Billionaire and spiritual leader the Aga Khan dies

Billionaire philanthropist and spiritual leader Aga Khan IV has passed away at the age of 88. The Aga Khan Development Network released the news. Aga Khan IV made outstanding contributions to improving the lives of people in developing countries, and his death is a great loss to the world.

Prince Karim Aga Khan was the 49th hereditary Imam of the Ismaili Muslims, who believe his lineage can be traced directly back to the Prophet Muhammad. The Aga Khan Development Network released a statement on social media saying that Aga Khan IV "passed away peacefully" in Lisbon, Portugal, surrounded by his family. He was born in Switzerland, held British citizenship, and resided in a castle in France.

The British King has been informed of the philanthropist's death, Aga Khan IV was a friend of the King himself and his late mother, Queen Elizabeth II. It is understood that the King is deeply saddened by the loss of his long-time personal friend and has contacted Aga Khan IV's family privately. Aga Khan IV's charities operate hundreds of hospitals, educational and cultural programs, primarily focused in developing countries.

Aga Khan IV enjoyed a luxurious lifestyle during his lifetime, owning a private island in the Bahamas, a superyacht, and a private jet. The Aga Khan Development Network expressed its condolences to "His Highness's family and the worldwide Ismaili community." The organization added: "We will continue to work with our partners, in accordance with his wishes, to improve the quality of life for individuals and communities around the world, regardless of their religious beliefs or origins."

The Ismaili sect is a branch of Islam with approximately 15 million followers worldwide, including 500,000 in Pakistan. There are also significant Ismaili populations in India, Afghanistan, and Africa. Prince Karim Aga Khan succeeded his grandfather as the Imam of the Ismaili Muslims in 1957, at the young age of 20. According to Forbes magazine, the prince's estimated wealth in 2008 was $1 billion (£801 million). His inherited wealth was enhanced by numerous business interests, including horse racing. He became a leading owner and breeder of racehorses in Britain, France and Ireland, breeding Shergar, who was once the most famous and valuable racehorse in the world.

In 1981, Shergar, wearing Aga Khan's emerald green racing silks with red epaulettes, won the Derby at Epsom by 10 lengths. But two years later, Shergar was kidnapped in Ireland and never seen again. Despite the loss of his beloved horse, Aga Khan said in a BBC interview in 2011 – on the 30th anniversary of Shergar's greatest victory – that he had not considered giving up his breeding operations in Ireland. Speaking of Shergar's victory, he said: "It's a memory that will never go away."

"I've seen the film, I don't know, dozens or hundreds of times. I've been trying to analyze where that extraordinary performance came from. Every time I see the film, I feel like I learn something. If you're in racing, the Epsom Derby is one of the great races. It always has been, so to win a race of that quality in itself is an extraordinary privilege. To win it the way he won it is even more so. I've seen enough races to judge how the jockey's feeling, the state of the horse at the time, and when he went around Tattenham Corner, frankly, I just couldn't believe my eyes. His victory by that far was unique. I found two things shocking – one was the ease with which the horse was moving, and the other was the fact that, in the final straight, he just kept going away, away, away. It was quite extraordinary."

Aga Khan later won the race four more times, with Shahrastani (1986), Kahyasi (1988), Sinndar (2000) and Harzand (2016). Other notable successes include winning the Prix de l'Arc de Triomphe in 2008 with the brilliant unbeaten filly Zarkava. The Prince was also the founder of the Aga Khan Foundation charity, and several institutions are named after him, including a university in Karachi, and the Aga Khan Program for Islamic Architecture at Harvard University and MIT.

The Aga Khan Trust for Culture played a key role in restoring the Humayun's Tomb site in Delhi. The Aga Khan Award for Architecture is presented annually. He also founded the Nation Media Group, which has become the largest independent media organization in East and Central Africa. Pakistani Prime Minister Shehbaz Sharif paid tribute to the Prince, calling him a "visionary, man of faith and generosity" and an "exceptional leader." He said: "Through his tireless efforts in poverty alleviation, healthcare, and gender equality, he championed the cause of marginalized communities, leaving an indelible mark on the lives of countless individuals."

Activist and Nobel laureate Malala Yousafzai said: "His legacy will continue through his incredible work for education, health and development around the world." United Nations Secretary-General Antonio Guterres called him "a symbol of peace, tolerance and compassion in our turbulent world."