. That tells us the migration of wealth into Las Vegas is real, and it’s starting to accelerate.”
Brian Nugent, the director of sales for Ivan Sher Luxury in Summerlin, said Las Vegas’ coming out party is here and the wealthy are starting to take note.
“As California and Washington State impose different taxes on these types of people, they’re mobile now, they can live wherever,” he said. “And so they have the ability to just pick up and move if they want to and obviously Vegas is benefiting from this, but it also speaks volume to the growth here we’ve had over the past few years in so many ways, with sports teams and as Vegas continues to evolve as a city.”
There has also been a widely reported business and capital exodus from these states and cities as well, with leaders and observers citing overt bureaucratic red-tape, increased crime and homelessness. States such as Florida and Texas have been the biggest benefactor of this recent wealth transfer. But Nevada is fast-becoming a hot spot for high-net-worth individuals as its luxury home market has remained red hot the past few years.
In early January, California’s wealth exodus continued as Google’s co-founder Sergey Brin was reportedly linked to the $42 million sale of a mansion on the Nevada side of Lake Tahoe. Nevada has been a “standout” for Californians, both poor and wealthy, fleeing the Golden State in the past few years due to proximity, quality of life and overall tax burden.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
