Born in Paphlagonia, Philaretos was very rich and belonged to an illustrious local aristocratic family of Byzantine Anatolian magnates.
According to the hagiography written by his grandson Niketas, Philaretos possessed unworldly generosity and gave away most of his wealth.
Some historians have suggested that Niketas wrote the hagiography in order to legitimize the family and increase its prestige.
Maria of Amnia, Philaretos's granddaughter, had married Emperor Constantine VI of the Byzantine Empire largely at the insistence of his powerful mother Empress Irene in the first recorded bride-show.
Thus, the work of Niketas might be seen as an attempt to shore up the family's ancestry with a holy and respected figure in order to confer prestige and legitimacy in the aftermath of the divorce.