Affluent Americans are giving more and giving with purpose, even as fewer are giving. The newly released 2025 Bank of America Study of Philanthropy, conducted in partnership with the Indiana University Lilly Family School of Philanthropy, found that total charitable contributions from affluent donors have surged more than 30% since 2015. In 2024, their giving was 10 times higher than the latest available levels for the general population. Yet participation in giving is narrowing: 81% of affluent households made charitable donations in 2024, down from 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 study offers an in-depth look at the evolving philanthropic landscape among affluent households. This year’s report found volunteering is making a comeback, rising from 30% in 2020 to 43% in 2024. Volunteers aren’t just giving their time. They give more, with average donations more than double those of non-volunteers. Notable themes from the study include:
- Donors prioritize causes close to home. On average, affluent donors gave to five organizations in 2024, with 79% supporting their local communities. The causes to which the largest percentages of donors gave were basic needs (43%) and religious services/development (38%).
- A household-centered approach to giving. 46% of affluent households reported making charitable decisions jointly with their spouse or partner, while an additional 11% said they collaborate on some giving decisions. However, only 13% of donors report involving children, grandchildren or younger relatives.
- Religious organizations attract the highest share of dollars. 39% of affluent dollars donated were given to religious organizations, followed by causes focused on basic needs (16%) and higher education (14%).
- Strategic giving vehicles are on the rise. In 2024, 18% of charitable gifts were made through giving vehicles, up from 11% nine years earlier. 24% of affluent households have a giving vehicle, and 48% of affluent households with a net worth between $5 million and $20 million have or plan to establish a giving vehicle within the next three years.
- Giving with intention. Over 40% of affluent donors have a giving strategy, 45% have a giving budget and 20% actively monitor the impact of their gifts. 62% of those who consider themselves “philanthropic experts” evaluate the impact of their gifts.
- Expert givers give more. On average, those who identify as expert givers give more than six times more than those who identify as novices.
- Affluent donors have a variety of philanthropic identities. The study highlights five unique donor profiles: steadfast supporters, devout donors, entrepreneurs, changemakers and philanthropic experts.