DEFINITION of 'Philanthropy'

Charitable giving to human causes on a large scale. Philanthropy must be more than just a charitable donation; it is an effort undertaken by an individual or organization based on an altruistic desire to improve human welfare. Wealthy individuals sometimes establish foundations to facilitate their philanthropic efforts

BREAKING DOWN 'Philanthropy'

Billionaire Microsoft mogul Bill Gates, along with his wife, Melinda, established the Bill and Melinda Gates Foundation to support global development and global health programs. Another example is the Ford Foundation, established by the son of Ford Motor Company founder Henry Ford. The foundation focuses on strengthening democracy, improving economic opportunity and advancing education.

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