January 29, 2024
NSB’s Private Bank Report Analyzes State of Charitable Giving
LAS VEGAS – The Private Bank by Nevada State Bank has released the latest edition of the High Net Worth Report. This issue provides a summary of charitable giving trends both nationally and in Nevada. Utilizing data published by non-profit organizations, the federal government and university studies, this report provides insight on the state of charitable giving, especially among high net worth households.
Highlights from the current issue include:
- Total donations in the United States increased to their largest amount in 2022, totaling $528 billion.
- More than four out of five high net worth households in the United States gave to charity, and the amount they gave was 13.5 times higher on average than giving from non-high net worth households.
- In Nevada, high net worth households accounted for 77 percent of total charitable giving, the 10th-highest rate in the nation.
- Theamount of charitable tax deductions for both high net worth households and non-high net worth households increased considerably from 2019 to 2020. The average deduction among high net worth households increased 46.3 percent to $51,930, while deductions from non-high net worth households rose 41.3 percent to $5,220.
- Total charitable giving by corporations in Nevada increased for the fifth straight year. Corporations gave $621.4 million in 2022, a 7.2 percent increase over 2021.
“Nevada’s continued growth in charitable giving across all categories is especially impressive given the new heights achieved in recent years,” said James Rensvold, Executive Vice President and Director of Private Banking. “Charity continued to be a foundational element in communities throughout the Silver State.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 64 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION).
For more information on Nevada State Bank, visit www.nsbank.com.
A division of Zions Bancorporation, N.A. Member FDIC