What is philanthropy?

The word “philanthropy” comes from two Greek words, philos (meaning “loving”) and anthropos (meaning “man”), and is translated as “love for mankind.” Today’s definition includes the concept of voluntary giving of money by an individual or group to promote the common good and improve people’s quality of life. The modern notion of philanthropy began with steel tycoon Andrew Carnegie, who, in an essay titled “The Gospel of Wealth” published in 1889, gave birth to the idea that the rich should, instead of leaving their wealth to their families, “administer it as a public trust during life.”