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

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.