Prince Karim Aga Khan, the billionaire philanthropist and spiritual leader, has passed away at the age of 88. His charity, the Aga Khan Development Network (AKDN), confirmed his death, noting that the Aga Khan “died peacefully” in Lisbon, Portugal, surrounded by his family.

The Aga Khan was the 49th hereditary Imam of the Ismaili Muslims, a sect of Shia Islam. The Ismailis, who number around 15 million worldwide, view the Aga Khan as their spiritual leader and a direct descendant of the Prophet Muhammad. The community has expressed deep sorrow at his passing.

Born in Switzerland and holding British citizenship, the Aga Khan lived much of his life in a chateau in France. He was known for his close relationship with global leaders, including King Charles, who has offered private condolences to the Aga Khan’s family.

Throughout his life, the Aga Khan dedicated much of his wealth and energy to charity work. His network of charities, led by the Aga Khan Development Network, operates hundreds of hospitals, schools, and cultural programs, mainly in developing countries. The Aga Khan’s foundation continues his legacy, working to improve lives across the world, regardless of faith or background.

The Aga Khan’s successor, a male descendant, will be named soon, the Aga Khan Development Network announced.

Beyond his humanitarian efforts, the Aga Khan was also a prominent figure in horse racing. He became a leading breeder and owner of racehorses, including Shergar, one of the most famous racehorses in history. Shergar’s 1981 Epsom Derby victory, where he won by 10 lengths, remains one of the Aga Khan’s proudest moments. Though Shergar was kidnapped in 1983 and never found, the Aga Khan continued his success in racing, winning the Derby four more times with horses like Shahrastani, Kahyasi, Sinndar, and Harzand.

The Aga Khan’s wealth, estimated at $1 billion in 2008, came from various business ventures, including horse breeding. He also founded the Aga Khan Foundation and supported educational initiatives such as the Aga Khan University in Karachi and the Aga Khan Program for Islamic Architecture at Harvard and MIT. He played a crucial role in the restoration of cultural landmarks, including the Humayun’s Tomb in Delhi, and created the Aga Khan Award for Architecture.

Global leaders have praised the Aga Khan for his tireless work in poverty alleviation, healthcare, and promoting gender equality. Pakistan’s Prime Minister Shehbaz Sharif described him as a “man of vision, faith, and generosity,” and Nobel laureate Malala Yousafzai highlighted his enduring legacy in education and development. UN Secretary-General Antonio Guterres called him “a symbol of peace, tolerance, and compassion.”

The Aga Khan’s impact on the world was far-reaching, from his philanthropic efforts to his significant influence in the world of horse racing. His contributions to education, culture, and healthcare will leave a lasting mark on generations to come.