New Delhi, Feb. 11 -- Several tech executives are leaving California after the Golden State lawmakers pushed a proposed 5% tax on the ultra-wealthy, a move that critics warn could accelerate the exodus of billionaires and top entrepreneurs from the state.

Under the tax proposal, which could be put to voters this November, any California resident worth more than $1 billion would have to pay a one-off, 5% tax on their assets, with the money going towards education, food assistance and healthcare programmes in the state.

While many wealthy individuals have already fled the state, others have threatened to leave California and take their business to lower-tax states. At the same time, some have decided to stay, saying Silicon Valley continu...