Navigating change with purpose

How affluent households shaped philanthropy

Affluent Americans continue to demonstrate remarkable generosity and strategic thinking in their philanthropic efforts. Understanding how these influential donors shape their giving approaches provides crucial insights into the future of American philanthropy.

That’s why Bank of America partnered with the Indiana University Lilly Family School of Philanthropy to develop the 2025 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households — the tenth study in our biennial series examining the philanthropic behaviors of affluent households in the United States.

A changing landscape reveals enduring commitment

The vast majority of affluent Americans continue to give generously. In 2024, 81% of affluent households made charitable contributions, with donors giving an average of $33,291 to charity — more than 10 times the giving level of the general population. This generosity persists even as the share of affluent households giving has declined from 91% in 2015, reflecting broader trends affecting American philanthropy.

Giving by affluent households and by the general population

Percent of households who give to charity

Chart H1 lots sold: The number of lots sold in the first half of years 2015 through 2025. See link below for complete description.

Source: Affluent data from 2025 Bank of America Study of Philanthropy; General population data from Philanthropy Panel Study (PPS), IU Indianapolis ScholarWorks, Indiana University Lilly Family School of Philanthropy.

In the first half of 2015, 37,358 lots were sold
In the first half of 2016, 57,610 lots were sold
In the first half of 2017, 51,263 lots were sold
In the first half of 2018, 48,207 lots were sold
In the first half of 2019, 51,575 lots were sold
In the first half of 2020, 26,424 lots were sold
In the first half of 2021, 50,884 lots were sold
In the first half of 2022, 51,117 lots were sold
In the first half of 2023, 52,896 lots were sold
In the first half of 2024, 51,786 lots were sold
In the first half of 2024, 51,786 lots were sold

Key findings

In a shifting landscape, affluent Americans continue to lead in charitable giving.
More and more affluent Americans volunteer their time.
Affluent households use a variety of approaches to achieve their philanthropic goals.
Charitable giving strategies and decision-making practices are evolving for affluent families.
Affluent households of various wealth levels are learning to navigate in different environments.

What drives today’s philanthropic leaders?

Personal values remain the strongest motivator for charitable giving among affluent Americans. When deciding which causes to support, 68% of affluent donors are guided by their personal values or beliefs, while 57% are motivated by their interest in specific issue areas. This deeply personal connection to giving helps explain why 87% of donors report finding their charitable giving personally fulfilling.

Top 5 reasons affluent donors choose a cause or organization to support

In the first half of 2015, 37,358 lots were sold
In the first half of 2016, 57,610 lots were sold
In the first half of 2017, 51,263 lots were sold
In the first half of 2018, 48,207 lots were sold
In the first half of 2019, 51,575 lots were sold
In the first half of 2020, 26,424 lots were sold
In the first half of 2021, 50,884 lots were sold
In the first half of 2022, 51,117 lots were sold
In the first half of 2023, 52,896 lots were sold
In the first half of 2024, 51,786 lots were sold
In the first half of 2024, 51,786 lots were sold

The top three causes supported by affluent Americans in 2024 were basic needs (43%) and religious services/development (38%), with health care or medical research supported by 24% of donors. In terms of dollars, 39% of total giving went to religious organizations, followed by 16% to basic needs and 14% to higher education.

Volunteering continues to rebound

After hitting a low of 30% in 2020 due to COVID-related challenges, affluent Americans have embraced volunteering with renewed enthusiasm. In 2024, 43% of affluent individuals volunteered their time and talents to charitable organizations — up from 37% in 2022.

Percent of households who volunteer

In the first half of 2015, 37,358 lots were sold
In the first half of 2016, 57,610 lots were sold
In the first half of 2017, 51,263 lots were sold
In the first half of 2018, 48,207 lots were sold
In the first half of 2019, 51,575 lots were sold
In the first half of 2020, 26,424 lots were sold
In the first half of 2021, 50,884 lots were sold
In the first half of 2022, 51,117 lots were sold
In the first half of 2023, 52,896 lots were sold
In the first half of 2024, 51,786 lots were sold
In the first half of 2024, 51,786 lots were sold

These volunteers contributed an average of 120 hours during the year, working with an average of two organizations. Their most common activities included collecting and distributing basic needs items (36%) and volunteering for religious organizations (29%).

