Philanthropy etymologically means "the love of humanity", in the sense of "what it is to be human", the essence of our humanity. In modern practical terms, it is "private initiatives for public good, focusing on quality of life"—balancing the social-scientific aspect emphasized in the twentieth century, with the long-traditional and original humanistic core of the word’s ancient coinage.

Put simply, philanthropy is the pursuit of excellence in every facet of human life, for every human life, by imagining and implementing new systems, to bring that philosophy to fruition.

An important distinction should be made, that whilst admirable, charity is not the same as philanthropy. Simply argued by the concept that an implemented philanthropic idea may make its owner rich, if he or she so wishes. Compare this to the singular act of giving money away, associated with charity, the two concepts almost oppose each other.