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A report on Monday said the top 50 American donors gave more money in 2011 to charities than in the previous year.
The Chronicle of Philanthropy said that the top donors gave out $10.4 billion in 2011, which is up from around $3.3 billion in 2010. The figures in 2010 were the lowest since the publication started keeping track in 2000. However, a decade ago, the top donors gave out $12.5 billion.
On the list, 29 people donated at least $50 million to charities, compared to 22 in 2010, the chronicle reported.
“Consumer confidence is up, [and] business confidence is up modestly,” Eli Broad, a real-estate mogul who donated $27 million to his foundations, according to the publication. “If that continues, people will open their purses wider.”
The publication said that the reason for weak donations the past several years—aside from 2011—was due to the sluggish economy. Last year, the median gift was $61 million, which is lower than the $74.7 million median in 2007.
