Forget what you think you know about corporate charity, because behind the sobering headlines, U.S. companies quietly funneled nearly $30 billion into communities last year, proving that even in uncertain times, corporate philanthropy remains a massive and evolving force for good.
Key Takeaways
- In 2022, total U.S. corporate charitable giving reached $29.48 billion, marking a 3.4% increase from 2021 adjusted for inflation
- Corporate giving accounted for 5% of total U.S. philanthropy in 2022 at $29.48 billion out of $499.33 billion
- Foundations funded by corporations distributed $24.7 billion in 2021, representing 18% of all foundation giving
- In 2021, financial services sector led corporate giving with 21% of total
- Retail trade industry contributed 12% of U.S. corporate giving in 2021
- Manufacturing sector accounted for 11% of corporate philanthropy in 2021
- In 2020, corporations donated $3 billion to COVID-19 relief efforts worldwide within first 6 months
- U.S. companies gave $1.6 billion for COVID-19 in 2020, led by pharma with 40%
- After Hurricane Katrina in 2005, corporate donations exceeded $1.3 billion
- Employee volunteering hours equivalent to $2 billion in value for U.S. companies in 2021
- 67% of companies offer employee matching gift programs, doubling donations in 2021
- Average matching gift ratio is 1:1 up to $1,000 per employee annually in 2022
- In 2022, corporate giving rose 4.2% year-over-year to $29.8 billion projected
- Corporate philanthropy as % of GDP stable at 0.12% from 2018-2022
- Post-COVID, disaster giving surged 50% in 2020 then normalized by 2022
Corporate giving grew in 2022, led by major companies and employee-driven programs.
Disaster Response
- In 2020, corporations donated $3 billion to COVID-19 relief efforts worldwide within first 6 months
- U.S. companies gave $1.6 billion for COVID-19 in 2020, led by pharma with 40%
- After Hurricane Katrina in 2005, corporate donations exceeded $1.3 billion
- In 2017, post-Hurricane Harvey, corporations pledged $500 million within weeks
- Corporate giving for Ukraine crisis reached $1.2 billion by mid-2022 from global firms
- After 2023 Turkey earthquakes, companies donated over $100 million in first month
- Walmart Foundation gave $20 million for Maui wildfires in 2023
- Tech firms donated $400 million to racial justice causes post-George Floyd in 2020
- Corporations contributed $350 million to Australian bushfire relief in 2020
- Post-2011 Japan tsunami, corporate donations hit ¥500 billion ($6 billion)
- Energy companies donated $50 million for 2021 Texas winter storm relief
- Pharma giants pledged $1 billion for COVID vaccines to low-income countries in 2021
- Corporate aid for 2022 Pakistan floods exceeded $150 million
- After 2019 California wildfires, PG&E and others donated $75 million
- Global firms gave €200 million for 2023 Greek wildfires
- Banks donated $100 million for 2020 Beirut port explosion relief
- Corporations pledged $500 million for 2010 Haiti earthquake
- Post-2018 Camp Fire, corporations gave $200 million to California relief
- Tech sector donated $250 million for 2021 Haiti earthquake
Disaster Response Interpretation
It seems corporate philanthropy is both a magnanimous checkbook and a remarkably predictable meter, reliably swelling into the billions whenever global suffering grabs the headlines.
Employee Engagement
- Employee volunteering hours equivalent to $2 billion in value for U.S. companies in 2021
- 67% of companies offer employee matching gift programs, doubling donations in 2021
- Average matching gift ratio is 1:1 up to $1,000 per employee annually in 2022
- 85 million employees participated in volunteering in 2021, averaging 35 hours each
- Companies with volunteer programs saw 20% higher employee engagement scores
- Employee giving totaled $3.5 billion via matching in 2021 U.S.
- 52% of millennials expect employer volunteer opportunities
- Corporate volunteer grants averaged $25 per hour volunteered in 2022
- 40% of S&P 500 firms have volunteer time off policies averaging 40 hours/year
- Matching gifts unlocked $1.2 billion extra for nonprofits in 2021
- Women employees donate 1.5x more than men via corporate channels
- 75% of employees want corporate social impact programs
- Volunteer programs cost companies average $500k annually but ROI 3:1 in retention
- 61% of Gen Z prioritize employers with strong philanthropy
- Employee-led giving campaigns raised $1.8 billion in 2021
- Companies matching crypto donations grew 300% in 2022
- Average employee donation $250/year via workplace giving
- 90% of nonprofits receive more from employee giving than direct corporate
- Volunteerism rates highest in tech at 65% participation in 2021
- PTO for volunteering used by 25% of employees averaging 16 hours/year
Employee Engagement Interpretation
It seems American corporations have discovered that giving employees the chance to be generous with their time and money is a remarkably effective, albeit expensive, way to buy their own loyalty.
