Here’s Where Affluent American Households Are Donating Their Money, According to New Bank of America Survey

A recent survey by the financial services titan Bank of America (BofA) is unveiling where wealthy American households are donating their money.

In a new press release, BofA goes over the results of its biennial 2025 Bank of America Study of Philanthropy, which surveyed 1,514 wealthy families around the US with respondents having an average income of $571,876.

The survey found that since 2015, contributions from affluent donors have skyrocketed by more than 30%. However, it found that over the last year, participation has been waning as 81% of affluent households made charitable donations in 2024, down from 91% last year.

The study found that high-net-worth donors prioritize close-to-home charities, with 79% of them supporting their local communities, choosing to donate to basic needs (43%) and religious services (38%).

Other donating habits of the wealthy include taking a household-centered approach to charity – opting to donate with their partners at a 46% clip while only 13% involved their children, grandchildren, or other younger relatives.

Overall, high-net-worth Americans donated mostly to religious organizations, which hauled in 39%, followed by basic needs at 16% and higher education at 14%. The survey also unveils that since last year, vehicle donations have been on the rise.

Furthermore, the study found that those who identify as “expert” donors tend to donate much more – on average, they give 6x more than those who identify as novices.

As stated by Katy Knox, President of Bank of America Private Bank, in the press release,

“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. It’s inspiring to see so many individuals committed to positive change.”

 

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