Report: Minimum Wealth Tax on Centi-Millionaires Could Raise $18 billion USD annually in Canada
For Immediate Release
June 16th, 2025
Contact: Dylan Dusseault, Executive Director
dylan@patrioticmillionaires.org
Report: Minimum Wealth Tax on Centi-Millionaires Could Raise $18 billion USD annually in Canada
G7 countries in total could raise $411 billion per year.
Canada – Patriotic Millionaires Canada, a recently announced organization that brings together wealthy Canadians who are concerned about economic inequality and advocate for policies to effectively tax the ultra-rich, has released a new report, Fighting Wealth Inequality in the G7: Revenue Estimate for Wealth Taxes, as Canada hosts the G7. The report estimates how much revenue could be raised by Canada, and other G7 countries, by wealth taxes at either 2% or 3% at wealth above $100 million USD or $1 billion USD.
The report was previewed at an event in Ottawa on June 11th, 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.
The report will be accompanied by a panel truck circling the G7 leadership conference area, highlighting several key facts from the report.
Key Facts:
G7 countries could raise $230 billion USD per year with a 3% wealth tax on billionaires, or $411 billion USD per year with a 3% wealth tax on centi-millionaires.
Canada could raise $10 billion USD per year with a 3% wealth tax on billionaires.
Canada could raise $18 billion USD per year with a 3% wealth tax on centi-millionaires.
“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.”
For additional information or interview requests, please contact Dylan Dusseault at Dylan@patrioticmillionaires.org
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About Patriotic Millionaires Canada
Patriotic Millionaires Canada is a group of wealthy individuals who understand that expanding inequality corrupts our economy, our politics, and our society, that the tax code is a driver of that inequality, and that it can also be part of the solution.
We leverage the voice and influence of wealthy Canadians who want to live in a country where everyone can experience economic security, where both businesses and workers can thrive, and where economic justice is made a reality.