The connection between volunteering and giving remains strong. Volunteers are more likely to give to charity than non-volunteers and make significantly larger gifts, with volunteers giving on average two and a half times more than non-volunteers.

Strategic philanthropy takes center stage

Today’s affluent donors are increasingly sophisticated in their approach to creating social impact. Beyond traditional giving and volunteering, they use multiple strategies to achieve their philanthropic goals:

Giving vehicles are gaining traction: In 2024, affluent donors made 18% of their charitable gifts through giving vehicles, 2 up from 11% nine years earlier. Twenty-four percent of affluent households now have a giving vehicle, with 48% of households worth $5–20 million having or planning to establish one within three years.
Expert donors lead in impact measurement: Self-described philanthropic experts are significantly more likely to monitor and evaluate the impact of their gifts compared to other donors. Sixty-two percent of expert donors track their giving’s effectiveness, compared with only 20% of affluent donors overall. These experts are also much more confident in their impact, with 76% reporting that their giving is having its intended effect, compared to 40% of all affluent donors.

Family decision making

Affluent families are taking a more collaborative approach to philanthropy. In 2024, 46% of affluent households reported

making all charitable decisions jointly with their partner/spouse, with another 11% making some but not all giving decisions together.

Family dynamics and charitable giving decisions
Involvement of other relatives in affluent household giving decisions

In the first half of 2015, 37,358 lots were sold
In the first half of 2016, 57,610 lots were sold
In the first half of 2017, 51,263 lots were sold
In the first half of 2018, 48,207 lots were sold
In the first half of 2019, 51,575 lots were sold
In the first half of 2020, 26,424 lots were sold
In the first half of 2021, 50,884 lots were sold
In the first half of 2022, 51,117 lots were sold
In the first half of 2023, 52,896 lots were sold
In the first half of 2024, 51,786 lots were sold
In the first half of 2024, 51,786 lots were sold

However, relatively few donors (13%) involve their children, grandchildren or other younger relatives in charitable decision making. This represents a significant opportunity, especially as affluent respondents plan to leave 75% of their estates to children and grandchildren.

The wealth factor makes a difference

Over the past several years the charitable giving behaviors of affluent households have been affected differently based on their wealth levels. While 73% of affluent families with wealth under $1 million made charitable contributions in 2024, this is nearly 7 percentage points lower than the rate for affluent households overall.

In contrast, 87% of households with $5 million or more made charitable contributions, and their average giving was nearly three times larger than households with less than $1 million in wealth.

Meet today’s philanthropic leaders

Our research identified five distinct donor profiles that reflect different approaches to giving:

The promise of tomorrow’s philanthropy

The future of affluent American philanthropy shows remarkable promise, driven by emerging donors who are already demonstrating their commitment to social impact. Though 19% of respondents didn’t give to charity in 2024 — often due to family financial priorities or lack of organizational connections — many of these potential donors are already making values aligned choices through conscious consumerism and other impact-focused behaviors. These “conscious consumers” tend to be younger (42% are Millennials or Gen Z) and more educated, suggesting that as their economic situations stabilize, they’re well-positioned to become tomorrow’s major donors. Their willingness to align personal values with purchasing decisions and their optimism about nonprofits’ ability to solve social problems indicate a generation ready to embrace strategic philanthropy once they have the resources to give at scale.

Conclusion

The 2025 study reveals a philanthropic landscape in transition, where affluent Americans are adapting their giving strategies while maintaining their commitment to creating positive change. From increased volunteering to sophisticated giving vehicles, and family decision-making, today’s donors are more strategic and engaged than ever.

As economic uncertainty persists and social challenges evolve, the generosity and strategic thinking of affluent Americans will continue to play a crucial role in supporting the causes and communities that matter most to them. Their willingness to learn, adapt and innovate in their philanthropic approaches ensures that American philanthropy will continue to evolve and thrive.

For a copy of the 2025 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households, please contact your advisor.

Methodology

The 2025 study is based on a nationally representative sample of 1,514 wealthy U.S. households with a net worth of more than $1 million (excluding primary residence) and/or annual household income of $200,000 or more. Respondents reported an average net worth of $24.2 million (median $2 million) and an average income of $571,876 (median $350,000).