A wealth tax on the G7’s centi-millionaires alone could raise up to $411 billion a year
For Immediate Release
16 June 2025
G7, Kananaskis Alberta, Canada
As the richest seven economies in the world meet in Canada this week, a new report from Patriotic Millionaires Canada, shows the vast revenue that could be raised with a tiny tax on the world’s richest people. The report estimates the revenue that could be raised by Canada and other G7 countries, through the introduction of a wealth tax at high thresholds, starting at USD$100 million and USD$1 billion, and low rates of between 2 and 3 percent.
The dataset, provided by the EU Tax Observatory, estimates that a wealth tax set at the highest threshold of USD$1 billion and the lowest rate of 2 percent, could raise $138 billion from G7 countries alone. This exceeds, by $30 billion, the current global cost of wildfires, an issue which has been prioritised by the new Canadian Prime Minister Mark Carney as part of the G7 mission to protect communities and the world. If the rate was set at 3 percent for centi-millionaires in G7 countries, that revenue potentially increases to USD$411 billion - equivalent to over £302 billion in UK money.
According to Henley and Partners there are 29,350 centi-millionaires in the world, meaning that if such a tax was introduced in every country, it would have an impact on just 0.0003 percent of the global population.
Dr Phil White, member of Patriotic Millionaires UK said: “When we see the devastating power that extreme wealth is wreaking over our world, how can we not make tackling it our number one priority? It is corroding our politics, our democracies, our economies, and our planet. Taxes on the super rich, such as the one outlined in this report, are the bare minimum we should expect from our elected representatives. G7 leaders need to get their priorities straight and focus on the root of so many global problems. They need to rein in the global chaos delivered on us by unbridled extreme wealth, and tax the super rich.”
Concerns about capital flight are often cited as a reason for holding back on taxing wealth. But a report last week from Tax Justice Network demonstrated that the millionaire exodus is a fallacy, with an average of 0 percent of millionaires leaving any given country in 2024.
Phil continued: “Three quarters of millionaires support higher taxes on wealth. And in the UK 80% support a two percent tax at the even lower level of £10 million. Who, with a straight face, could object to a tiny tax on the richest 0.0003% of the global population? A tax such as this could begin to address the abhorrent inequality our world currently puts up with, could raise vital revenue at a time when people and planet desperately need it, and it would barely be noticed by the people who were subject to it.”
The Patriotic Millionaires Canada report was previewed at an event in Ottawa on 11th June, co-hosted by Patriotic Millionaires Canada, Oxfam Canada, Oxfam Quebec, and Canadians for Tax Fairness, focused on how the newly elected government could use its time hosting the G7 to promote an agenda on effectively taxing wealth and combating tax evasion and avoidance to address growing inequality.
“This is a test of the new Carney administration,” said Patriotic Millionaires Canada Board Member, Sabina Vohra-Miller. “They’re stepping out onto the international stage, and they have a chance to be a leader in taxing extreme wealth and pushing back against global oligarchy. Encouraging other countries to join them will only make these taxes more effective and tax evasion and avoidance more difficult.”
