Germany has most foundations in Europe, with Spain top for expenditure

There are approximately 175,203 foundations across Europe with combined assets of nearly half a trillion euros, and a total annual expenditure of €76bn, according to a new report by Philea.

Fabric of Giving 2025 aggregates data on foundations across 34 European countries, and follows Philea’s 2023 report Public-Benefit Foundations in Europe, which looked at 26 countries.

Despite covering more countries, the total number of foundations found in 2025 is lower than 2023’s figure of 186,079. The total assets held by the foundations has also dropped, from €648bn in 2023’s report to €516bn. However, 2023’s total annual expenditure of €55bn has risen by nearly 50%.

In response to these changes, Philea notes that the apparent decrease in the number of foundations is not necessarily evidence of an actual decline, but more a reflection of enhanced precision with improvements in national-level data infrastructure (such as digital registries and clearer legal classifications) resulting in better identification of what qualifies as a “public-benefit foundation.”

It also states that the sharp increase in expenditure is a clear signal that foundations are stepping up to meet rising needs. It points to a number of examples of foundations placing a greater focus on their missions and a willingness to respond to growing needs, thereby increasing payouts even at the expense of long-term asset preservation. However, it adds, “for foundations whose model requires raising funds annually, there could be a “significant drop in giving” when donations decrease. Not yet a wide-spread trend, but we see more and more foundations setting deadlines to distribute their assets rather than perpetuity, leading to increased giving.”

Referring to the decrease in total reported foundation assets compared to the previous edition, Philea comments that this shift is not indicative of an actual drop in sector assets. Rather, it reflects a refinement in data quality and classification methods. As such, this updated figure should not be viewed as a direct comparison with the previous year, but rather as a more accurate and reliable representation of the current landscape. In fact, it says, foundation endowments and assets in Europe generally grew, but this growth occurred in a complex environment shaped by several challenges.

Key country statistics

The countries with highest combined annual expenditure by foundations are: Spain (€17.6bn), France (€16bn) and the UK (€14.1bn) – together, those make up nearly two-thirds of the continental total.

The three countries with the most assets held by foundations are Switzerland (€140bn), the UK (€129bn) and Germany (€55bn).

Germany is also the country with the most foundations overall (25,777), followed by Poland (21,000) and Sweden (17,631). Meanwhile, Estonia has just 14 foundations, Andorra has 26, Georgia has 145 and Ireland has 159.

Delphine Moralis, CEO of Philea, comments on the report:

“While data alone does not capture the full essence of our sector, it offers a crucial foundation for understanding the scale and diversity of institutional philanthropy in Europe. It helps to provide a more comprehensive picture and context for our sector, enabling more informed decisions and stronger collaboration.”

The Fabric of Giving 2025 covers 23 EU member states (Cyprus, Lithuania, Malta and Slovenia are the four not included), as well as 11 others: Albania, Andorra, Georgia, Liechtenstein, North Macedonia, Norway, Serbia, Switzerland, Türkiye, Ukraine and the UK.

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