Marts&Lundy’s annual $10M+ Gifts Report examines trends in mega-gifts, with this year’s report covering 2024 gift data. The analysis includes only gifts and commitments from individuals/family foundations to recipients within the United States.
Download the report to see trends in Higher Education, Healthcare, Independent Schools, and Arts, Culture, and Environment.
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Contents:
Total $10M+ Giving in 2024
In 2024, charitable giving at the $10 million+ level rebounded significantly from 2023 declines.
In 2024, 242 donors made 319 gifts totaling $11.6 billion, demonstrating increases in gifts, donors and total gift value. The number of gifts increased by 17%, the number of donors by 16%, and the total value of gifts by 6%. While giving in 2024 did not reach the historic highs of 2020—2022, during which each year was boosted by $5 billion+ mega-gifts, the past year saw the strongest giving of any year since 2017.
A Summary of $10M+ Giving
After a one-year absence of billion-dollar gifts in 2023, a single gift at this level was made in 2024: Ruth Gottesman’s $1 billion donation to the Albert Einstein College of Medicine. This gift was twice the size of 2023’s largest gift ($500 million). Excluding these top gifts, overall giving in 2024 increased by 1.5% compared with 2023.
At the $100 million–$999 million level, there were 24 gifts—just one fewer than in 2023. However, the total dollars from these gifts fell by nearly $2 billion due to a decrease in ultra-large gifts. In 2023, this category included three $400 million gifts and two $500 million gifts. In 2024, the largest gift in this range was $400 million. This smaller size contributed to the overall decline in total nine-figure giving.
In contrast, there was growth at the eight-figure gift level. The number of $50 million–$99 million gifts rose by 15, and $10 million–$49 million gifts increased by 32.
Planned Giving Trends
Despite variability, planned giving remains a key component of mega-philanthropy.
Planned giving accounted for 7% of total $10M+ giving in 2024. Over the past 10 years, its share has fluctuated significantly, driven by a handful of exceptionally large planned gifts. The three largest planned gifts since 2015—each valued at $500 million or more—were made in 2015 (one gift) and 2017 (two gifts), skewing the totals in those years.
Geographic Trends
California and New York led the nation in receipt of mega-gifts
Gifts of $10M+ were given to organizations in 42 states and Washington, D.C. For the fifth consecutive year, organizations in California and New York received more $10M+ gifts than those in any other state, or Washington, D.C. In 2024 and 2022, New York led in total mega-gifts, while in 2023, 2021, and 2020, California received the most.
For the second consecutive year, organizations in California and New York received more dollars from $10M+ gifts than those in any other state, or Washington, D.C. This streak would have extended to four consecutive years if not for the $5 billion gift to the Gates Foundation in Washington in 2022, which significantly impacted the rankings that year.
Sector Trends
In 2024, higher education remained the dominant recipient of $10M+ gifts.
While Higher Education has consistently received the largest share of mega-gifts over the past 10 years, a notable shift toward health-related causes began in 2021 and continued through 2024, possibly driven by medical research spurred on by pandemic-related efforts.
Since 2021, health-related organizations have received at least 20% of total mega-gift dollars annually, reflecting this ongoing philanthropic focus.
How each sector stacks up for the share of mega-gifts*
60% Higher Education
20% Health
8% Arts, Culture, & Environment
1% Higher Education
10% Other Causes**
Note: Due to rounding, percentage totals may not equal 100%
* Excludes gifts to private foundations
** Other causes such as human and social services, community foundations, and general education.
Other Trends of Note
For the fifth consecutive year, MacKenzie Scott made more $10 million+ gifts than any other donor, excluding anonymous donors. However, the 13 gifts Scott made at this level in 2024 represent her fewest in any single year between 2020 and 2024.
Our 2023 report raised the possibility of a decline in mega-gifts in 2024, given the potential impact of the presidential election. The data from presidential election cycles in 2012, 2016, and 2020 suggested otherwise, and that held true in 2024.
Let’s Connect!
We welcome the opportunity to talk with you about your organization’s approach to building principal gift and transformational gift programs.
Email us: info@martsandlundy.com
Call us: +1 201-460-1660
Download a Full Version of the Report
Analysis for this report is based on data sourced from The Chronicle of Philanthropy’s Big Charitable Gifts database and only includes gifts and commitments from individuals and family foundations to recipients within the United States. Gift data for 2024 were sourced on February 18, 2025.