New data shows donations to higher education soared last year — but insiders say the bulk went to recruit diverse students for lucrative programs at wealthy schools while poorer colleges floundered.

Philanthropic giving spiked by 12.5% last fiscal year to reach $59.5 billion, the highest year-over-year increase since 2000, the Council for Advancement and Support of Education reported Wednesday. That followed a 7% annual increase in the fiscal year 2021 and a slight decrease the year before that when …