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Charitable Giving Trends Among Affluent Americans

In recent years, there has been a notable shift in the philanthropic landscape among affluent Americans. A new study conducted by the Bank of America in collaboration with the Indiana University Lilly Family School of Philanthropy reveals that while fewer individuals are participating in charitable acts, those who do are increasingly committed to making a significant impact.

Key Findings

The 2025 Bank of America Study of Philanthropy indicates that overall charitable contributions from wealthy households have surged by 30% since 2015. The average giving in 2024 by affluent donors was ten times higher than the general population, emphasizing a stronger commitment to philanthropy among the wealthy. Notably, 81% of affluent households reportedly made donations in 2024, a decrease from 91% in 2015.

Katy Knox, President of Bank of America Private Bank, commented, "This year's study highlights a desire among affluent Americans to make a real difference — often in their own backyards — by combining financial contributions and active engagement. It's inspiring to see so many individuals committed to positive change."

Rising Volunteerism

Interestingly, volunteering has made a strong comeback post-pandemic, jumping from 30% in 2020 to 43% in 2024. Those who dedicate their time as volunteers tend to give more generously, with their average donations exceeding those of non-volunteers by more than double.

Amir Pasic, Dean at the Indiana University Lilly Family School of Philanthropy, further explains the driving factors behind this trend: "Through this study, we illuminate how affluent donors, advisors, and nonprofit organizations navigate today's changing philanthropy landscape. Personal connection and in-depth knowledge are central to the higher levels of engagement we see among more generous donors."

Insights from the Study

Several critical themes have emerged from the study's findings:

• - Local Focus: Affluent donors increasingly prioritize causes close to home. On average, they contributed to five organizations, with 79% supporting local communities. Top recipients included basic needs (43%) and religious services (38%).
• - Household Involvement: A household-centered approach to donations has taken hold, as 46% of affluent households make collaborative charitable decisions with their partners. However, only 13% involve younger family members in these discussions.
• - Religious Donations: Religious organizations captured the highest share of affluent donations, accounting for 39% of contributed dollars, followed by basic needs (16%) and higher education (14%).
• - Use of Giving Vehicles: The use of strategic giving vehicles is increasing, with 18% of charitable gifts made through these channels, up from 11% nine years ago. Remarkably, 24% of affluent households utilize a giving vehicle, and 48% with a net worth between $5 million and $20 million either have or intend to establish one within the next three years.
• - Intentional Giving: More than 40% of affluent donors have established a giving strategy, and 45% maintain a giving budget. A substantial 62% of self-identified philanthropic experts also focus on evaluating the impact of their contributions.
• - Diverse Donor Profiles: The study categorizes affluent donors into five unique identities: steadfast supporters, devout donors, entrepreneurs, changemakers, and philanthropic experts, showcasing the variety in philanthropic motivation and behavior among the wealthy.

Methodology

The 2025 study is based on a comprehensive analysis of 1,514 wealthy U.S. households, defined as those with a net worth exceeding $1 million (excluding primary home value) or an annual income of at least $200,000. On average, respondents reported a net worth of $24.2 million and an average income of $571,876.

Conclusion

The Bank of America Study of Philanthropy serves as a vital resource to understand the evolving dynamics of charitable giving and volunteering within affluent social strata. As the landscape continues to change, it’s encouraging to see that despite a decline in the number of donors, the financial commitment of those who do give remains robust, highlighting a deepened sense of purpose in philanthropic endeavors.