Apple chief executive Tim Cook to leave all his $800m wealth to charity

Cook, 54, made the announcement in an interview with the US business magazine Forbes

Tim Cook (photo credit: Aflo/REX)
Tim Cook (photo credit: Aflo/REX)

Tim Cook, chief executive of the technology firm Apple, has said that he will leave all of his wealth of approximately $800m (£540m) to charity.

Cook, who has been the head of the technology company since 2011, made the announcement in an interview with the US business magazine Forbes, published last week.

Cook, 54, will first pay for the college education of his 10-year-old nephew before giving the rest to charity, according to the article.

The Forbes article says: "There should be plenty left over to fund philanthropic projects. Cook’s net worth, based on his holdings of Apple stock, is currently about $120m. He also holds restricted stock worth $665m if it were to be fully vested."

The article says that Cook has already donated some money to charity, but "plans to take time to develop a systematic approach to philanthropy, rather than simply writing cheques".

Rachel Wharton, a researcher at the think tank NPC, said that Cook was the latest high-profile American to make such a decision, and added: "We would love to see the most generous people in the UK enjoy a similar public role here. Some role models and good practice could go a long way to helping even more people give away even more money to good causes."

Wharton said that the decision to donate was "only the first step". She said: "If someone such as Cook wants to be as effective in philanthropy as they are in business, they’ll also need to think about making all that money go as far as it can – where is the smartest place to invest it? How can it have the greatest impact on the ground?"

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