Prince Karim Aga Khan — life, fortune, legacy

LAHORE: Having succeeded his grandfather, Sir Sultan Mahomed Shah (1877-1957), as Imam of the Ismaili Muslims at 21 in 1957, the Switzerland-born billionaire, philanthropist and spiritual leader, Prince Karim Aga Khan (1936-2025), was worth over US$13.3 billion in 2013, according to a report appearing in American magazine, “Vanity Fair”.

Known as Aga Khan IV, the Aga Khan was described by the internationally-acclaimed “Forbes” magazine as one of the world’s 15 richest royals, who had British, Portuguese and the very rare honourary Canadian citizenships. Interestingly, his updated net worth estimates are not available.

Ismaelis have a worldwide population of about 15 million, including 500,000 in Pakistan. They also have large populations in 25 countries, including India, Afghanistan, Middle East, Europe, Australia, North America and parts of Africa.

Son of Prince Aly Khan and Princess Taj-ud-Dawlah Aga Khan, formerly Joan Yarde-Buller, the daughter of a British peer, Karim Aga Khan had married twice. His children are: Princess Zahra Aga Khan, Prince Rahim and Prince Hussain from first wife and Prince Aly Muhammad Aga Khan in 2000.

Prince Karim Aga Khan received honours from various countries, including Pakistan. He was an honorary colonel of the 6th Lancers, Pakistan Army.

His grandfather Sir Sultan or Aga Khan III, who was born in Karachi, was one of the founders and the first permanent president of the All India Muslim League in 1906. During the three Round Table Conferences in London from 1930 to 1932, he played an important role. He served as the Permanent Representative of Pakistan to the United Nations from 1958 to 1960. He was the founder of the 57-year-old Aga Khan Foundation charity with 96,000 employees globally, according to “La Croix International” website.

The portal maintains: “Since 1984, this network has included an economic development branch, the Aga Khan Fund for Economic Development (AKFED), which employs 36,000 people, operates 90 companies and generates annual revenues of $4.5 billion. A passionate horse racing enthusiast, he continued the family tradition of breeding thoroughbreds in his eight stud farms in France and Ireland and played a major role in the extensive renovation of the Chantilly estate north of Paris.”

The “BBC News” writes: “The Aga Khan’s charities ran hundreds of hospitals, educational and cultural projects, largely in the developing world. He enjoyed a lavish lifestyle, with a private island in the Bahamas, a super-yacht and a private jet. The prince gave his name to bodies including a university in Karachi, the Aga Khan Programme for Islamic Architecture at Harvard University and the Massachusetts Institute of Technology.” The British media house adds: “The Aga Khan Trust for Culture was key to the restoration of the Humayun’s tomb site in Delhi. There is an annual Aga Khan Award for Architecture.”

The Portuguese Ministry of Science and the Aga Khan Foundation are currently working on 37 projects worth 9.6 million euros. The projects involve African countries like Nigeria, South Africa, Morocco, Tanzania and Angola too. The Aga Khan Fund for Economic Development has supported 50,000 Kenyan farmers by buying their produce for export to Europe. The company has 2,000 employees and indirectly provides a living to 500,000 people.

The agency is a prime lender to businesses in Bangladesh and the Kyrgyz Republic.

One of the agency’s earliest holdings was the Diamond Trust Bank of Kenya and Uganda, founded in 1930, aimed at using locally generated funds to create loans for small business and the construction of homes.

It set up banks in East Africa as well. In India, it became an important shareholder for the Development Credit Bank Ltd. In 2004, AKFED acquired holdings in Pakistan’s Habib Bank Limited too.

Currently, it is working to establish a power plant in Tajikistan, a mobile phone firm in Afghanistan, after having founded Kenya’s major media group in 1960.