Philanthropy is having something of a renaissance. At a time when governments are struggling to finance social protection, climate adaptation, public health and human development, private wealth is being invited — and increasingly volunteering — to fill part of the gap. New foundations are being established, family offices are professionalising their giving, corporations are expanding their social commitments and a new class of philanthropic advisers is helping wealthy families decide where, how and why to deploy their resources.
Yet philanthropy is not simply about generosity. It is also about power. This paper argues that the central issue is therefore not whether philanthropy is good or bad, but whether it is responsible, transparent, locally grounded and genuinely directed towards public purpose. Drawing on faith traditions, development economics and contemporary practice, it proposes ten policy directions for a philanthropic culture the paper terms “social stewardship” — one that strengthens human capability, public institutions and community resilience while remaining accountable to the society that ultimately gives wealth its meaning.