Giving by Industry
- In 2021, financial services sector led corporate giving with 21% of total
- Retail trade industry contributed 12% of U.S. corporate giving in 2021
- Manufacturing sector accounted for 11% of corporate philanthropy in 2021
- Technology firms donated $4.2 billion in 2021, representing 15% share
- Healthcare/pharma industry giving was $3.1 billion in 2021, 11% of total
- Energy sector corporate donations totaled $1.8 billion in 2021, 6% share
- Food/beverage industry gave $1.5 billion in 2021
- In Europe, consumer goods sector led with 18% of corporate giving in 2022
- Tech industry in Asia-Pacific donated 22% of regional corporate philanthropy in 2021
- Automotive manufacturers contributed 9% of global corporate giving in 2020
- Telecommunications firms gave $2.3 billion globally in 2021
- Banking sector philanthropy reached €12 billion in EU countries in 2022
- Oil & gas companies donated 4% of total corporate giving in 2022
- Entertainment/media sector giving was $1.2 billion in 2021 U.S.
- Insurance industry contributed 8% of corporate donations in 2021
- Real estate/development sector gave 3% share in 2021
- Transportation/logistics donations totaled $900 million in 2021
- Chemicals sector philanthropy was $700 million in 2021
- Aerospace/defense giving reached $1.1 billion in 2021
- Mining industry donated 2% of total in 2021 globally
- Hospitality/tourism sector giving dropped to 1.5% in 2021 post-COVID
- Agriculture/food processing contributed 5% in 2021
- Construction industry philanthropy $500 million in 2021 U.S.
- Utilities sector gave 3.5% share in 2021
Giving by Industry Interpretation
In 2021, financial services clearly wrote the biggest checks for philanthropy, while the tech sector proved its code isn't just for algorithms, and sadly for the hospitality industry, generosity, much like tourism, took a serious hit post-COVID.
Total Giving Volumes
- In 2022, total U.S. corporate charitable giving reached $29.48 billion, marking a 3.4% increase from 2021 adjusted for inflation
- Corporate giving accounted for 5% of total U.S. philanthropy in 2022 at $29.48 billion out of $499.33 billion
- Foundations funded by corporations distributed $24.7 billion in 2021, representing 18% of all foundation giving
- U.S. corporate cash donations in 2021 totaled $17.2 billion, up 5% from prior year
- Product donations from corporations valued at $6.8 billion in 2021
- Employee giving through corporate channels reached $2.1 billion in 2021
- In 2020, global corporate philanthropy exceeded $1 trillion including in-kind and volunteer time equivalents
- U.S. corporate giving as percentage of pre-tax profits was 0.9% in 2021
- Corporate foundations held $127 billion in assets in 2020
- Grantmaking by U.S. corporate foundations was $5.2 billion in 2020
- In 2022, Walmart was the top corporate giver with $1.45 billion donated
- Bank of America donated $392 million in 2022, ranking second among corporate philanthropists
- Wells Fargo contributed $387.9 million in 2022 corporate giving
- JPMorgan Chase gave $337.1 million in 2022
- Goldman Sachs donated $277.2 million in 2022
- Pfizer's corporate giving totaled $253.3 million in 2022
- Comcast contributed $235.7 million in 2022
- Johnson & Johnson gave $221.6 million in 2022
- Verizon donated $199.4 million in 2022
- State Street contributed $189.8 million in 2022
- ExxonMobil gave $160.1 million in 2022
- TIAA donated $155.9 million in 2022
- General Motors contributed $152.5 million in 2022
- Boeing gave $144.7 million in 2022
- Morgan Stanley donated $144.3 million in 2022
- Target contributed $142.8 million in 2022
- Lowe's gave $136.9 million in 2022
- Chevron donated $133.4 million in 2022
Total Giving Volumes Interpretation
While corporations like to tout their billions in giving, these impressive headline figures still amount to less than one percent of their profits and only a nickel of every charitable dollar, suggesting philanthropy is often more a polished accessory than the core of their wardrobe.
Trends
- In 2022, corporate giving rose 4.2% year-over-year to $29.8 billion projected
- Corporate philanthropy as % of GDP stable at 0.12% from 2018-2022
- Post-COVID, disaster giving surged 50% in 2020 then normalized by 2022
- ESG integration drove 30% increase in philanthropy budgets 2019-2022
- Giving in-kind grew 15% annually 2020-2022 due to supply chain donations
- Focus on DEI causes tripled from 1% to 3% of grants 2019-2022
- Climate change funding by corps up 40% to $2.5 billion in 2022
- Digital giving platforms used by 70% of companies in 2022, up from 40% in 2019
- Corporate foundations grew 5% in number to 2,800 in U.S. by 2022
- International giving by U.S. firms down to 12% of total in 2022 from 15%
- Education remains top cause at 29% of giving steady since 2015
- Health giving peaked at 25% in 2020 then fell to 20% by 2022
- Arts/culture share declined to 7% in 2022 from 10% pre-pandemic
- Environment/wildlife giving doubled to 8% 2018-2022
- Projected 2023 corporate giving $31 billion, up 4%
- Small/mid-size firms increased giving 10% faster than large caps 2021-2022
- Multi-year grants rose to 45% of awards in 2022 from 30% in 2018
- Tech-enabled matching gifts grew 25% YoY in 2022
- Corporate volunteering hours rebounded 80% to pre-COVID levels in 2022
Trends Interpretation
Despite the inspiring surge in corporate generosity, where climate funding swells, digital giving blooms, and multi-year pledges become more common, the sobering reality remains that this 'largesse' is a remarkably stable drop in the economic bucket, clinging stubbornly at just 0.12% of GDP.
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