GIVING IN 2022: THE RESULTS
Giving USA 2023: The Annual Report on Philanthropy for the Year 2022 recently released its annual report measuring giving in the United States. It found that individuals, bequests, foundations and corporations gave an estimated $499.33 billion to U.S. charities in 2022. Some highlights of the report:
• Total giving decreased in 2022, a relatively rare occurrence usually seen during years with difficult or unusual economic conditions. Giving was influenced by stock market volatility and economic uncertainty. Total giving declined 3.4% in current dollars – down 10.5% after adjusting for inflation – from a revised total of $516.65 billion in 2021.
• The 2022 results follow the two best years on record for charitable giving, including 2021 when giving surpassed $500 billion for the first time.
• Total charitable giving has fallen only three other times in the last 40 years in current dollars: in 1987, 2008 and 2009.
• Giving had been especially strong in 2020 and 2021 as donors rallied to help address increasing needs amid a global pandemic and economic crisis and recovery, and supported efforts to advance racial justice.
This trend was likely a result of the 19% drop in the stock market, a 40-year high inflation rate, and a return to pre-pandemic levels. There is hope: historical data shows that charitable giving rebounds from each decline.
Some other interesting trends:
• For the second year in a row, very large gifts by some of the wealthiest Americans represented nearly 5% of individual giving. Mega-giving from six individuals and couples totaled $13.96 billion.
• Giving by individuals totaled an estimated $319.04 billion, declining 6.4 percent in 2022 (a decline of 13.4 percent, adjusted for inflation).
• Giving by foundations grew 2.5 percent, to an estimated $105.21 billion in 2022 (a decline of 5.0 percent, adjusted for inflation).
• Giving by bequest totaled an estimated $45.60 billion in 2022, growing by 2.3 percent over 2021 (a decline of 5.3 percent, when adjusted for inflation).
• Giving by corporations is estimated to have increased by 3.4 percent in 2022, totaling $29.48 billion (a decline of 4.2 percent, adjusted for inflation).