As the world grapples with the economic impact of global pandemics, pressing social and environmental issues have become paramount. For philanthropy, the main objective is to support causes that have a positive impact on society, and to commit ourselves to a specific purpose instead of just donating wealth. However, the global ultra-high net worth (UHNW) population, who make significant, focused contributions to philanthropy, fell by 6 percent to 392,410 individuals in the first half of 2022, according to the Wealth-X World Ultra Wealth Report 2021. What challenges will philanthropy face as UHNWs are decreasing? How has the concept of philanthropy been reshaped by the COVID-19 pandemic and environmental concerns? What roles should foundations and corporates play to help philanthropy adapt to changing times?