Charitable giving grew to nearly $600B in 2024. A booming stock market is to thank

Charitable giving grew to nearly $600B in 2024. A booming stock market is to thank

Charitable giving grew to nearly $600B in 2024. A booming stock market is to thank U.S. charitable giving increased 3.3% to US$593 billion in 2024, lifted by the strength of the economy. The annual report from the Giving USA Foundation, produced in partnership with the Indiana University Lilly Family School of Philanthropy, found that this was the second-highest level on record after adjusting for inflation. Giving grew at the fastest pace since 2021, when the COVID-19 pandemic led many Americans to make larger-than-usual donations. It was also the first time since then that growth in giving outpaced inflation. As two of the report’s lead researchers, we see many signs of healthy growth in charitable giving in 2024. Our data shows that the strong economy, which grew 2.8% in 2024, bolstered individual and corporate giving and allowed foundations to maintain the historically high level of giving seen from them in recent years. It also helped that stock markets performed well in 2024, consume…