Giving USA 2025: Key Insights and Impacts on Capital Campaigns

The Giving USA 2025 report shows that total charitable giving in the United States reached $592.5 billion in 2024, a 6.3 percent increase in current dollars and 3.3 percent after adjusting for inflation. This is the first time in three years that giving outpaced inflation.

Giving USA is the most widely cited annual report on philanthropy in the United States. Now in its 70th year, it is published by the Giving USA Foundation and researched and written by the Indiana University Lilly Family School of Philanthropy. The report tracks giving from individuals, foundations, bequests, and corporations and provides insights across nine nonprofit subsectors.

The headline is encouraging. Donors gave more, and the economic conditions of 2024 supported that behavior. But the full story is more complex, especially for nonprofits working on capital campaigns in the current year.

Looking Back: Strong Results in 2024

Giving by individuals rose to nearly $392.5 billion, making up two-thirds of all charitable giving. That segment grew by 8.2 percent in current dollars and 5.1 percent when adjusted for inflation.

• Corporate giving reached record levels, increasing by 9.1 percent.
• Foundation giving saw a modest nominal increase, though it dipped slightly when adjusted for inflation.
• Bequest giving declined, which is not unusual given its variability from year to year.

Every subsector saw growth in current dollars. Inflation-adjusted increases were strongest in public-society benefit, international affairs, and education. Even arts, environment, and health saw gains. Religion declined slightly when adjusted for inflation, continuing a long-term trend.

These results reflect a year when the stock market performed well and inflation pressures began to ease. People give when they feel secure, and in 2024, that sense of security returned for many.

Looking Forward: 2025 Feels Different

This year already feels less predictable. Organizations have experienced federal funding cuts, increased demand for services, and a wave of staff reductions. Tariffs have caused businesses to take a wait-and-see approach to hiring and investing, and consumers are thinking twice about traveling, shopping, and dining out.

At the same time, economic performance in 2024 may still benefit some campaign efforts in 2025. Foundation giving is often based on trailing averages, which means last year’s asset growth could lead to more grantmaking this year. Some major donors are still feeling flush after investment and stock market gains in 2024 (not to mention 2025 year-to-date gains), and are capable of making significant commitments.

Concentration of Wealth is Still a Concern

The overall growth in giving hides a persistent trend. Fewer Americans are giving. While the Giving USA report does not track donor counts, other studies confirm that small and mid-level donor participation continues to decline. Most of the gains in total dollars have come from fewer, wealthier donors.

This dynamic could have implications for capital campaigns. Major gifts are not just important — they are essential. Campaigns are built on lead gifts, often from a small number of individuals. But when those gifts come from an even narrower group, the risks increase. If one or two prospects delay, reduce, or redirect their giving, a campaign can lose momentum.

Capital Campaigns Should Not Wait

Some organizations may be tempted to hit pause, hoping for more clarity later this year or next. But history and current trends suggest that waiting can be a mistake. Campaigns are successful when they are timed to the organization’s readiness, not external conditions. And right now, many organizations are ready.

The top tier of donors is still giving, and in some cases, giving more. Many of them benefited from market gains in 2024 and are in a strong position to support capital priorities in 2025.

At the same time, something else is happening. Donors at the middle and lower levels are responding emotionally and urgently to what they see in their communities and the broader world. Some fundraisers are calling it “rage giving.” These donors are angry about program cuts, public policy shifts, and growing inequity. They want to help and are looking for organizations that reflect their values and meet real needs.

Campaigns that acknowledge these motivations and include clear ways for all donors to participate are seeing positive responses.

What Campaign Leaders Should Do Now

1. Move forward when you are ready. Waiting for a better time can result in missed opportunities. Wealth is increasingly concentrated, and many of those with capacity are actively giving. If your organization has a clear case for support and a list of strong prospects, it is better to engage now than to postpone based on external signals.
2. Keep the focus on major gifts. The structure of a capital campaign relies on a handful of large commitments. That has not changed. The data supports continued engagement with high-capacity donors who are well positioned to give in 2025.
3. Pay attention to broader donor sentiment. While major gifts carry the weight, middle and lower-level donors are still watching. Many are ready to contribute when they see urgency, transparency, and action. Make sure your messaging speaks to those values — especially in the public phase — even if their financial impact on the campaign is modest.

Key Takeaways for Campaign Success in 2025

The Giving USA numbers show that giving remains strong when the economy supports it. But campaign leaders should not assume that national trends reflect their local reality. What matters most is donor alignment with your mission, clarity in your messaging, and momentum in your outreach.

There may never be a perfect moment to launch a campaign. But for many organizations, 2025 is still a good time to act. The conditions may be more uncertain than last year, but the opportunity to raise significant funds is still present. Campaigns that move forward with confidence and clarity have every reason to succeed — and we are seeing our clients raise more money than they ever imagined.

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