Malaysia Parliament Calls for Wealth Tax on Millionaires

On 3 November 2025 in Kuala Lumpur, Malaysian MP Hassan Karim called for the government to levy a wealth tax on millionaires and billionaires. The proposal was presented during a session of the Malaysian Parliament.

Data from 2022 show 85,126 individuals in Malaysia hold assets of at least US$1 million, and the number is projected to double to 164,839 by 2027. Karim argues that a wealth tax could raise state revenue, especially as the development budget fell from RM96 billion in 2023 to RM83 billion in 2026 and public debt stands at RM1.3 trillion, equivalent to 64.7 % of GDP.

Implementation of such a tax could boost fiscal receipts and lessen economic inequality, aiding debt management. The government has not yet confirmed the measure, so further action will depend on fiscal policy reviews.