Affluent Americans have increased their charitable donations by more than 30% over the past decade, even as the number of donors has declined, 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 in 2024, affluent households gave at levels ten times higher than those seen in the general population. However, participation dropped from 91% in 2015 to 81% in 2024 among wealthy households.
“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 report also noted an increase in volunteering among affluent donors. In 2024, 43% reported volunteering, up from 30% in 2020. Volunteers tend to contribute more financially as well; on average, they donate 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 study include:
– Affluent donors tend to focus on local causes; nearly four out of five supported their communities in 2024.
– Basic needs (43%) and religious services or development (38%) were top causes for donations.
– Nearly half (46%) made charitable decisions jointly with a spouse or partner.
– Religious organizations received the largest share (39%) of total dollars donated by affluent households.
– The use of giving vehicles—such as donor-advised funds—increased from 11% nine years ago to 18% in 2024.
– More than two out of five affluent donors have a formal giving strategy; nearly half set budgets for donations and one-fifth monitor gift impact.
– Those who identify as philanthropic experts give significantly more—over six times more—than self-described novice givers.
The survey was based on responses from a nationally representative sample of over fifteen hundred U.S. households with net worths exceeding $1 million (excluding primary residences) or annual incomes above $200,000. Respondents reported an average net worth just over $24 million.
The biennial study aims to provide data for nonprofit boards and professionals as well as charitable advisors interested in trends within philanthropy and volunteering among wealthier Americans.
For further information about methodology or additional findings, readers can consult details provided by Bank of America and Indiana University Lilly Family School of Philanthropy.
