Giving from individuals, bequests, foundations and corporations all increased in 2023, driving charitable giving up to more than $557.16 billion in current dollars according to estimations from the Giving USA 2024: The Annual Report on Philanthropy for the Year 2023*. When the amounts are adjusted for inflation, however, the report found that overall giving slipped by 2.1% last year.
Taking a closer look
When considering current dollars, giving to every sector of recipients increased, and all but two of the nine sectors (religion and international affairs) were up after adjusting for inflation.
Taking a longer look
To put things in perspective, let’s look at the findings from the last decade. From 2013 until 2023:
- Bequests grew from $23.8 billion in 2013 to $42.68 billion in 2023.
- Foundation giving saw the most dramatic growth between 2013 and 2023, increasing from $48.54 billion to $103.53 billion.
- Corporate giving more than doubled, swelling from $15.87 billion to $36.55 billion.
- Individual giving has grown by more than $132 billion since 2013 and is still the largest single source of charitable giving in America.
Bequests are best
The only source that did not show a decline in 2023 after being adjusted for inflation is bequest gifts. Additionally, when examining the most recent five-year period of the last decade, bequest figures indicate that the much-anticipated wealth transfer is beginning to accelerate. This speaks to the importance of having an ongoing and visible bequest strategy in place through your marketing and communication efforts to ensure you get your share of the pie.
As Will Rogers said, “Even if you’re on the right track, you’ll get run over if you just sit there.”
*The report is a publication of the Giving USA Foundation and is researched and written by individuals at the Indiana University Lilly Family School of Philanthropy. Click here to access the full report.
As Sharpe Group’s general counsel, Barlow T. Mann, JD, consults with some of the country’s most successful gift planning programs. He is recognized as an industry expert and is on the editorial board of Planned Giving Today.
