Affluent Americans Increase Donations by 30% Over Past Decade, Even as Fewer Give, Finds 2025 BofA Study of Philanthropy

Volunteering Makes a Post-Pandemic Comeback; Those Who Volunteer Give Twice as Much

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.

"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."

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.

Read more about the 2025 Bank of America Study of Philanthropy .

Methodology

The 2025 study is based on a nationally representative sample of 1,514 wealthy U.S. households — those with a net worth of more than $1 million (excluding the value of their primary home) and/or an annual household income of $200,000 or more. Respondents generally surpassed those thresholds, reporting an average net worth of $24.2 million (median = $2 million ) and average income of $571,876 (median = $350,000 ).

About the Study

The Bank of America Study of Philanthropy is a biennial look at the giving and volunteering practices of affluent Americans, with intentions to provide insightful research data for use by nonprofit governing boards and professionals, charitable advisors, donors and others interested in philanthropy and the nonprofit sector. It has been researched and written at the Indiana University Lilly Family School of Philanthropy, in partnership with Bank of America, since 2006.

Indiana University Lilly Family School of Philanthropy

The Lilly Family School of Philanthropy is dedicated to improving philanthropy to improve the world by training and empowering students and professionals to be innovators and leaders who create positive and lasting change. The school offers a comprehensive approach to philanthropy through its undergraduate, graduate, certificate and professional development programs, its research and international programs, and through The Fund Raising School, Lake Institute on Faith & Giving, Mays Family Institute on Diverse Philanthropy, Women's Philanthropy Institute, and the Muslim Philanthropy Initiative. Follow us on X (formerly known as Twitter) , LinkedIn , and Facebook .

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States , serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States , its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

Bank of America, its affiliates and advisors do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Institutional Investments & Philanthropic Solutions (also referred to as "Philanthropic Solutions" or "II&PS") is part of Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp."). Trust, fiduciary, and investment management services are provided by Bank of America, N.A., and its agents.

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Reporters may contact

Julia Ehrenfeld , Bank of America
Phone: 1.646.855.3267
julia.ehrenfeld@bofa.com

Adriene Kalugyer , IU Lilly Family School of Philanthropy
Phone:  1.317.278.8972
adrldavi@iu.edu

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SOURCE Bank of America Corporation