Bequest Giving Jumps 19.7% to $62.19 Billion as U.S. Donations Top $617.2 Billion
Updated
Updated · Forbes · Jul 5
Bequest Giving Jumps 19.7% to $62.19 Billion as U.S. Donations Top $617.2 Billion
3 articles · Updated · Forbes · Jul 5
Summary
$62.19 billion in charitable bequests made estates philanthropy’s fastest-growing funding source in 2025, far outpacing the 4.1% rise in giving by living individuals.
Giving USA’s data suggests the long-discussed wealth transfer is now hitting reported donations: Cerulli projects $124 trillion will change hands through 2048, including about $18 trillion for charity.
Donor-advised funds are expanding alongside that shift, with assets up 27.5% to $326.45 billion and contributions rising 37.3% to $89.64 billion, signaling a buildout of the software and financial plumbing around giving.
That infrastructure boom also sharpens a sector tension: DAFs have no payout mandate, and foundation giving was the only recipient category to fall in 2025, dropping 16.2% after a record 2024.
As younger donors inherit trillions, will their new priorities reshape the entire non-profit landscape?
A key tax break for the wealthy expired in 2026. Will the surge in charitable giving continue?
Are donor-advised funds helping charities or just creating tax shelters for the wealthy?
Record-Breaking $600 Billion in 2025 Philanthropy: Wealth Transfer, Market Forces, and the Shrinking Donor Base
Overview
In 2025, philanthropic contributions reached new heights, rising by 5.7% despite economic uncertainties. This growth was fueled by a strong stock market, broader economic growth, and healthy consumer spending, making the increase a source of hope for the sector. While corporate giving made up about 7% of the total, its growth was modest and played a smaller role compared to the surge from bequests and foundations. The report highlights how these economic factors and shifts in giving sources combined to drive record-breaking results, even as the sector faced challenges and changing donor dynamics.