By most measures, 2024 was a great year for the American economy. Gross domestic product grew more than the long-term average, inflation was returning to the Fed’s targeted level, and the stock market soared. On the heels of this strength, we projected 2024 to be a robust year for charitable giving, and a new report confirms this expectation.
The latest Giving USA report, released this week, shows record-high charitable giving in 2024, topping $592.5 billion, a 6.3% increase from the prior year. The surge was driven primarily by giving from individuals, which increased by $30 billion over the prior year, with giving from foundations and corporations up as well.
Source: RSM US
Each major category of recipients increased in total gifts from the prior year. The largest percentage increases were for international affairs and public-society benefit organizations, both of which had weak years in 2023. Giving to religious organizations was the only subcategory that decreased from 2023 on an inflation-adjusted basis.
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The report reaffirms the linkage between the American economy and charitable giving. With the economy remaining resilient but facing increased uncertainty in 2025, we expect giving to continue increasing but at a slower rate. Philanthropy remains embedded in American society, and nonprofits should continue making the case for their critical roles in their communities.
