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December 15, 2015

Self-Made Billionaires Average $180 Million in Giving, Study Finds

Self-made American billionaires donate an average of $179.5 million over the course of their lives, more than six times the lifetime giving of typical ultra-high-net-worth individuals worldwide, Fortune writes, citing new data from research firm Wealth-X.

Among business sectors, tech moguls are the most generous donors in dollar terms, giving away $119 million on average, according to Wealth-X, which has teamed up with financial advisory firm Arton Capital to track philanthropy by the super-rich since 2004. Retail magnates rank second at $90 million but donate the biggest share of their fortunes — 38 percent.

Education and health remain the top two causes for mega-wealthy donors, but the Syrian refugee crisis has emerged as a major concern, with 7,500 ultra-high-net-worth contributing $2.7 billion last year in humanitarian support. Wealth-X President David Friedman said a younger generation of rich moguls is identifying with newer charities that put a premium on transparency and communication with donors.