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In contrast to earlier research, the three studies reported here find that the most powerful individuals are also the most grateful, and that self-esteem plays a role in explaining this relationship. Study 1a (N = 109) reveals a strong, positive relationship between individuals’ perceived power and gratitude. Study 1b (N = 194) replicates this and finds that self-esteem mediates this positive power-gratitude relationship. Study 2 (N = 212) manipulates power and shows its downstream effects on gratitude through self-esteem, again providing support for the positive relationship of power to gratitude through self-esteem. We argue that because gratitude is predicated on recognition that others value oneself, power amplifies rather than undercuts feelings of gratitude. We discuss possible boundary conditions.