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Big donations by the super rich are the most visible aspect of “philanthrocapitalism”. At its broadest, the term refers to the growing role for private sector actors in addressing the biggest social and environmental challenges facing the planet. As the 21st century unfolds, it has become accepted, and even expected, that wealthy philanthropists, businesses, charities and social entrepreneurs, rather than governments alone, will take part in and even lead efforts to solve big problems. Innovation in using marketbased solutions and social or impact investing tools to tackle societies’ ills has boomed. Yet philanthrocapitalism remains controversial. The continuing rise in inequality fuels criticism that philanthrocapitalism is a product of an unjust economic system, or a public relations attempt to put lipstick on a (capitalist) pig. We discuss the current state of philanthrocapitalism and what the next phase needs to address. Aspiring philanthrocapitalists should take note: Impact is everything.