Donations by the Wealthy Dropped Sharply in the Recession, Study Finds

Gifts to charities from wealthy Americans plummeted by an average of nearly 35 percent from 2007 to 2009, according to a new study released on the giving habits of the rich.

Affluent donors who had donated an average of more than $83,000 in 2007 gave only about $54,000 on average two years later during the heart of the economic downturn, according to the study by Bank of America Merrill Lynch and the Center on Philanthropy at Indiana University.