In a year marked by economic uncertainty and political turbulence, philanthropic donations rose last year, according to an authoritative annual report on American giving. Donors gave U.S. charities $617 billion in 2025, an inflation-adjusted 3% increase over last year, according to “Giving USA 2026: The Annual Report on Philanthropy for the Year 2025.” Bequests last year jumped by nearly 17%, the third year of the last four to clock double-digit increases in this form of giving. The trend could signal the beginning of the long predicted Great Wealth Transfer — in which baby boomers begin passing their enormous wealth to their children and charities. Overall, giving increased among all categories: corporations, living individuals, bequests, and foundations.
Strong markets and big donors boost givingA strong stock market and economic growth contributed to the uptick, despite upheaval caused by federal cuts, says Wendy McGrady, chair of Giving USA. All donor types stepped up to give amid the turmoil, McGrady notes, because charities made their needs known. “Those that were effective in sharing their story saw their donors respond,” McGrady says. The robust giving was propelled by positive economic factors, says Jon Bergdoll, interim director of data and research partnerships at the Indiana University Lilly Family School of Philanthropy, which conducts the research for the report. “Whether you’re looking at the S&P 500 or the financial markets, they saw really, really robust growth,” Bergdoll says. “That has a pretty direct contribution to wealth and asset sizes of companies, foundations, the wealthy and helped drive a lot of that increase.”
