Affluent Americans have increased their charitable donations by more than 30% over the past decade, according to the 2025 Bank of America Study of Philanthropy. The study, conducted in partnership with the Indiana University Lilly Family School of Philanthropy, found that while total contributions from wealthy donors rose sharply since 2015, fewer affluent households are participating in charitable giving. In 2024, affluent donors gave at levels ten times higher than those recorded for the general population, but only 81% reported making donations last year compared to 91% in 2015.
“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. “It’s inspiring to see so many individuals committed to positive change.”
The biennial report also notes an increase in volunteering among this group. The proportion of affluent individuals volunteering rose from 30% in 2020 to 43% in 2024. Those who volunteered contributed on average more than twice as much as non-volunteers.
“Through this study, we illuminate how affluent donors, advisors and nonprofit organizations navigate today’s changing philanthropy landscape,” said Amir Pasic, Eugene R. Tempel Dean at the Indiana University Lilly Family School of Philanthropy. “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.”
Key findings from the research include that most wealthy donors focus on local causes: on average they donated to five organizations each in 2024 and nearly four out of five supported their local communities. The largest share supported basic needs (43%) and religious services or development (38%). Joint decision-making is common within households; almost half make donation decisions together with a spouse or partner.
Religious organizations received the highest portion—39%—of dollars donated by affluent givers, followed by basic needs (16%) and higher education (14%). There has also been growth in strategic giving vehicles such as donor-advised funds or foundations: these accounted for 18% of gifts last year compared with just 11% nine years ago.
Many wealthy philanthropists approach giving intentionally: over two-fifths have a formal strategy for donations; nearly half set budgets; and one-fifth actively monitor gift impact. Self-described philanthropic experts were particularly likely—62%—to evaluate outcomes from their gifts.
On average, expert givers contributed more than six times what novice givers did. The study identified five main types among affluent donors: steadfast supporters, devout donors, entrepreneurs, changemakers and philanthropic experts.
The findings are based on responses from a nationally representative sample of 1,514 U.S. households meeting wealth or income thresholds above $1 million net worth (excluding primary residence) or annual household income over $200,000.
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