He told Fortune Magazine he plans to give away huge sums to philantropic causes, but only after he has provided for the college education of his 10-year-old nephew. A private university education in the US typically costs around $30,000 (£20,000).
Cook became head of the company in October 2011, taking on the role directly from Steve Jobs, and according to his holdings of Apple stock he now has a net worth of around $120m (£81m). On top of this, he has $665m (£447m) of restricted stock. In February last year he received a 43 per cent increase in salary to $9.2m (£6.2m).
But it's not just Cook whose wealth has accumulated since he took charge – Apple's own stock has also risen from $54 to a recent $126 since then, making it the first company to reach a value greater than $700bn (£471bn).
He says he has already started donating money to charity, but quietly and on the side. In his approach to philanthropy he does not just want to sign checks – he wants to develop a more systematic approach, he told the magazine.
The Giving Pledge
Cook is just the latest multi-millionaire who has voiced their intention to donate a huge sum of money to charity. Five years ago, billionaires Bill Gates and Warren Buffett launched “The Giving Pledge”, which encourages the super-rich to give at least half their wealth to philanthropic causes. 100 people have signed up so far, including Facebook's Mark Zuckerberg.