Philanthropic giving by America's ultra-high-net-worth (UHNW) population reached roughly $107 billion in 2025, a 43% jump from the $85 billion recorded in 2022, according to the High Net Worth Philanthropy 2026 report from Altrata, released October 15. That figure represents 43% of all global giving by UHNW individuals—those with a net worth of $30 million or more—a cohort that, despite making up just 1.1% of the world's millionaires, now accounts for 38% of all individual charitable donations worldwide.
The U.S. is home to about 37% of the global UHNW population, more than the combined share of the next nine largest UHNW countries, according to Altrata. This concentration, paired with a mature philanthropic infrastructure—private foundations, family offices, and donor-advised funds (DAFs)—amplifies the country's giving capacity. At least 17% of global UHNW individuals hold a private or family foundation, with the share higher in the U.S., making foundation management a critical service line for advisors serving wealthy clients.
The advisor conversation gap
Despite the scale of giving, many advisors are missing the mark in client conversations. A 2026 study by The Philanthropic Initiative found that 75% of high-net-worth clients say they would be more likely to choose an advisor knowledgeable about philanthropy—up from 40% in 2018. Yet fewer than half of advisors are meeting that expectation, according to research from Foundation Source published in 2026. The gap is particularly acute as younger donors enter the scene: Gen Z and millennial wealthy donors support an average of 12 charitable causes, compared with eight among wealthy donors overall, per Bank of America Private Bank data.
What's driving the surge
Altrata attributes the rise in U.S. giving to strong capital market returns, technology-sector wealth gains, and a growing wave of intergenerational estate transfers. These forces have expanded both the UHNW population and the liquid assets available for charitable deployment. At the same time, the retreat of federal international aid under the second Trump administration and tax changes in the 2025 One Big Beautiful Bill Act—which caps the maximum federal tax benefit on charitable donations at 35% starting in 2026, down from 37%—are reshaping giving structures. The result, Altrata says, is philanthropy that is more concentrated, strategic, and aligned with long-term wealth preservation.
Education remains the most popular cause, with about 59% of global wealthy donors contributing to the sector over the past decade. But environmental causes, including climate, saw the fastest growth: the share of donors giving to environmental issues rose 26% between 2021–25 compared with 2015–20. Healthcare and medical research posted a 15% relative increase over the same period.
The generational shift
The donor pool is set to change dramatically. Next Gen donors—Gen Z and Millennials—currently make up just 6% of the global wealthy population, but by 2040 that share is projected to reach 37%, a sixfold increase. Younger donors are also more likely to use structured vehicles: they are roughly twice as likely as older peers to use a DAF, and 24% have a family foundation, well above the broader wealthy average. Bank of America's study, which surveyed 1,431 wealthy individuals between January 8 and February 5, 2026, also found that 49% of wealthy donors volunteered their time in 2025, up from 42% in 2023.
What advisors should take from this
Altrata identifies liquid assets as the most actionable indicator of philanthropic capacity. Among the global wealthy, liquid assets comprise a 28% portfolio share on average, totaling about $33 trillion in 2025, and are projected to exceed $45 trillion by 2031. For advisors, the practical upshot is that philanthropy is no longer a peripheral service but a condition of client retention, especially as the great wealth transfer accelerates. The Philanthropic Initiative's 2026 study found that 95% of advisors agree philanthropy plays an important role in building relationships with clients' extended families, yet only 45% are having those conversations with most clients.
Advisors who cannot credibly engage on charitable strategy risk ceding that role—and the client relationships that come with it—to those who can. As younger wealthy donors diversify giving vehicles, the ability to guide clients through DAFs, foundations, and direct giving becomes a competitive differentiator. The data also suggests that wealthy investors are sticking with alternative assets, which may further boost philanthropic capacity as portfolios grow. For firms looking to strengthen client ties, integrating philanthropy into model portfolios and broader planning is increasingly essential.
