Wealthy individuals continue to devote their time, energy, and resources to philanthropic causes.

For more than 1 in 4 wealthy individuals, utilizing their wealth to support philanthropic causes is a top inspiration for creating future wealth (28%). This inspiration follows priorities related to achieving financial security for themselves and their families and creating a legacy for future generations. As they build for the future, philanthropy may also be a way to shape the legacy that wealthy individuals envision for themselves.

Younger wealthy individuals (Gen Z and Millennials, ages 21 to 45) are exploring ways to pursue philanthropic activities. These individuals are significantly more likely than older generations to fundraise (30%), mentor (26%), use a family foundation (24%), and leverage donor-advised funds (20%). Further, they provide financial support to 12 different charitable causes on average, compared to an average of 8 causes among wealthy individuals overall. 

Donor-advised funds (DAFs) are emerging as a meaningful philanthropic tool among wealthy individuals, particularly younger donors. Currently, about 1 in 10 wealthy individuals (9%) utilize a DAF, but adoption is roughly twice as high among Gen Z and Millennial donors (20%), reinforcing the role this generation is playing in shaping the future of philanthropic giving.

Among those who do use DAFs, engagement is significant. More than 1 in 5 (21%) contributed more than $100,000 to their accounts in the past year. Satisfaction is also exceptionally high, with nearly all DAF users agreeing that they offer the ability to invest assets for tax-free growth (98%), maximize tax benefits (96%), and simplify the process of charitable giving (94%). The majority also value DAFs for their ability to support long-term philanthropic goals (91%) and the privacy they provide (80%).

Growth appears poised to continue. Three in four current DAF users say they are likely to increase contributions over the next three years, and more than 1 in 4 non-users (28%) say they are likely to establish one. For younger donors especially, tools like DAFs offer a structured way to formalize the philanthropic values they are actively working to define.

In addition to shaping their philanthropic financial commitments, many younger individuals are navigating how best to honor existing family legacies while also creating their own unique philanthropic identity.

This may reflect a broader shift towards supporting causes that younger individuals are passionate about, even if that means they are taking a different approach from their parents. Wealthy individuals indicate families are less aligned in philanthropy compared to 2024.

• About 1 in 3 younger individuals (35%) agree in 2026 that their approach to achieving philanthropic goals is the same as their parents’ approach (63% in 2024).
• Slightly fewer parents agree in 2026 (59%) that their children take the same approach to achieving their respective philanthropic visions and goals as they do (70% in 2024).
• Slightly fewer younger individuals agree in 2026 (40%) that they plan to support or already support the same causes as the generation before them (50% in 2024).

Despite changing alignment among families as it relates to philanthropic activities, active conversations are still taking place and reinforcing the importance of philanthropy. Nearly half (49%) of wealthy individuals indicate their philanthropic involvement typically includes other members of their family. Further, more than 1 in 4 ultra-high-net-worth individuals (those with $25M+ in assets) intend to educate their children/heirs on charitable giving and board participation.

Read additional findings from the 2026 Bank of America Private Bank Study of Wealthy Americans.

Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank. The survey consisted of 1,431 high-net-worth (HNW) respondents throughout the U.S. Respondents in the study were at least 21 years of age with at least $3 million in investable assets, excluding primary residence. The margin of error is +/- 2.5, reported at a 95% confidence level. The respondents are a nationally representative sample of the U.S. high-net-worth population and not necessarily clients of Bank of America or its wealth and investment management businesses.