Aga Khan, Billionaire and Spiritual Leader, Passes Away

Billionaire philanthropist and spiritual leader Aga Khan has died at the age of 88, his charity the Aga Khan Development Network said.

Prince Karim Aga Khan is the 49th hereditary imam of the Ismaili Muslims. His genealogical roots lie directly through Muhammad, the prophet of Islam.

He "passed away peacefully" in Lisbon, Portugal, surrounded by his family, his charity said in a statement on social media.

He was born in Switzerland but was a citizen of Britain. He stayed in a chateau in France.

In the developing world, the Aga Khan's charities supported several hospitals, education, and other cultural projects. He also lived a life of extravagance, owning a private island, super-yacht, and jet.

The Aga Khan Development Network said it offered its "condolences to the family of His Highness and to the Ismaili community worldwide".

"We continue to work with our partners to improve the quality of life for individuals and communities across the world, as he wished, irrespective of their religious affiliations or origins," it added.

The Ismailis, a Muslim sect with around 15 million followers globally, including 500,000 in Pakistan, also have large communities in India, Afghanistan, and Africa. Prince Karim Aga Khan became their imam in 1957 at age 20, succeeding his grandfather.

In 2008, Forbes estimated the prince's fortune at $1bn (£801m). His wealth, enhanced by various business ventures, included horse-breeding. He became a prominent racehorse owner and breeder, notably breeding Shergar, once the world's most famous and valuable racehorse.

Shergar won the 1981 Epsom Derby by 10 lengths, wearing the Aga Khan's emerald, green silks with red epaulets. Two years later, he was kidnapped in Ireland and never found.

Of Shergar's triumph, he said, "It's a memory that can never, never go away.”

Further, he added, "I've seen that film I don't know, tens or hundreds of times. I keep trying to analyse where this remarkable performance came from. Every time I see the film, I feel that I have learned something.”

"If you're in racing, the Epsom Derby is one of the greats. 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 was more than that. I had watched quite enough races to be able to determine what the jockey was feeling, how the horse was going at the time and when he came around Tattenham Corner, I couldn't believe my eyes, frankly,” he added.

Furthermore, he said, "His victory up to this point in time was unique. Two things I found stunning - one was the ease with which that horse moved and second was the fact that during the finishing straight he just kept going away, going away, going away. That was really remarkable."

The Aga Khan won the Epsom Derby four more times with Shahrastani (1986), Kahyasi (1986), Sinndar (2000), and Harzand (2016). He also triumphed in the 2008 Prix de l'Arc de Triomphe with the unbeaten filly Zarkava.

The prince was also the founder of the Aga Khan Foundation charity prince and gave his name to bodies including a university in Karachi, and the Aga Khan Program for Islamic Architecture at Harvard University and the Massachusetts Institute of Technology.

He restored Humayun's Tomb in Delhi. Other notable establishments that he founded include the annual Aga Khan Award for Architecture and the Nation Media Group, now it is the largest independent media organization in East and Central Africa.