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The Aga Khan, the spiritual leader of the world’s Ismaili Muslims who poured billions of dollars into a vast business development network, has died at the age of 88.
“His Highness Prince Karim Al-Hussaini, Aga Khan IV, 49th hereditary Imam of the Shia Ismaili Muslims . . . passed away peacefully in Lisbon on 4 February 2025, aged 88, surrounded by his family,” according to a statement from the Aga Khan Development Network.
The announcement of his designated successor will follow, it said.
The Aga Khan is considered to be a direct descendant of the Prophet Mohammed. In July 1957, at the age of 20, he took over from his grandfather as leader of the Ismailis, who are followers of the Shia Muslim tradition.
He used his grandfather’s inheritance to build the Aga Khan Development Network, which channels $1bn annually into projects in 30 countries, mostly in Africa and Asia. Its interests include education, healthcare, and the environment.
He was also known for his success as a racehorse owner. His most famous horse was Shergar, winner of both the Epsom Derby and Irish Derby in 1981, which was kidnapped from an Irish stud farm and never seen again.
In an interview with the Financial Times, the Aga Khan said he saw his role as a venture capitalist who specialised in difficult environments, laying the foundations of projects to entice other investors.
“There is no point going into economies that are wealthy and have their own resources, so we go into the really poor ones. If you try to put social development ahead of economic support, it doesn’t work. You have to do both together,” he said.
Born Karim Al-Hussaini in Geneva in 1936, he was known as Prince Karim. He graduated from Harvard in 1959 with a bachelors degree with honours in Islamic history.
The Shah of Persia granted the title of Aga Khan to his family in the 1830s after the Shah married his daughter to the Aga Khan’s great-great-grandfather.
