Jakarta. Indonesia could generate more than Rp 81 trillion ($5 billion) in additional revenue by imposing a wealth tax on just its 50 richest individuals, according to a study released on Tuesday.

The research, conducted by the Jakarta-based Center of Economic and Law Studies (Celios), estimated that around 22,000 people in Indonesia qualify as “super rich” and could contribute significantly to state revenues through such a levy.

“We estimate that a 2 percent wealth tax on Indonesia’s ultra-rich, applied for just one year, would generate around Rp 81.6 trillion from only the top 50 individuals,” Celios’ Public Policy Director, Media Wahyudi Askar, told reporters in Jakarta.

According to Celios data, the 50 wealthiest Indonesians have personal assets starting from Rp 15 trillion, with average net worth reaching Rp 159 trillion. Wahyudi said a wealth tax would not only provide an additional revenue stream for the state but also help promote social equity by limiting excessive economic concentration in the hands of a few.

Wealth tax is calculated based on the net accumulation of an individual’s assets, differing from income tax, he explained.

In its report, titled “Don’t Collect Taxes Like Hunting in the Zoo,” Celios argued that a wealth tax could be part of a broader strategy to expand state revenues through progressive taxation and by cutting poorly targeted incentives.

The study estimated that various progressive tax instruments and the review of ineffective tax breaks could increase annual revenues by up to Rp 524 trillion. This includes Rp 76.4 trillion from a carbon tax, Rp 66.5 trillion from coal production tax, Rp 50 trillion from windfall profit tax in the extractive mining sector, and Rp 48.6 trillion from levies on biodiversity loss and environmental damage.

Eliminating ineffective tax incentives could save the state an additional Rp 137.4 trillion. Other potential measures include Rp 29.5 trillion from a digital tax, Rp 20 trillion from higher inheritance tax rates, Rp 7 trillion from capital gains tax, Rp 4.7 trillion from a third-home ownership tax, and Rp 3.9 trillion from a sugary drinks excise, which would also support public health.

“There is a far more strategic way forward -- making our tax system fairer and more progressive. This way, we can increase state revenue without undermining the future, while strengthening the economy,” Wahyudi said.

Finance Ministry data shows that tax revenues reached Rp 831.26 trillion in the first half of 2025, down 7 percent from the same period last year.