Billionaire philanthropist and spiritual leader Aga Khan has died at the age of 88, his charity the Aga Khan Development Network has announced. Prince Karim Aga Khan was the 49th hereditary imam of the Ismaili Muslims, who say they are direct descendants of the Prophet Muhammad.

The Aga Khan, known for his triumphs in horse racing, dazzling wealth and development work around the world, has died in Lisbon at the age of 88, according to the Aga Khan Development Network on X.

The Aga Khan IV, the spiritual leader of the world’s Shi’ite Ismaili Muslims, has died at the age of 88. The wealthy imam, who promoted a moderate form of Islam, has also been known for his multimillion-dollar development projects that have benefited communities throughout Asia and Africa.