In 2024, their giving was 10 times higher than the latest available levels for the general population. Yet participation in giving is narrowing: 81 per cent of affluent households made charitable donations in 2024, down from 91 per cent in 2015.

In the final quarter of the year, thoughts turn to the “Giving Season” associated with Thanksgiving in November – a traditional period for thinking about philanthropy and associated activity. 

The study is based on a nationally representative sample of 1,514 wealthy US households – those with a net worth of more than $1 million 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 and average income of $571,876 .

“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,” Katy Knox , president of Bank of America Private Bank, said. 

Katy Knox

Volunteering is rising, rising from 30 per cent in 2020 to 43 per cent in 2024.

“Through this study, we illuminate how affluent donors, advisors and nonprofit organizations navigate today’s changing philanthropy landscape,” Amir Pasic, Eugene R Tempel dean at the Indiana University Lilly Family School of Philanthropy, said. “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."

Donors prioritize causes close to home. On average, affluent donors gave to five organizations in 2024, with 79 per cent supporting their local communities. The causes to which the largest percentages of donors gave were basic needs and religious services/development .

Some 46 per cent of affluent households reported making charitable decisions jointly with their spouse or partner, while an additional 11per cent said they collaborate on some giving decisions. However, only 13 per cent of donors report involving children, grandchildren or younger relatives.

Religious organizations attract the highest share of dollars. Some 39 per cent of affluent dollars donated were given to religious organizations, followed by causes focused on basic needs and higher education .

Vehicles for giving
Strategic giving vehicles are on the rise. In 2024, 18 per cent of charitable gifts were made through giving vehicles , up from 11 per cent nine years earlier. Some 24 per cent of affluent households have a giving vehicle, and 48 per cent 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.