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Apple's Tim Cook plans to give away all of his money

Apple CEO Tim Cook at 2014's Pride Parade. | Source: Apple via YouTube

Apple chief executive Tim Cook has revealed plans to donate the vast majority of his wealth to charity before he dies, saying that he wants to develop a "systematic approach" to philanthropy.

Including both vested and unvested shares of Apple, Cook's net worth currently hovers near $1 billion, according to Fortune's Adam Lashinsky. Cook will contribute substantially all of those funds to charity, after setting aside a small amount to fund his nephew's education.

Cook's pledge follows similar vows from many other technology luminaries, led by Microsoft founder Bill Gates. Gates has given away nearly $30 billion thus far, and the $42 billion endowment of the Bill & Melinda Gates Foundation puts it among the richest and largest philanthropic organizations in the world.

Late Apple cofounder Steve Jobs was known to take a more private approach to philanthropy, giving money anonymously or declining to be named. Jobs contributed some $50 million to Stanford Medical Center, for instance, but the gift remained unknown until after Jobs's death.

It remains unclear whether Cook will seek to partner with people like Gates — as investor Warren Buffet has done — or if he will choose to endow a foundation of his own.