Charitable giving among America's wealthiest households has grown 30% in the past decade, even as fewer of them are donating, according to the 2025 Bank of America Study of Philanthropy.
Donations Rising, but Fewer Donors
The study, conducted in partnership with the Indiana University Lilly Family School of Philanthropy, found that affluent Americans increased their charitable giving by more than 30% between 2015 and 2024. In fact, their donations last year were 10 times higher than the most recent averages for the general U.S. population.
However, fewer wealthy households are giving. In 2024, 81% of affluent households made charitable donations — down from 91% in 2015.
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"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," said Katy Knox, president of Bank of America Private Bank.
Volunteering Makes a Comeback
The study also shows that volunteering is rebounding after the pandemic. In 2024, 43% of affluent households reported volunteering. That number grew from 30% in 2020.
And those who volunteer tend to give more financially. On average, their donations were more than double those of households that did not volunteer.
Amir Pasic, dean of the Lilly Family School of Philanthropy, said the findings reflect the deeper role personal connection plays in charitable activity. "In particular, personal connection and in-depth knowledge are central to the higher levels of engagement with their giving and with nonprofits that we see among more generous donors," he explained.
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Causes That Receive the Most Support
The study found that affluent donors continue to prioritize organizations and causes close to home. Nearly 8 in 10 households supported local initiatives, giving to an average of five organizations in 2024.
Top giving categories included:
- Basic needs programs: 43%
- Religious services and development: 38%
When measured by dollars, religious organizations received the largest share, at 39% of total donations, followed by basic needs causes — 16% — and higher education at 14%.
More Strategic Approaches to Philanthropy
Affluent households are also embracing more structured methods of giving. Nearly one in five donations in 2024 were made through giving vehicles such as donor-advised funds, up from 11% in 2015.
Other trends included:
- 46% of households made charitable decisions jointly with a spouse or partner.
- More than 40% of affluent donors reported having a giving strategy.
- 20% actively monitor the impact of their contributions.
Those who consider themselves "expert givers" tend to give much more — on average six times higher than self-described novice donors.
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A Narrower but Deeper Pool of Donors
The findings suggest a shift: while fewer households are participating in charitable giving, those who do are giving more intentionally and at higher levels. The study also highlighted five donor profiles, ranging from steadfast supporters and devout donors to changemakers and philanthropic experts.
The research was based on a nationally representative survey of 1,514 wealthy U.S. households, defined as having a net worth above $1 million — excluding primary residences — and/or an annual income of $200,000 or more. Respondents reported an average net worth of $24.2 million.
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