Recent stock market debuts and private filings by companies like SpaceX, OpenAI, and Anthropic have created huge amounts of wealth for employees and early investors. This has led to a significant change in how wealth is managed in the region.

近期如 SpaceX、OpenAI 及 Anthropic 等公司的上市或私人提交文件，為員工及早期投資者創造了巨額財富。這導致該地區的財富管理方式發生了顯著變化。

The way wealth is created in the tech sector is changing, as people are accumulating large assets more quickly than before. Financial advisors emphasize that the definition of 'ultra-high net worth' has shifted, with many clients now having between $20 million and $100 million. Consequently, more people are starting 'family offices' to manage their complex investments. However, turning this 'paper wealth' into actual cash is often slowed down by regulatory lock-up periods, which usually last 180 days, and the risk of stock prices changing suddenly.

科技產業創造財富的方式正在改變，因為人們累積大量資產的速度比以往更快。財務顧問強調，「超高淨值」的定義已經改變，許多客戶目前的資產在 2,000 萬至 1 億美元之間。因此，更多人開始成立「家族辦公室」來管理其複雜的投資。然而，將這些「帳面財富」轉化為實際現金，往往會受到監管鎖定期（通常為 180 天）以及股價突然波動風險的影響而放緩。

To reduce the amount they pay in capital gains taxes, wealthy individuals are using advanced financial tools. For example, some use credit lines secured against their stocks to get cash without selling assets, a strategy known as 'buy, borrow, die.' Furthermore, they use specialized investment funds to diversify their portfolios while avoiding taxes. Some prefer 'direct indexing,' which allows them to use losses to cancel out gains, offering more flexibility than traditional funds that require a seven-year commitment.

為了減少資本利得稅，富裕人士正利用先進的財務工具。例如，有些人使用股票抵押信貸來獲取現金而無需出售資產，這種策略被稱為「買入、借貸、死亡」。此外，他們使用專業的投資基金來多元化投資組合並避稅。有些人更傾向於「直接指數化」，這允許他們利用損失來抵銷收益，比要求七年承諾期的傳統基金更具靈活性。

From a government perspective, California expects to receive a lot of tax revenue, although it may be lower than during the 2012 Facebook IPO. This is because many employees sell their shares in private secondary markets before the company goes public, which spreads the tax payments over a longer period. Additionally, the unique payment structure at SpaceX makes it harder for the state to predict exactly when tax money will arrive. At the same time, there is a growing trend of donating to charities and reinvesting money into new startups to keep the local economy growing.

從政府角度來看，加州預計將收到大量稅收，儘管可能低於 2012 年 Facebook IPO 時期。這是因為許多員工在公司上市前於私人二級市場出售股份，將納稅時間分散到更長週期。此外，SpaceX 獨特的支付結構使州政府難以準確預測稅收到帳時間。同時，捐款給慈善機構以及將資金重新投資於新創公司以維持本地經濟增長的趨勢日益增長。

The combination of extremely high company valuations and complex tax strategies has created a challenging financial environment for both new millionaires and government regulators.

極高的公司估值與複雜的稅務策略相結合，為新興百萬富翁與政府監管機構創造了一個極具挑戰性的財務環境。