Tim Cook, chief executive of Apple, says he wants to donate most of his personal fortune to charity before he dies.
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.