Affluent Americans have increased their charitable donations by more than 30% over the past decade, according to the newly released 2025 Bank of America Study of Philanthropy. The study, conducted in partnership with the Indiana University Lilly Family School of Philanthropy, found that while overall giving has grown, fewer affluent households are participating. In 2024, 81% of affluent households made charitable donations, 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 report provides insight into changing philanthropic trends among wealthy households. Volunteering rates have also risen, with participation increasing from 30% in 2020 to 43% in 2024. Volunteers contributed more financially as well; on average, their donations were more than double those given by 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 show that most affluent donors support causes close to home: on average they gave to five organizations in 2024 and nearly four out of five supported local communities. The largest share donated toward basic needs (43%) and religious services or development (38%).
Charitable decision-making is often a joint effort within households; nearly half reported making these decisions together with a spouse or partner. However, only a small percentage involve younger family members such as children or grandchildren.
Religious organizations received the highest proportion of donated dollars (39%), followed by basic needs (16%) and higher education (14%). The use of strategic giving vehicles—such as donor-advised funds—has increased as well: in 2024 these accounted for 18% of gifts compared to just 11% nine years earlier.
More than two-fifths of affluent donors now have a formal giving strategy and budget for their philanthropy; one-fifth actively monitor the impact of their gifts. Those who identify as “philanthropic experts” are even more likely to evaluate impact—62% do so—and tend to give significantly larger amounts than self-identified novice givers.
The study also identifies five types of philanthropic identities among donors: steadfast supporters, devout donors, entrepreneurs, changemakers and philanthropic experts.
The research was based on responses from a nationally representative sample of over 1,500 U.S. households with net worths above $1 million (excluding primary residence) or annual incomes exceeding $200,000. Respondents reported an average net worth above $24 million and an average income above $570,000.
The Bank of America Study of Philanthropy has been conducted every two years since 2006 through collaboration between Bank of America and Indiana University Lilly Family School of Philanthropy.