U.S. charitable giving reached a record $617.2 billion in 2025, despite ongoing inflation and cost-of-living pressures, according to a report from the Giving USA Foundation. Individual contributions accounted for $394 billion, or 64% of the total, marking a 1.4% inflation-adjusted increase from the previous year. Foundation giving rose nearly 3% to $117 billion, while bequests jumped nearly 17%, reflecting a strong financial market performance.
The report, researched and written by Indiana University’s Lilly Family School of Philanthropy, highlights that the increase in bequests is partly due to the appreciation of estates amid recent market gains. Amir Pasic, dean of the Lilly Family School of Philanthropy, noted that the rise in bequests may signal the start of the anticipated Great Wealth Transfer. This transfer is expected to shift roughly $124 trillion to Millennials and Gen Xers by 2048, according to UBS.
The record charitable giving contrasts with the 16% surge in billionaire wealth in 2025, indicating that philanthropy growth has not kept pace with wealth accumulation at the top. Foundation giving, often linked to billionaire philanthropy, showed moderate growth, while individual giving remained the largest source of contributions. The data suggests evolving patterns in philanthropy, with bequests becoming an increasingly significant component.
The Giving USA Foundation’s report underscores a historic moment in U.S. philanthropy, with the fastest growth seen in bequests and a total giving amount surpassing $600 billion for the first time. The findings were released this week, providing a detailed snapshot of charitable trends amid economic challenges and wealth shifts.