More Wealthy People Donating To Charity 7/10/26

CNBC's Jessica Ettinger reports that U.S. charitable giving hit a new record of over $600 billion last year, driven by wealthy donors and bequests. Individual giving rose 4% to $390 billion, while bequests surged 19% as a tax-efficient transfer method. The trend highlights growing dependence on ultra-wealthy donors as average Americans pull back. - U.S. charitable giving reached a new record of over $600 billion. - Individual giving rose 4% to $390 billion; foundations gave over $100 billion. - Bequests were the fastest-growing category, up 19%, used to reduce or eliminate estate taxes. - Wealthy individuals are driving the increase, with mega gifts from billionaires like MacKenzie Scott and Michael Bloomberg. - Charitable giving has become more dependent on a smaller group of ultra-wealthy donors as average Americans pull back.