Serving the common good has been at the heart of philanthropy for hundreds of years. Institutions that have been created to organize philanthropic actions such as foundations are characterized by stability and continuity. However, in an ever-changing world of growing complexity, the sector is challenged to transform in a way that being of service for society can still be realized. This includes not only tackling new topics and fields of impact but also questioning current frameworks, structures, and processes inherent to philanthropic institutions. In this light, the promotion of sustainable development as a path to secure and increase the collective well-being and the flourishing of the planet should be seen as paramount. This is closely tied to the well-being of individuals, in particular of those agents of change who drive such sustainable transformation. Based on interviews with philanthropists who have already acknowledged the need for transforming the philanthropic sector in this sense, this chapter strives to question the role of modern philanthropy in this context. Drawing on practical experience, recommendations are presented on how philanthropy could create a stronger momentum for sustainable transformation and well-being in the future.