Racehorse billionaire and Islamic spiritual leader the Aga Khan has died in Lisbon at the age of 88, his foundation announced yesterday.

He was the founder and president of the Aga Khan Development Network, which employs 96,000 people and finances development programs particularly in Asia and Africa.

"His Highness Prince Karim Al-Hussaini, Aga Khan IV, 49th hereditary Imam of the Shia Ismaili Muslims and direct descendant of the Prophet Muhammad (peace be upon him), passed away peacefully in Lisbon on 4 February 2025, aged 88, surrounded by his family," the foundation said.

Present in multiple countries, notably in central and southern Asia, Africa and the Middle East, the Ismaili community numbers 12 to 15 million, according to its website.

Born in Geneva, Switzerland, the Aga Khan was appointed in Tanzania to succeed his grandfather in 1957.

A billionaire owner of yachts and jets, the Aga Khan was a regular on the racetrack and continued the family tradition of breeding thoroughbreds.

He will be, in the public's eye, forever best remembered for racehorse Shergar, who clinched a mind-bogglingly easy win at the 1981 Epson Derby.

He also ploughed a large amount of his inherited wealth into philanthropic projects.

He launched an apolitical secular development foundation in 1967 credited with raising literacy levels in 18 countries across South and Central Asia, Africa and the Middle East.

Agence France-Presse

The Aga Khan, center, poses with the filly Daryaba, after she won the 1999 edition of the Prix de Diane in Chantilly, France. AFP

Racehorse billionaire and philanthropist Aga Khan dies aged 88