Proponents of the move say that wealth tax could bring an additional EUR11.5 billion into the public coffers each year.
The opposition center-left Social Democrats and the Green Party are proposing that Germany reintroduce a wealth tax that the country eliminated in 1997.
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Under the wealth tax proposal, a 1% annual tax would be applied to Germans with assets exceeding EUR2 million.
Further, the tax allowance would be double that figure for married couples, Norbert Walter-Borjans of the Social Democratic Party (SPD), who is finance minister for the state of North Rhine-Westphalia explained.
Meanwhile, The German Institute for Economic Research (DIW) think tank has estimated that a wealth tax would provide an additional EUR11.5 billion annually for the federal budget.
Walter-Borjans also added that the estimate also takes into account the possible emigration of wealthy Germans to other countries.
"Private monetary assets in Germany have grown to an extreme degree, from EUR3.6 trillion to EUR4.7 trillion between 2001 and 2011," Walter-Borjans said.
Under the proposal, Germans would be required to submit a special tax form detailing their wealth and assets based on the current market value, the minister said.
