The goal of the article lies in development of recommendations with respect to the wealth tax, which is planned to be introduced in the nearest years by Ukrainian government. The article studies theoretical grounds of the “wealth” notion and practice of some western countries in the field of identification of the object and basis of the wealth tax. In the result of the study of various conceptual approaches to understanding the essence of wealth and position of the World System of National Accounts on this issue, the article formulates definition of the “wealth” notion. The article studies experience of France, Spain and Switzerland in identifying the object and basis of wealth taxation. It offers to conduct a thorough study of the state of distribution of property between various strata of the country population before introducing the wealth tax in Ukraine. The article formulates recommendations with regard to identification of the object and basis of wealth tax in accordance with the international practice.