Creativity and innovation have been vital in the history of humankind in all spheres of life and pose unprecedented challenges today. It is therefore appropriate to clarify these terms and emphasize their importance for the creation of wealth, drawing on relevant literature of economic history and innovation. Creating is more than possessing and acquiring wealth; it means making – not only imagining – something new and better. While innovation goes beyond invention by rendering new ideas feasible in economic and financial terms, it needs to be qualified in ethical terms as well because innovation can be highly unethical, like, for instance, human cloning. The chapter refers to multiple aspects of ethical innovation for wealth creation, based on the book Ethical Innovation in Business and the Economy by G. Enderle and P.E. Murphy (2015).