Taiwan business tycoon Samuel Yin, whose assets are reportedly worth more than $3 billion, has pledged to donate 95 percent of his wealth to charity after he dies, local media said Thursday.

The 60-year-old, who is one of the island's richest men, announced the pledge -- the biggest ever of its kind in Taiwan -- in an interview with Business Today, a Taipei-based Chinese-language weekly.

"I've mentioned this to my family, and they've all agreed with me," he told the magazine.

Yin heads the sprawling Ruentex conglomerate, whose business interests include textiles, property, insurance, hypermarkets and education.

He has not publicly disclosed the value of his assets, but the magazine put it at an estimated Tw$95 billion ($3.2 billion).

The details of his pledge are yet to be finalised, but he said the money could also be used to finance the establishment of an award modelled on the much coveted Nobel Prize.

Yin was not immediately reachable for comment.