According to the 2025 Bank of America Study of Philanthropy, affluent households gave an average of over $33,000 to charity in 2024. But, is there an opportunity for them to give more? And how do these households decide what and how they give?

Eric Weinheimer, MBA ’94, managing director and senior philanthropic strategist at Bank of America Private Bank, spoke with Tyeise Huntley, director of the Golub Capital Social Impact Lab, to answer these questions and break down other key insights from the 2025 Bank of America Study of Philanthropy. For nearly 20 years, the study has explored the key trends, strategies, and donor archetypes that are shaping today’s philanthropic landscape. Weinheimer spoke to nonprofit leaders, students, and alumni to share how affluent households—those with a minimum of $200,000 in yearly income—give, and how nonprofits can better engage with donors to further their philanthropic missions.

The State of Giving

Philanthropy has continued to rise significantly over the past 15 years, yet the percentage of Americans who give has decreased. “67 percent of affluent households gave to charity before the 2008 financial crisis, afterwards the number went down to 49 percent,” explained Weinheimer. He suggested a shift towards a more secular society, coupled with the 2017 Tax Cuts and Jobs Act (TCJA) that doubled the standardized deduction, limited people’s incentive to give.

However, over 80 percent of affluent households—regardless of sex, ethnicity, or age—are charitable, and Weinheimer explained those households have the capacity to give even more if nonprofits and organizations know how to connect with them. “I would suggest that it's imperative for nonprofits to focus on things that they can control, and not get controlled by external factors like inflation, interest rates, etc.”

Selling vs. “Matchmaking”

Weinheimer emphasized that nonprofits have an opportunity to broaden how they approach donor engagement. For affluent households, alignment with personal values is an important factor when deciding where to give. To uncover that alignment, he encouraged nonprofits to actively and closely listen to a donor’s stories and motivations in order to understand what matters to them personally, and to see if there's a match between donors’ and a nonprofit’s missions. Weinheimer stressed that it’s not about selling, it's about matchmaking.

“We as nonprofits can't wait to pitch, and you need to, but we’re missing out on an opportunity to engage folks,” he said. “Do we bring a curious mindset to our engagement with prospects and donors? Are we leading with a sales pitch or with questions and prompts?” Finding an alignment between a donor’s and nonprofit’s goals can result in a more successful partnership.

Finding the Funds

Nonprofits have the power to impact donors more than they think. According to the study, 50 percent of affluent donors reported they are inexperienced when it comes to giving. Weinheimer suggested this is an opportunity for nonprofits to act as educators, sharing information about the communities they serve with donors, but also the different vehicles for donation. “Focus on wealth and not income,” Weinheimer advised. The majority of gifts, 94 percent, are made through cash and check, even though about 93 percent of household wealth is held in illiquid assets. Helping donors understand options in giving other non-cash gifts can open avenues for greater impact.  

The study demonstrated that there are ample opportunities for impact organizations to expand their scope and secure more donations. In a final word to nonprofit leaders, Weinheimer affirmed, “You are the foundation of a civil society and a thriving economy. The more you can be targeted and intentional, the more success you’re going to have.”