November 28, 2022
NSB's Private Bank Report Explores Philanthropic Trends: Before, During and After the Pandemic
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series today. Issue 3 of 2022 summarizes recent charitable giving trends in the United States and Nevada. Using data from multiple national and local sources related to charitable giving and taxation, this report provides insight into how charitable giving trends shifted before, during and after the COVID-19 pandemic.
Highlights from the current issue include:
- Nationally, Americans gave over $485.8 billion to philanthropic efforts in 2021, an increase of 4.0 percent from 2020. Individual giving made up two-thirds, or $326.9 billion, of total charitable giving.
- Trends in charitable giving in 2021 carried over from 2020, when high net worth individuals across the U.S. donated an average of $43,195 to charity, an increase of 69.3 percent from 2015.
- Nevada businesses donated $577.6 million to charitable organizations in 2021. This represented a 1.6 percent increase over 2020.
- In Nevada, individual charitable giving increased by 3.6 percent to $1.5 billion from 2018 to 2019, the latest data available. Giving by high net worth households comprised two-thirds of total charitable tax deductions.
“Boosted by increased giving from individuals, specifically high net worth households, charitable giving rose to unprecedented levels in 2020 and 2021,” said James Rensvold, Executive Vice President and Director of Private Banking. “While challenges may lie ahead, through good times and bad, Nevadans have continued to step up to the plate to support charities and their important work in our community.”
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 63 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.