Schwab Charitable, part of Charles Schwab, reported that its donors granted $6.1bn to charity in 2023, an increase of 31% from 2022.

Donors supported over 127,000 charities through more than one million grants, an 11% increase in the number of grants to charities compared to 2022.

In Schwab Charitable’s fiscal year ending June 30 2023, donors surpassed a record-breaking $5bn in grants for the first time. Only six months later and donors have given more than $6bn in a 12-month period.

Between Giving Tuesday on November 28 and December 31 – a period many consider to be the heart of giving season in the US – donors recommended approximately 250,000 grants to charity totaling $1.5bn.

“The generosity of our donors continues to inspire us year after year,” said Sam Kang, president of Schwab Charitable. “And despite recent economic uncertainty, political turmoil and market volatility, our donors demonstrated their commitment to giving back with yet another historic year of granting. As we enter Schwab Charitable’s 25th year, we are proud to see donors continuing to give at record levels and are eager to see the impact they will accomplish this year.”

“I am so grateful for our donors’ generosity, especially during these recent periods of uncertainty and an ever-changing economic environment,” added Fred Kaynor, managing director of marketing, relationship management, and strategic partnerships at Schwab Charitable. “Our donors reinforce the value of charitable giving and demonstrate that donor-advised funds are an easy-to-use and tax-efficient giving vehicle that help maximise charitable impact when it matters most.”

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Last year, Charles Schwab purchased The Family Wealth Alliance (FWA), which offers various resources to family wealth firms that cater to ultra-high net worth clients.