What 2025’s Largest Gifts Reveal About Donor Priorities 

Every year, Marts&Lundy’s $10 Million+ Gifts Report offers a window into the priorities of philanthropy’s most significant donors. While the headlines often focus on record-setting gift totals, the deeper story lies in where those donors chose to invest, and what those decisions may signal for organizations seeking transformational support. 

The 2025 data reveal a philanthropic landscape that continues to evolve. Mega-giving expanded overall, but the dynamics within each sector tell a more nuanced story about donors and the causes that continue to inspire extraordinary generosity.

Higher Education: The Power of Big Vision 

Higher Education once again dominated the mega-gift landscape, receiving more than $10 billion in gifts of $10 million or more—the highest annual total recorded over the past decade. 

While much attention will naturally focus on the year’s largest gift, a $2 billion commitment from Phil and Penny Knight, the broader story is equally compelling. Even excluding that landmark contribution, Higher Education would still have posted its strongest year for mega-giving in the last ten years. 

Perhaps most notable was the combination of institution-defining gifts alongside widespread support across dozens of campuses. MacKenzie Scott alone made 32 separate gifts of $10 million or more to colleges and universities, demonstrating that transformational philanthropy can take many forms, from singular investments in flagship institutions to broad support that advances access, opportunity, and innovation across the sector. 

What it means: Donors continue to respond to ambitious institutional visions. Institutions that can clearly articulate their long-term impact—and demonstrate the capacity to execute it—remain well-positioned to attract transformational investments.

Healthcare: Recalibration After Multi-Year Surge 

After several years of extraordinary growth, Healthcare experienced realignment in 2025. Total mega-giving declined from $2.3 billion to $1.7 billion, and the number of gifts fell compared to the prior year. 

Yet focusing solely on the decline risks missing the larger story. 

Healthcare organizations still secured multiple nine-figure gifts, including commitments of $300 million, $150 million, and $125 million. Moreover, giving remains substantially higher than pre-pandemic levels, suggesting that donor commitment to health-related causes remains strong. 

Rather than signaling diminished interest, the data may point to a market entering a period of recalibration. Donors continue to support Healthcare’s most compelling opportunities but may be exercising greater selectivity in how and where they deploy major philanthropic capital. 

What it means: Healthcare organizations that connect philanthropic investments directly to measurable outcomes, innovation, and patient impact may be best positioned to stand out in a more competitive environment for donor attention. 

Independent Schools: Momentum Returns in an Environment Defined by Variability 

Independent schools posted one of the strongest relative increases among sectors tracked in this year’s report. 

The sector received nine gifts of $10 million or more totaling $201 million—a 41% increase in total dollars and a 125% increase in the number of gifts over the prior year. 

For a sector where annual results can be heavily influenced by a relatively small number of donors, the increase is noteworthy. Seven gifts fell within the $10 million–$24 million range, suggesting that momentum was driven not by a single extraordinary donor but by a broader group of philanthropists making significant investments. 

The data also serve as a reminder of the unique nature of independent school fundraising. Relationships are often multigenerational, donor pools are comparatively concentrated, and transformational gifts frequently reflect deep personal connections to institutional mission and community. 

What it means: Schools that invest in building lifelong donor relationships, strengthening community engagement, and articulating a compelling vision for future generations may find themselves well-positioned for major gift growth.

Arts & Culture: Enduring Appeal Amid Changing Patterns 

Following an exceptional year in 2024, arts and culture organizations experienced a predictable normalization in 2025. Total mega-giving declined, but the sector still attracted more than $643 million in gifts of $10 million or more—exceeding levels seen in both 2022 and 2023. 

Interestingly, the decline was not driven by a lack of major donor interest. In fact, the sector received its largest gift of the past decade: a remarkable $202.9 million commitment. 

Instead, the difference came from the middle of the gift spectrum. No gifts between $25 million–$49 million were publicly reported in 2025, compared to eight such gifts the previous year. 

The result highlights a defining characteristic of arts and culture philanthropy: a relatively small number of gifts can dramatically influence annual results. Yet even amid year-to-year shifts, donors continue to demonstrate a strong commitment to preserving cultural institutions, expanding access, and creating lasting public impact. 

What it means: Arts and culture mega-giving is often campaign-driven, with the largest gifts frequently tied to major capital projects and leadership-phase fundraising efforts.

The Bigger Takeaway 

Across sectors, one theme stands out: transformational donors continue to invest in organizations capable of articulating bold aspirations and demonstrating meaningful impact. 

Whether supporting groundbreaking research, advancing healthcare innovation, preparing future generations, or preserving cultural institutions, today’s largest donors are making investments in ideas, outcomes, and long-term vision. 

The organizations that will be best positioned to attract tomorrow’s transformational gifts may be those with the clearest sense of purpose, and the strongest case for why their future matters.