Californians reject wealth tax for billionaires

Had it passed, experts believe it would have been the world's first wealth tax targeting billionaires.

The tax would have raised about $100bn to make up for federal funding cuts to healthcare in California as a result of President Donald Trump's sweeping tax and spending bill.

Those who backed the measure had argued it would help ensure that the ultra-wealthy were contributing their fair share and helping backfill gaps in the state's budget.

The wealth tax faced fierce opposition, including from Google co-founder Sergey Brin, as well as California Governor Gavin Newsom and labour unions.

Some billionaire critics of the measure spent millions trying to crush it, with a handful even moving out of the state to evade the possible tax.