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Goldman Sachs finds UHNW giving reached $250 billion in 2025

The survey of 569 clients found 78% gave for values and only 12% cited tax deductions.

$250BUHNW philanthropy in 2025, up nearly 32% since 2022

At a glance

  1. InvestmentNews first reported the survey findings on Nov. 11.
  2. Advisors have a planning hook: 41% of respondents plan to give more over the next three years, rising to 48% among those already giving more than $1.5 million a year, according to Goldman Sachs.
  3. Just 6% of respondents in the Goldman survey said charitable tax deductions influence the size of their annual gift.

Ultra-high-net-worth philanthropy reached $250 billion in 2025, up nearly 32% since 2022, according to Goldman Sachs's 2026 Philanthropy in Focus report. InvestmentNews first reported the survey findings on Nov. 11. The report draws on a June 2026 survey of 569 Goldman Sachs private clients, family businesses and family offices across the Americas and EMEA.

Advisors have a planning hook: 41% of respondents plan to give more over the next three years, rising to 48% among those already giving more than $1.5 million a year, according to Goldman Sachs. The report suggests conversations built on a client's values and legacy are more likely to land than ones built on tax efficiency. Cerulli Associates puts the wealth transfer through 2048 at $124 trillion, InvestmentNews reported.

Just 6% of respondents in the Goldman survey said charitable tax deductions influence the size of their annual gift. Only 12% cited tax deductions as a reason for giving, against 78% who cited values alignment and 51% a personal connection to a cause. For a family-office CIO, that suggests the giving budget may be set by family mission and governance, with tax structure chosen afterward, an inference rather than a stated survey finding.

Humanitarian aid contributions in 2026 are running 44% below the 10-year average, and US funding for everyday charities has fallen about 38% since January 2025, per UN OCHA and The Chronicle of Philanthropy. The Goldman report cites the figures and names three pressures on public budgets: government debt, aging populations and AI-driven labor market disruption. It also says military and defense spending is absorbing a growing share of Western government budgets.

Philanthropy is already a service line elsewhere in the wealth management industry. As Private Wealth Daily previously reported, Mercer Advisors added a philanthropy team led by Eleonora Sharef, who joined from McKinsey in April, at no added fee for Ascend and Regis clients.

Values, not tax breaks, drive ultra-wealthy giving

Share of surveyed donors citing each reason for giving, June 2026 survey

  • Values alignment78%
  • Personal connection to a cause51%
  • Charitable tax deductions12%
Source: Goldman Sachs 2026 Philanthropy in Focus, via InvestmentNews
Show as table
ItemValue (%)
Values alignment78%
Personal connection to a cause51%
Charitable tax deductions12%

Reported by the Family Office desk from InvestmentNews and Private Wealth Daily's Moves Wire. Published . Updated Nov 11, 2026 · 9:28 a.m. ET. Corrections

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