background swath

Chief Economist Updates

The Season of Giving

  • Contributors:
  • Stephen J. Douglass
charitable giving by individuals FEATURED

‘Tis the season of giving, especially in the United States. American individuals will probably donate more than $400 billion to charity this year, much of it in the month of December. If history is any guide, this will be many times more than any other nation gives in the absolute, and still the most generous when compared to national income. According to the most recent data in 2023, American individuals donated more than twice as much money relative to GDP as the next closest country. Philanthropy experts attribute this generosity to a range of factors including culture (philanthropic tradition), economic structure (less government welfare), and fiscal policy (more generous tax treatment). Whatever their motivations, Americans have decided that it really is better to give than to receive.

charitable giving by individuals

Source: Citigroup.

Back to Chief Economist Updates

You may also be interested in...

China Can’t Fight the Fed

As often happens when there is an unexplained rise in interest rates, some market participants recently speculated that China has been dumping their Treasury holdings. We continue to believe that...

April 2025

May FOMC: The Waiting is the Easiest Part

The Federal Reserve left their policy rate unchanged today as expected, embracing the wait-and-see attitude that they have adopted since President Trump escalated the trade war in March and April....

May 2025

Disclosure Information

By accepting this material, you acknowledge, understand and accept the following:

This material has been prepared by NISA Investment Advisors, LLC (“NISA”). This material is subject to change without notice. This document is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action, including without limitation as those terms are used in any applicable law or regulation. This information is provided with the understanding that with respect to the material provided herein (i) NISA is not acting in a fiduciary or advisory capacity under any contract with you, or any applicable law or regulation, (ii) that you will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives, (iii) that you are capable of understanding and assessing the merits of a course of action and evaluating investment risks independently, and (iv) to the extent you are acting with respect to an ERISA plan, you are deemed to represent to NISA that you qualify and shall be treated as an independent fiduciary for purposes of applicable regulation. NISA does not purport to and does not, in any fashion, provide tax, accounting, actuarial, recordkeeping, legal, broker/dealer or any related services. You should consult your advisors with respect to these areas and the material presented herein. You may not rely on the material contained herein. NISA shall not have any liability for any damages of any kind whatsoever relating to this material. No part of this document may be reproduced in any manner, in whole or in part, without the written permission of NISA except for your internal use. This material is being provided to you at no cost and any fees paid by you to NISA are solely for the provision of investment management services pursuant to a written agreement. All of the foregoing statements apply regardless of (i) whether you now currently or may in the future become a client of NISA and (ii) the terms contained in any applicable investment management agreement or similar contract between you and NISA.

Agree to Terms

Please review and accept the following to proceed. I have read and agree to the Terms of Use, Disclaimer, PSRX Disclaimer and Privacy Policy. I am either (i) an investment professional and an employee of an institutional investor, or a consultant to an institutional investor, or (ii) an employee of, or a student in, an institution of higher learning and I am involved in the study, research or teaching of subjects related to investments, finance, or economics. I reside in the United States or Canada. I understand that the information is not and should not be regarded as investment advice or as a recommendation regarding a course of action. By clicking “Accept” below, you hereby acknowledge, understand and accept the foregoing.
Accept
Do Not Accept