McDougle: The top 50 donors gave more in 2025 than they had since 2021. But this growth is highly concentrated. Mike Bloomberg alone accounts for 19% of the $22.4 billion they gave in 2025, and the top 10 accounted for nearly three-quarters of what all 50 gave to charity.
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McDougle: Another factor is demographic. Most of the top 50 donors are in their 60s or older. In the years ahead, philanthropy is likely to be influenced by a significant intergenerational transfer of wealth. Philanthropy scholars and consultants estimate that tens of trillions of dollars will transfer from older Americans to their younger heirs over the coming decades.