Tim Cook vows to give away his fortune

Apple chief understood to be worth more than $780m

Apple chief executive Tim Cook has promised to give away all his wealth in his lifetime.

In an exclusive interview with Fortune magazine, he claimed that after providing for his nephew's education, the rest would be donated.

Based on his Apple fortune, Cook (pictured) is worth about $120m (£80.7m) and has an extra $665m in restricted stock, the magazine claims. He did not specify which causes would be the beneficiaries of his donations.

The tech leader is one of many billionaires who have handed significant chunks of their fortune to charity.

Microsoft founder and richest person in the world Bill Gates, through his foundation, has given away an estimated $32.9bn since its inception. Forbes estimates Gates is worth about $72.9bn.

Oracle man Larry Ellison – the fifth-richest person in the world, with a fortune of $54.3bn – is also a philanthropist. He recently invested in a California wildlife centre.