10/23/2014 04:01 pm ET Updated Oct 23, 2014

The Rich Are Getting Richer, But They're Giving Less Of Their Income Away

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The amount of money wealthy Americans are donating to charity is falling as a percentage of their income. Before you denounce the 1%, new research finds that they’re actually being more charitable on a per-dollar basis, but their wealth is increasing even more than their charitable giving.

Households with a net worth of $1 million or annual income of $200,000 or more gave 28% more to charity in 2013 than they did in 2011, according to the latest biennial “Study of High Net Worth Philanthropy” by U.S. Trust private bank, a subsidiary of Bank of America, and the Indiana University Lilly Family School of Philanthropy. And 75% said they volunteered their time with at least one nonprofit organization.

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