In 2023, U.S. charitable giving reached a record-breaking $557.16 billion in current dollars, according to the annual report by Giving USA Foundation. This significant figure—more than $1.52 billion given per day—is a testament to American generosity. It marks a 1.9% increase in current dollars from 2022 giving. 

However, when adjusted for inflation, 2023 charitable giving decreased by 2.1% from 2022 and fell short of the 2021 record-setting all-time high for U.S. giving.

According to Giving USA’s analysis, the 2023 giving level was buoyed by the stock market and GDP, which both performed better than many economists initially expected in 2023. The resurgent stock market provided foundations with greater assets to give and individuals with appreciated assets conducive to larger, more tax-advantageous giving. Corporations’ strong profits also created an opportunity for increased investment in nonprofits. Further, wage growth amid cooling inflation instilled more confidence in base and mid-level donors that they could invest in impact amid a more certain economy. 

Historically, giving to religion—defined as giving to congregations, religious media, and missionary societies—has been the largest recipient category. Giving to religion remained the largest category of giving in 2023, representing 24% of the total (slightly down from 2023). However, in 2023, giving to religion, $145.81 billion, fell 1.0% in inflation-adjusted dollars.

As summarized by BWF, giving by individuals remains the backbone of charitable giving, the largest source at 67% of dollars given. Even so, that percentage continues to shrink as a share of all philanthropy. Meanwhile, foundation giving exceeded $100 billion for the second time, declining to $103.53 billion in 2023 from 2022’s high of $105.99 billion (an inflation-adjusted decrease of -2.3%). Foundation giving continues to grow as a share of overall philanthropy and is currently 19% of charitable giving. Bequest giving grew to $42.68 billion in 2023 and was the only source of giving to outpace inflation, increasing by 0.6% in real dollars. Bequest giving hovers between 9% and 10% of overall giving. 

Total giving remains above pre-pandemic levels, even when adjusted for inflation, but giving to religion was struck by the pandemic, according to an analysis by Anna Pruitt and Jon Bergdoll: it is the only measured cause area where donation levels were lower in 2023 than they were in 2019, before the pandemic, when adjusted for inflation. Regarding inflation-adjusted dollar amounts, giving to religion peaked in 2016 and has declined in five of the seven years since.

For more news reports affecting Christian donors, churches, and ministries, see ECFA.org/news.