Wealthy Americans Reshape Philanthropy Landscape
Philanthropy in the United States is undergoing a significant transformation, with wealthy Americans leading the charge in charitable giving and social impact. With Giving Tuesday fast approaching and the holiday season on the horizon, many may be wondering about the current state of charitable giving. The 2025 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households, conducted in partnership with the Indiana University Lilly Family School of Philanthropy, sheds light on the behaviors, motivations and strategies of high-net-worth households in their philanthropic endeavors. The study highlights the enduring generosity of affluent Americans, even as the landscape of giving continues to shift.
A Commitment to Generosity
Despite a decline in the percentage of affluent households contributing to charity—from 91% in 2015 to 81% in 2024—affluent Americans remain remarkably generous. In 2024, these households donated an average of $33,219 to charitable causes, more than 10 times the giving level of the general population. This steadfast commitment underscores the critical role affluent donors play in shaping the future of American philanthropy.
Of the families with wealth under $1 million, 73% made charitable contributions in 2024. Meanwhile, 87% of households with a net worth of $5 million or more contributed to charity, with their average giving nearly three times that of households with less than $1 million in wealth.
The 19% of respondents who didn’t give to charity in 2024, many of whom cited financial priorities or lack of organizational connections, were notably younger than their charitably inclined counterparts. However, the study reports that this younger generation is engaging in values-aligned behaviors, such as conscious consumerism, and is well-positioned to become major donors as their financial situations stabilize.
Key Motivations for Giving
Personal values are the strongest driver of charitable giving among affluent Americans. According to the study, 68% of affluent donors are guided by their personal beliefs, while 57% are motivated by specific interests. The study also found that donors like to see the impact of their donations, prioritizing support for their local communities and causes close to home.
The top causes supported by affluent Americans in 2024 include:
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Basic needs: 43% of donors contributed to this cause.
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Religious services and development: Supported by 38% of donors.
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Health care and medical research: Backed by 24% of donors.
Religious organizations received the largest share of donation dollars (39%), followed by basic needs (16%) and higher education (14%).
The Rise of Volunteering
Volunteering among affluent Americans has seen a resurgence, rebounding from a low of 30% in 2020 during the COVID-19 pandemic to 43% in 2024. The most common forms of volunteering among this group of volunteers are collecting and distributing basic needs items (36%) and volunteering for religious organizations (29%).
The study also highlights a strong connection between volunteering and giving. Affluent volunteers are more likely to donate to charity and contribute significantly larger amounts than non-volunteers, giving on average two and a half times more.
Strategic Philanthropy
Wealthy donors continue to use giving vehicles, such as private foundations and donor-advised funds, to further their philanthropic goals. In 2024, 18% of charitable gifts were made through giving vehicles, up from 11% nine years earlier. Nearly a quarter of affluent households now have a giving vehicle, with almost half of households worth $5–20 million either owning or planning to establish one within three years.
Family Decision Making
These HNW families are increasingly collaborative in their philanthropic decision-making. The study found that in 2024, 46% of affluent households reported making all charitable decisions jointly with their partner or spouse, while 11% made at least some decisions together. However, only 13% of donors involved younger family members, such as children or grandchildren, in these decisions. With the greatest wealth transfer in history currently underway, clients shouldn’t pass up on the opportunity for intergenerational engagement.