Affluent households remain the driving force behind charitable giving in the United States, according to new research from Bank of America and the Indiana University Lilly Family School of Philanthropy.
The 2025 Bank of America Study of Philanthropy, released this week, shows that high-net-worth Americans account for a substantial and growing share of the nation’s philanthropy, with their average household donations exceeding $33,000 in 2024 – more than 10 times the average for US households overall.
The biennial study, based on a nationally representative sample of households with at least $1 million in net worth or $200,000 in annual income, highlights that 81% of affluent households gave to charity last year.
One possible reason for the greater largesse among HNW households is the fact that they have more disposable income. A recent Moody's analysis of Federal Reserve data found that consumers in the top decile of the US income distribution accounted for nearly half of the total spending in the second quarter, marking the highest level in records going back to 1989.
These donors are not only giving more on average, but are also taking a more strategic approach to their philanthropy.
Nearly one in four affluent households now use giving vehicles such as donor-advised funds or charitable trusts, and 18% of all gifts in 2024 were made through such vehicles, up from 11% nine years ago.
Affluent donors and volunteers are motivated by a desire to improve their communities. Ninety-three percent of respondents said they believe their gift can make a difference always or some of the time, and 51% of volunteers cited believing they can make a difference as one of their top motivations.
“While fewer affluent Americans are making charitable contributions, they are being more strategic with their giving,” said Katy Knox, president of Bank of America Private Bank, in a statement accompanying the report.
Affluent donors are also highly engaged in their communities, with 43% volunteering their time in 2024 – a rebound from the pandemic-era low of 30% in 2020. Those who volunteer tend to give more than non-volunteers, and nine in 10 report that volunteering is personally fulfilling.
The research finds that affluent donors are motivated primarily by personal values, with 68% citing this as their top reason for giving, followed by interest in specific issues and firsthand experience with the causes they support.
The influence of affluent households extends beyond their own giving. The study notes that nearly half of households with $5 million to $20 million in net worth have or plan to establish a giving vehicle within the next three years, and 13% involve younger family members in charitable decision-making.
This focus on engaging the next generation aligns with broader trends identified in another report by UBS, which points to the growing impact of Gen X, Millennials, and Gen Z on the philanthropic landscape. The UBS research highlights four key trends among next-generation philanthropists: a focus on measurable impact, a hands-on approach to giving, prioritization of environmental and social justice causes, and the use of digital tools for advocacy and transparency.
“We’ve seen our clients increasingly embrace innovative philanthropy. As we develop new ways of financing impact, we see our clients starting to adopt them, and Next Gen in particular is poised to accelerate this trend,” said Dhun Davar, head of social finance at UBS Optimus Foundation.
Despite the leading role affluent Americans play in philanthropy, the BofA study notes a gradual decline in the share of affluent households making charitable contributions, from 91% in 2015 to 81% in 2024. This trend mirrors a broader decline in giving rates among the general population.
However, the overall amount given by affluent households has increased by more than 30% in nominal terms since before the pandemic, underscoring the growing reliance of nonprofits on a smaller pool of high-net-worth donors.
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