New Delhi, Feb. 20 -- California's proposed wealth tax has been a topic of intense debate for quite some time, after lawmakers pushed for a 5% tax on the ultra-wealthy. This move has already led to the exodus of several billionaires and top entrepreneurs from the Golden State.

While the proposal seeks to tax wealth tied up in non-taxable assets such as stock options, family trusts, and luxury items, it has drawn sharp criticism from business leaders and venture capitalists in Silicon Valley. Critics have warned that the move could further accelerate the relocation of prominent tech executives and investors to lower-tax states such as Texas and Florida.

The ones who have already fled the state include Facebook chief Mark Zuckerberg, Orac...