Humans are able to create rich representations of their external reality. Their internal representations allow for cross-modality inference, where available perceptions can induce the perceptual experience of missing input modalities. In this paper, we contribute the Multimodal Hierarchical Variational Auto-encoder (MHVAE), a hierarchical multimodal generative model for representation learning. Inspired by human cognitive models, the MHVAE is able to learn modality-specific distributions, of an arbitrary number of modalities, and a joint-modality distribution, responsible for cross-modality inference. We formally derive the model's evidence lower bound and propose a novel methodology to approximate the joint-modality posterior based on modality-specific representation dropout. We evaluate the MHVAE on standard multimodal datasets. Our model performs on par with other state-of-the-art generative models regarding joint-modality reconstruction from arbitrary input modalities and cross-modality inference.