Charitable giving in the U.S. reached $593 billion in 2024, a 3.3% increase from 2023. Here are the key takeaways:
- Giving rose to the second-highest level on record after adjusting for inflation.
- A strong economy, stock market gains, and higher corporate profits boosted donations.
- Individual donors led the growth, followed by corporations and foundations.
- Most charitable categories saw increases, with education, health, and arts hitting new highs.
- Religious giving slightly dropped but remained the largest category.
A Strong Economy Boosts Giving
2024 saw a robust economy, with a 2.8% growth rate. This strength encouraged individuals and companies to give more. Higher personal incomes, easing inflation, and positive consumer sentiment also played a role.
Corporations, in particular, donated a record $44 billion, up 6% from 2023. Companies are giving a larger share of their profits than in previous years. For example, in 2024, corporations donated 1.1% of their pretax profits, up from less than 1% before 2019.
Individuals Lead the Way
Individual donors contributed the most, giving $392 billion—two-thirds of the total. This was a 5.1% increase from 2023, outpacing overall giving growth.
Foundations also played a key role, giving over $110 billion for the third straight year. However, their contributions remained flat compared to 2023.
Most Categories See Growth
Giving to most charitable sectors increased in 2024. However, donations to religious institutions, the largest category, dropped 1%.
- Religious Giving:Â $147 billion (23% of total giving)
- Human Services:Â $91 billion (14% of total giving)
- Education:Â $88 billion, a 10% increase from 2023
- Health:Â $61 billion, a new high
- Arts, Culture, and Humanities:Â $25 billion, also a record high
- Environment and Animals:Â $22 billion, the highest ever
Giving to education rebounded strongly after slower growth in recent years. Over the past decade, education donations grew 22%.
In-Kind Donations on the Rise
Corporations are not only giving cash but also donating goods and services. For instance, drugmakers donated an estimated $24 billion in prescription medications in 2024, up 41% since 2019.
Why Does This Matter?
Charitable giving reflects the health of the economy and societal priorities. As people and companies donate more, it shows confidence in the economy and a willingness to support causes that matter.
The growth in giving suggests that Americans aregenerous and willing to help others, especially during strong economic times.
With most charitable sectors seeing increases, the future of philanthropy looks bright.