The Rich Are Getting Richer, But They're Giving Less Of Their Income Away

The Rich Are Getting Richer, But They're Giving Less Of Their Income Away

The amount of money wealthy Americans are donating to charity is falling as a percentage of their income. Before you denounce the 1%, new research finds that they’re actually being more charitable on a per-dollar basis, but their wealth is increasing even more than their charitable giving.

Households with a net worth of $1 million or annual income of $200,000 or more gave 28% more to charity in 2013 than they did in 2011, according to the latest biennial “Study of High Net Worth Philanthropy” by U.S. Trust private bank, a subsidiary of Bank of America, and the Indiana University Lilly Family School of Philanthropy. And 75% said they volunteered their time with at least one nonprofit organization.

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