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Dennis Quaid has listed his contemporary Brentwood Hills mansion for $5.2 million, according to Realtor.com (1), becoming the latest Hollywood celebrity, after Mark Wahlberg and Chris Evans, to quit the state of California a few years ago.
Although the actor and his wife have lived in Tennessee since 2020, he indicated that listing their Los Angeles was a way to cut ties with a state they believe has gone “downhill” in recent years.
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“It used to be such a great town and the ’90s was nice,” The 72-year-old told Fox News Digital (2) in June. “And then it’s been kind of going downhill and I feel like people pay these taxes for no services is what it gets down to.”
The Parent Trap star previously endorsed President Donald Trump (3) during the 2024 election. In his Fox News interview, Quaid noted that he was “just one of thousands who have left.”
Indeed, the data suggest that Californians are fleeing with each passing year. However, it also indicates that the state is still growing both demographically and economically.
Here’s what’s actually going on.
California isn’t emptying out, it’s reshuffling
Data from the California Department of Finance (4) suggests that the Golden State’s exodus is real. Between 2023 and 2024, the state lost roughly 140,000 residents to other states. In 2024-2025, the number was even higher: 216,000 residents.
Despite this exodus, California’s total population registered its third consecutive year of modest growth in 2025. This growth was driven primarily by international immigration and its natural birth rate.
On the economic side, the state might be losing millionaires like Quaid but is rapidly adding new ones — especially in the tech sector.
The ongoing AI boom is creating multimillionaires across California at an unprecedented pace, according to Levels.fyi data cited by Business Insider (5). Additionally, the state’s overall Gross Domestic Product grew 5% in 2025, according to Governor Gavin Newsom’s (6) office.
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Even SpaceX, which moved its headquarters to Texas, has likely created thousands of new millionaires in Hawthorne, California where it maintains a key hub, according to the California Post (7).
Simply put, California’s demographics and economy are not declining; they’re being transformed.
And the good news is that you don’t need to be an AI engineer at Anthropic or Google to make money from this ongoing boom.
The AI boom could cost you, unless you’re a part of it
The AI boom is already pushing rent and real estate prices higher in California’s key cities, according to the Los Angeles Times (8). That means the rapid explosion of tech wealth could make the state even less affordable for ordinary citizens, potentially driving them to other states.
However, if you secure some exposure to this wealth boom you could benefit from rising stock and real estate prices. And you don’t need to be a venture capitalist or machine learning engineer to get a piece of the action. You could use retail platforms like Arrived and Moby to get started. These platforms were designed to democratize real estate and stock investing for ordinary people.
Moby, for instance, offers expert research and recommendations to help you identify strong, long-term investments backed by advice from former hedge fund analysts.
In four years, and across almost 400 stock picks, their recommendations have beaten the S&P 500 by almost 12% on average. They also offer a 30-day money-back guarantee.
Moby’s team spends hundreds of hours sifting through financial news and data to provide you with stock and crypto reports delivered straight to you. Their research keeps you up-to-the-minute on market shifts and can help you reduce the guesswork behind choosing stocks and ETFs.
Plus, their reports are easy to understand for beginners, so you can become a smarter investor in just five minutes.
Meanwhile, Arrived is backed by world-class investors, including Jeff Bezos. The platform allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.
To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning monthly dividends.
If you’re already affluent or worried about taxes, an expert financial advisor can help you reduce your tax bill without relocating to another state. Platforms like Advisor.com can help you find the right experts for your needs.
Advisor.com does the heavy lifting for you, vetting advisors based on track record, client ratios and regulatory background. Plus, their network comprises fiduciaries, who are legally required to act in your best interests.
Just enter a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert best suited for your needs based on your unique financial goals and preferences.
Finding the right advisor isn’t always easy — there’s no one-size-fits-all solution. That’s why Advisor.com lets you set up a free initial consultation, with no obligation to hire, to see if they’re the right fit for you.
Once you’ve got the right financial advisor in your corner, the next step is getting a clear picture of your short- and long-term tax exposure in California. If you don’t want to move to another state, an experienced advisor can help you deploy sophisticated financial moves that reduce your overall tax burden.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Realtor.com (1); Fox News (2); The Hill (3); California Department of Finance (4); Business Insider (5); State of California (6); Yahoo Finance (7); Los Angeles Times (8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.