Many people say that if they were to strike it rich, they would give generous donations to worthy causes. We often hear about the philanthropic work of the world’s high profile billionaires (Gates and Zuckerberg are prime examples), and probably believe that the Australia’s wealthy ought to be as generous. Recent figures, however, are showing that Australia’s millionaires are not as generous as their overseas counterparts.

Although global philanthropy is on the rise, the Wealth-X and Arton Capital Philanthropy Report 2015 found that Australia’s richest people rank among the least generous wealthy people in the world. Our ultra high net worth (UHNW) individuals gave an average of $9.4 million dollars in their lifetimes, a sizable sum, to be sure, but a drop in the global bucket when compared to the UHNW Indians, who give well over ten times that amount. When considered as a percentage of total wealth, it is easy to see that the 2.7 percent of net worth Australia’s wealthy give away is again a small token when compared with the most benevolent from the UK, who part with almost 12 percent of their net worth.

That being said, UHNW people the world over account for a full 20 percent of donations made to charitable causes. This indicates despite having a high level of wealth and presumably comfort, they are well aware of those less fortunate and are willing to assist where they can.

The recent well-publicised plight of refugees in Europe has brought humanitarian causes to the limelight, and incited charitable giving from many people, including those of modest means, worldwide. This is one reason that although the economy is set to take a downturn this year, charitable giving is not likely to see the same decline it did through the global financial crisis several years ago.

We will wait and see if the philanthropy by Australia’s wealthy will rise to match levels set abroad.