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 announcement of his designated successor will follow, the network said.

The 49th hereditary imam or spiritual leader of the world’s 15 million Ismaili Muslims, his name also became synonymous with success as a racehorse owner, with the thoroughbred Shergar among his most famous.

The multi-millionaire, perhaps billionaire, also enjoyed a lavish lifestyle, characterised by private jets, a $200 million super-yacht and a private island in the Bahamas.

Estimates of his wealth varied from $800 million to $13 billion, with his money coming from his family inheritance, his horse breeding business and his personal investments in tourism and real estate.

The international jet setter - who held British, French, Swiss and Portuguese citizenship - also poured millions into helping people in the poorest parts of the world.

“If you travel the developing world, you see poverty is the driver of tragic despair, and there is the possibility that any means out will be taken,” he told the New York Times in a rare interview in 2007.