Charitable Donations by Wealthy Fall 35%, Bank of America Says

Wealthy U.S. households made smaller charitable donations last year, while the number of those giving remained the same, according to a Bank of America Corp. study.

Average giving by survey respondents decreased 35 percent to $54,016 last year compared with 2007, after adjusting for inflation, the biennial report found. About 98 percent of the 801 households in the survey donated to philanthropies in 2009, unchanged from two years earlier. Bank of America surveyed households with an income greater than $200,000 or a net worth of at least $1 million, excluding primary residences.