In 1957 at the age of 20, Prince Karim Al-Hussaini inherited the reins of a lineage that claimed descent from the Prophet Muhammad and became the spiritual leader of some 15 million Shia Ismaili Muslims. For much of his life, he remained a paradox. “The Pope of his flock”, he also possessed “fabled wealth”, inhabiting “a world of marvellous chateaux, yachts, jets and thoroughbred horses” – and building “a hugely effective global development network”, observed Vanity Fair in 2013. “Few persons bridged so many divides” between the spiritual and the material quite so “gracefully”.
The late Aga Khan, who has died in Lisbon aged 88, saw no conflict in his position, says The New York Times. An imam, or leader of his faith, was “not expected to withdraw from everyday life”, he once remarked. “On the contrary, he’s expected to protect his community and contribute to their way of life.” His own ability to prosper – he became one of the world’s richest hereditary rulers – was part of this duty. “It was perhaps this placid self-confidence, combined with an inner seriousness of purpose”, that led his grandfather, the Aga Khan III, to bypass his two sons and name his grandson successor, says The Telegraph.
The then Prince Karim didn’t disappoint in several later crises that afflicted followers spread across Central Asia, Afghanistan, Pakistan, Iran and East Africa – including dictator Idi Amin’s expulsion of Ugandan Asians in 1972, and civil war in Tajikistan following the collapse of the Soviet Union. In response to that, he accelerated investments in power generation and cellphones and later built healthcare, microfinance and other facilities, as well as the University of Central Asia in Khorog. “He saw his role as a venture capitalist who specialised in difficult environments, laying the foundations of projects to entice other investors,” says the Financial Times.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
There was plenty of snarking about the philanthropic credentials of some business projects – notably a luxury development at Porto Cervo in Sardinia, which became a playground for the super-rich, or his lifelong passion for breeding and racing thoroughbreds. The Aga was prickly about being described as a playboy, even if his lifestyle suggested it. But even detractors agreed with his friend, former World Bank president James Wolfensohn, that he did a very “good job” of “balancing the task of increasing his capital” with “advancing the needs of his followers”.
Born in Geneva in 1936, Prince Karim was the eldest son of the noted playboy Prince Aly Khan and his aristocratic British wife, Joan. In his late 20s, he competed for Iran in skiing at the 1964 Winter Olympics. He was a student at Harvard when he acceded to the title. When his father died in a car crash in 1960, the Aga Khan inherited his extensive bloodstock interests – and a network of close racing friends that included the late Queen Elizabeth. For tax reasons, he located his business headquarters in Geneva, says The Telegraph, but everything else was run out of his French estate at Aiglemont, close to the Chantilly racecourse in France. The Aga Khan had plenty of successes on the racecourse but died with the mystery of Shergar, his most famous horse – kidnapped in Ireland in 1983, probably by the IRA – still unsolved.
Who is the new Aga Khan?
Like his father, the late Aga Khan chose a glamorous upper-crust British debutante as his first wife. Their eldest son, Prince Rahim, 53, now inherits the title and a business and philanthropic empire valued at up to $13 billion, says Tatler. He seems well-qualified, having long served in the family foundation, with a particular interest in the environment and climate change. He inherits a wealth of good connections and “one of the most quietly influential roles in international diplomacy”. Let’s see what he does with it.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
-
Art vs AI: artists’ uprising takes on the botsAI performs impressively, but it’s all based on human work that was taken without payment. The government thinks this is fine. Copyright holders beg to differ
-
Childcare costs drop 56% - but not for everyoneChildcare costs for under-threes have halved following the introduction of free childcare support last year - but some people still face higher costs
-
Kirill Dmitriev: from Wall Street banker to Putin’s emissary to TrumpworldProfile Kirill Dmitriev is a product of America’s finest institutions and has emerged as the Russian president’s point man in negotiations with Donald Trump
-
Deepseek's Liang Wenfeng: the maths whizz who shook Big TechFew people had heard of Liang Wenfeng until the launch of his DeepSeek AI chatbot wiped a trillion dollars off US technology stocks. His pivot to AI was of a piece with his past exploits.
-
RedNote: the rise of the new TikTokRedNote, a Chinese rival to social-media app TikTok, has seen millions of US users flock to it in the wake of the US TikTok ban. That caught the company by surprise. What is RedNote and can its popularity last?
-
Australian tycoon Andrew Forrest battles it out with oil giant ExxonMobilIron ore billionaire Andrew Forrest made billions before committing himself to philanthropy. Now he is preparing for a showdown with ExxonMobil.
-
Remembering Sir David McMurtry: Renishaw founder and Concorde engineerSir David McMurtry, co-founder of Renishaw, made a unique contribution to Britain. We look back at his legacy
-
Low Tuck Kwong: the Indonesian mining billionaire who is benefitting from coal boomLow Tuck Kwong’s coal business was in deep trouble a decade ago with no future. Now, he is riding the waves of a global coal boom
-
David Montgomery's potential new ally as he seeks to buy The TelegraphVeteran media mogul David Montgomery has seen off a bid for his media group National World. But he now has his eye on The Telegraph
-
Elon Musk to Taylor Swift - the four key figures who moved markets in 2024We look at the four most influential people in 2024 who moved markets – from Elon Musk reshaping US politics to Rachel Reeves struggling as Britain's chancellor
