In order to achieve the efficient usage of the available bandwidth in wireless environments, the best method for real time application would be combining Multi-Input Multi-Output (MIMO) and Orthogonal Frequency Division Multiplexing (OFDM) with Cyclic Prefix (CP) together. The OFDM implemented by using IFFT's and FFT's have major drawbacks like ISI (Inter-Symbol Interference), Time and Frequency Synchronization and Carrier Frequency Offset. To alleviate the above problems wavelet transform is used to generate the orthogonal carrier. This paper investigates joint subcarrier and antenna power allocation in WPMCM system. The transmit (antenna) power is allocated for the proposed combination using the Lagrangian method and compared with the conventional power allocation scheme.