Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

U.S. charitable giving reached a record $617.2 billion in 2025 despite inflation and economic pressures, driven by individual donations, foundation contributions, and increased bequests. The rise in bequests, linked to strong financial markets, signals the start of the Great Wealth Transfer, with $124 trillion projected to shift to younger generations by 2048.