Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

2025 brought a mixed picture for the U.S. economy. The stock market ended the year with double-digit gains, but inflation had not fully faded—leaving prices for everyday essentials like groceries and utilities elevated and many households still feeling squeezed. Still, many Americans found room in their budget to give to others.

U.S. charitable giving reached a record $617.2 billion in 2025, according to a new report from Giving USA Foundation, researched and written by Indiana University’s Lilly Family School of Philanthropy. 

About $394 billion, or 64%, of total contributions, came from individuals—up 1.4% when adjusted for inflation compared with the year prior. Foundation giving, which often reflects billionaire philanthropy, climbed nearly 3% to $117 billion. Giving through bequests jumped nearly 17% after adjusting for inflation. The increase likely reflects, in part, the strong performance of financial markets in recent years, which boosted the value of estates, said Amir Pasic, dean of the Lilly Family School of Philanthropy.

Overall, while charitable giving set a new high, it still lagged the explosive growth in billionaire wealth, which surged 16% in 2025.

The rise in bequests in particular—the report’s fastest-growing category—suggests philanthropy may be entering a new era and mark the beginning of the long-anticipated........

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