A number of scholars have argued that we should pay closer attention to the role that philanthropy plays in shaping our societies. Philanthropic foundations are inherently political. They use private money for public purposes, and they receive tax advantages for the donations they make, but they typically lack transparency and public accountability. In this article, I argue that elite philanthropy may also violate three other democratic principles: the all-affected principle; the principle of non-arbitrary power; and the provisionality principle. In response, (...) I argue that we should consider using innovative democratic institutions — such as participatory budgeting processes — to decide how philanthropic funds should be used and distributed. Taking measures to democratize philanthropy would help mitigate some of the democratic concerns with elite philanthropy while acknowledging the important role that philanthropy plays in shaping our present, unequal societies. (shrink)