Charitable giving by affluent households

Following a surge in 2020, a smaller share of affluent households gave to charities last year, but volunteering has rebounded.

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Taylor Bowley

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Vanessa Cook

November 2023

Key takeaways

  • According to the 2023 Bank of America Study of Philanthropy, 85% of affluent households gave to charity in 2022, with the value of their average gifts rising 19% above pre-pandemic levels. Plus, volunteering is on the rebound – and the median amount given by affluent volunteers is nearly four times more than that of non-volunteers.
  • Beyond financial gifts and volunteering, 79% of affluent individuals are embracing “conscious consumerism,” meaning they often decide to purchase from companies that prioritize positive social impact.
  • Though religious organizations receive the largest share of giving dollars, the next generation of donors is adopting new strategies to integrate changing values and charitable goals into their wealth management plans.

Read our full analysis for a more in-depth look at these trends.