From the playground to the boardroom, social power profoundly shapes the way people think and behave. Social psychological research has offered a nuanced understanding of the diverse psychological and behavioural tendencies of powerholders. We add to this literature by proposing that powerholders also differ in how they construe the origin of their power. Specifically, we differentiate between perceiving one’s power as being based on personal merit and achievement (i.e., achieved power construal) and perceiving one’s power as being granted by others (i.e., entrusted power construal). We hypothesised that entrusted power construal, more than achieved power construal, would increase powerholders’ psychological other-orientation - the tendency to take another’s perspective and to feel what they feel - and their altruistic behavioural tendencies. Using a multi-method approach, we tested this prediction across three studies (N = 926). Our findings revealed that powerholders who adopted an entrusted power construal, compared to those who adopted an achieved power construal, exhibited greater psychological other-orientation and more altruistic behavioural tendencies. We discuss the practical implications of these findings, including how they inform the training of future powerholders to educate them about the reciprocal nature of power.