Ireland's wealth brings with it a responsibility to build an enduring culture of "giving while living", it has been argued.
The Community Foundation, which matches private donors with deserving causes, said that if Ireland's wealthiest citizens contributed at the same rate as those in Britain, this country's level of giving would double to more than €1 billion a year.
Such an increase would see a "huge expansion" of the not-for-profit sector.
Speaking at the launch of its inaugural Philanthropist of the Year Awards, the group's chief executive Tina Roche noted that the Republic's wealth now stands at about €804 billion, up 19 per cent from 2005. While there were fewer than 10,000 millionaires here in 2000, today there are more than 33,000.
"With such a marked increase in net wealth in this country over the last 15 years, Ireland now has a unique opportunity and responsibility to build an enduring philanthropic culture that would see all levels of society benefit," Ms Roche said.
Ireland donates only 0.34 per cent of its gross national profit (GNP) to the not-for-profit sector, significantly less than the UK's 0.71 per cent and the 2.1 per cent donated in the United States.
Meanwhile, more than €3 billion worth of property is transferred by Irish people through their wills every year.
Ms Roche said the concept of philanthropy was new to Ireland and it was important to recognise it was not the exclusive domain of the "super rich".
"While we have become familiar with philanthropists such as Chuck Feeney and Warren Buffett, who have given away hundreds of millions of dollars each, prospective philanthropists here in Ireland do not need to have the same gigantic level of resources at their disposal."
The Philanthropist of the Year Awards aim to honour individuals who have shown exceptional generosity by giving to charities and voluntary bodies. Prizes will be given to two individuals in separate categories: those whose donations benefit projects in Ireland and those giving to work abroad.
The judging panel includes Ombudsman Emily O'Reilly, former Progressive Democrats TD Liz O'Donnell, athlete Eamon Coghlan and former Irish Times journalist Conor O'Clery. It will be chaired by author Deirdre Purcell.
Further information can be found at www.foundation.ie
