29 Mar 2015

Apple CEO to donate 'millions' to charity

7:04 am on 29 March 2015

The chief executive of Apple, Tim Cook, has announced he is donating most of his wealth to charity before he dies.

Tim Cook

Apple CEO Tim Cook. Photo: AFP

The head of the world's most profitable company is worth over $800m ($1 billion).

Mr Cook told Fortune Magazine that he would leave his wealth to philanthropic causes but not before paying for his 10-year-old nephew's college education.

He joins a growing number of the world's super-rich who are giving away their wealth, including Facebook founder Mark Zuckerberg.

Five years ago, billionaire investor Warren Buffett and Microsoft founder Bill Gates launched the campaign The Giving Pledge.

It aims to convince billionaires to give at least half of their fortunes to charity. Mr Zuckerberg and over 100 others have so far signed up to the "moral commitment".

Mr Cook's base salary went up by 43 percent in February 2014, rising to USD$9.2m ($12.2m) a year.

According to Fortune Magazine, he holds USD$120m ($159m) worth of Apple shares and a further USD$665m ($879m) of restricted stocks.

A US university education costs an estimated USD$30,000 ($39,650) a year on average. Some private universities cost more than USD$50,000 a year.

Harvard, one of the most prestigious colleges in the country, charges USD$43,938 per year in tuition alone for students not receiving financial aid. That rises to USD $58,607 with room and board, according to its website.