Bank of America Study of High Net-Worth Philanthropy: Initial Report
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High Net-Worth households, those with incomes of greater than $200,000 or assets in excess of $1,000,000, represent 3.1 percent of the total households in the United States. This very small number of households has an enormously disproportionate impact on charitable giving – they are responsible for approximately two-thirds of all household charity in this country. The Bank of America Study of High Net-Worth Philanthropy is the most in-depth quantitative study of those households aimed at understanding not only their charitable practices, but also the motivations behind them. Bank of America, one of the leading providers to both philanthropic individuals and institutions, partnered with the Center on Philanthropy at Indiana University, one of the nation’s leading academic centers for the study and practice of philanthropy. Based on a random survey of over 30,000 households in high net-worth neighborhoods across the country, this landmark study has major implications for the philanthropic sector: those who donate, the nonprofits that benefit from those donations, and the financial institutions that support them.