America’s Big Donors Lag in Charitable Giving
Megaphilanthropy last year remained below levels seen before 2007’s economic shock, according to a new Chronicle of Philanthropy study. The top 50 donors on The Chronicle’s list committed a total of $7.4 billion to charity in 2012. The median gift was $49.6 million, down significantly from 2007’s high of $74.7 million. Most of the money went to big, elite institutions. Seventy-two percent of the dollars pledged supported higher education, arts and culture, hospitals, and private foundations.