Systems and methods for multi-thread power limiting via a shared limit estimates power consumed in a processing core on a thread-by-thread basis by counting how many power events occur in each thread. Power consumed by each thread is approximated based on the number of power events that have occurred. Power consumed by individual threads is compared to a shared power limit derived from a sum of the power consumed by all threads. Threads that are above the shared power limit are stalled while threads below the shared power limit are allowed to continue without throttling. In this fashion, the most power intensive threads are throttled to stay below the shared power limit while still maintaining performance.