More than 9 million American households have $1 million or more, and almost all of them say they will give the same or more to charity this year than last, a new study says.
One in four rich people, defined as the wealthiest 10 percent of households by the American Affluence Research Center, plan to donate more next year, and two in three plan to give the same amount.
As the wealthy contemplate their spending priorities for the coming year, charitable contributions rank second only to domestic vacations, the latest “American Affluence Tracking Study” says.
While spending in 11 of 17 areas is expected to decline next year, including upscale dining and designer apparel, giving is predicted to increase, as it has every year since 2003.
And as the number of millionaires grows, with an average income of $356,000, average home value of $1.2 million and average net worth of $3.5 million, charities stand to benefit.