Record US charitable giving surpasses $600 billion, fueled by stock-market gains and megadonor contributions
Executive summary: U.S. charitable giving exceeded $600 billion in 2025 for the first time, driven by a stock-market rally and contributions from megadonors and bequests, mainly from wealthy donors. The milestone signals a major funding boost for nonprofits and highlights the growing role of private wealth in philanthropy, while also tying philanthropic flows closely to equity market performance. Wealthy individual donors, megadonors, bequest donors, nonprofit organizations, wealth‑management firms, and regulators overseeing tax treatment of charitable gifts. If equity markets remain strong, giving may continue to rise; a market downturn or policy changes to tax incentives could slow growth.
The surge in giving reflects how equity-market gains have enriched wealthy donors, who now contribute a larger share of total philanthropy. While the absolute figure is a boon for nonprofits, the concentration of donations among a small group of high‑net‑worth individuals makes the sector more vulnerable to market swings. Sustaining this level of support will depend on continued market strength and the stability of tax incentives for charitable gifts.
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