Mega-Gift Philanthropy in 2024: Robust Recovery and Strategic Shifts

In the world of mega-philanthropy, 2024 marked a significant rebound from the previous year’s downturn, according to our newly released $10M+ Gifts Report 2025: Analysis of Gifts Given in 2024. The research reveals not only an increase in giving volume but also notable shifts in how and where America’s wealthiest donors are directing their transformational philanthropy.

The Numbers Tell the Story

After a challenging 2023, charitable giving at the $10 million-plus level showed remarkable resilience:

The number of gifts increased by 17%
The number of donors grew by 16%
Total gift value rose by 6%

While 2024 didn’t 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.

One of the most notable developments was the return of billion-dollar philanthropy. After a one-year absence of gifts at this level, Dr. Ruth Gottesman made headlines with her transformative $1 billion donation to the Albert Einstein College of Medicine—twice the size of 2023’s largest gift.

Shifting Sector Landscapes

The report reveals several important developments across different nonprofit sectors:

Higher Education: Maintains Largest Share of Mega-Gifts

Higher Education continues to be the dominant recipient of mega-philanthropy, capturing 60% of all $10 million+ gift dollars (excluding gifts to private foundations). Institutions across 36 states and Washington, D.C. received $6.9 billion from 186 donations—a 21% increase in total dollars and a 25% increase in gift count compared with 2023.

“It is important to note that we continue to see a significant number of these commitments dedicated to health- and medical-related academic research, albeit within colleges and universities as opposed to dedicated health sciences organizations,” notes Don Fellows, Senior Consultant & Principal and Leader of Marts&Lundy’s Higher Education Practice.

Health: Sustained Post-Pandemic Growth

Health received $2.35 billion across 64 donations of $10 million+ in 2024—the third-highest annual total since 2015. The number of both gifts and donors grew by 60% compared to 2023, though total dollars increased only slightly by 3%.

Mark Kimbell, Senior Consultant & Principal and Leader of the Healthcare Practice at Marts&Lundy observes: “While $10 million+ giving increased only marginally from the previous year, it is very encouraging to see that post-COVID mega-gift totals in 2021–2024 have been sustained since the prior years of 2017–2020. The average total $10 million+ giving during 2021–2024 is about 150% greater than 2017–2020.”

Independent Schools: Notable Success Stories

In 2024, Independent Schools secured several significant eight-figure gifts, including a remarkable $105 million donation to The Loomis Chaffee School in Connecticut. While the number of gifts decreased slightly from 2023, the total value increased by 8%, demonstrating the continued importance of these institutions to major donors.

Excluding the exceptional years of 2021 and 2022—when MacKenzie Scott’s donations surpassed total giving in both 2023 and 2024—giving to Independent Schools in 2024 was above the average for the period from 2015–2024. Overall, mega-donations to Independent Schools accounted for 1% of total giving across all sectors, excluding contributions to personal and family foundations.

Arts, Culture, and Environment: A Breakthrough Year

Perhaps the most dramatic shift occurred in Arts, Culture, and Environment, which received $954 million from 30 donations. This represents more than double the amount donated in 2023, driven largely by six gifts of $50 million or more (compared to just one at this level in 2023).

“Five eight-figure gifts to conservation and environmental organizations in 2024 marks a significant sector shift. Previous years typically saw only one or two such gifts,” notes Penelepe Hunt, Senior Consultant & Principal. “Rising climate disruption concerns may be driving these large investments—a sector worth watching closely in 2025.”

For Arts organizations specifically, Hunt adds: “A rebound after two years of decline is welcome news for the Arts sector, as many organizations still struggle to regain pre-shutdown attendance and revenue. While museums traditionally attract mega-gifts, most of 2024’s largest donations went to performing arts organizations.”

Looking Ahead: What Might 2025 Hold?

Despite 2024’s strong performance, several of our experts express concerns about potential headwinds in 2025:

Possible economic impacts from new administration policies
Uncertainty around equity markets and economic growth
Potential changes to DEI initiatives, endowment taxation, and academic freedom that could affect Higher Education giving
Possible cuts to Medicaid and Medicare funding that could strain Healthcare organizations

“Despite little apparent direct impact on these large gifts during the Presidential election year of 2024, we have concerns related to the impact of economic and employment policies of the new administration and their potential impact on equity markets and economic growth—including a possible recession—that may impact giving at these levels in 2025,” cautions Don Fellows.

“Uncertainty can jeopardize philanthropy—especially as Healthcare’s economic headwinds may worsen in 2025 due to potential cuts to Medicaid and Medicare funding. Additionally, reduced indirect cost recovery for research grants will further strain academic medical centers. While philanthropy can’t solve all these challenges, it offers a critical opportunity to sharpen fundraising priorities and strengthen relationships with mega-donors,” advises Mark Kimbell.

The Opportunity Within the Data

For fundraising professionals, this report offers more than just numbers—it provides strategic insights that can inform development planning:

Resilience: Mega-philanthropy remained strong even through economic and political uncertainty
Sector evolution: New priorities are emerging, particularly in environmental giving
Regional concentration: Understanding the geographic patterns of wealth and giving
Donor motivation: Identifying what drives mega-philanthropy in different sectors

Download the Complete Report

Our full $10M+ Gifts Report provides detailed analysis by sector, regional breakdowns, and longitudinal trends that can help your organization develop strategies for cultivating transformational philanthropy.

Download the complete report by filling in the form below:

Methodology note: Data source is The Chronicle of Philanthropy’s Big Charitable Gifts. Includes only gifts and commitments from individuals/family foundations to recipients within the United States. Gifts for 2024 were sourced on February 18, 2025.