Charitable giving by affluent Americans in 2020 averaged $43,195, a 48 percent increase over $29,269 in 2017, a report from Bank of America and Indiana University Lilly Family School of Philanthropy finds.

Based on a survey of 1,626 U.S. households with a net worth of at least $1 million (excluding the value of their primary home) and/or annual household income of at least $200,000, The 2021 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households (123 pages, PDF) found that 88.1 percent of respondents gave to charity in 2020, comparable to survey results from 2017 and 2015. According to the report, issues-based philanthropy is becoming increasingly important for the affluent, who were nearly as likely to base their giving decisions on issues as on organizations (44 percent vs. 45 percent), with donors ages 38 and younger more likely to be focused on issues over organizations (55 percent vs. 34 percent).

In terms of issue area, affluent households were most likely to give in support of basic needs (57.1 percent of respondents and 19.9 percent of dollars), followed by religious organizations (46.9 percent and 32.4 percent), health (32.1 percent and 4.3 percent), youth and family (29.7 percent and 2.1 percent), and animal welfare (27.4 percent and 1.9 percent). Donors also gave in support of disaster relief, including COVID-19 relief (26.6 percent and 2.7 percent), arts and culture (26.5 percent and 5.2 percent), higher education (24.5 percent), K-12 education (23.1 percent and 6.2 percent), social and racial justice causes (21.6 percent and 4.9 percent), the environment (20.2 percent and 2.5 percent), and international affairs and development (10.2 percent and 1 percent).

The survey also found that 13 percent of affluent households reported making sustainable impact investments in 2020, up from 7 percent in 2017, and that Black/African-American (31 percent) and Hispanic/Latinx respondents (22 percent) were more likely to do so than white/Caucasian respondents (11 percent). In addition, the report found that LGBTQ (49 percent), Black/African-American (43.5 percent), and Hispanic/Latinx (37.1 percent) respondents were most likely to use structured giving vehicles such as donor-advised funds, charitable trusts, and private foundations.

When asked how their charitable giving would change if they were to receive no income tax deductions, 72 percent of respondents said it would "stay the same," while 6 percent said it would "increase" and 22 percent said it would "decrease."

"Charitable activities last year and into this year reflect unwavering commitments by philanthropists to give in good times and bad, and to address societal issues as well as challenges faced in their local communities," said Bank of America Private Bank president Katy Knox. "We're also seeing a next generation of changemakers beginning to transform how giving gets done and philanthropy's role in society."

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