The Aga Khan, billionaire spiritual leader, dies at 88

What happened

The Aga Khan, spiritual leader of the world's 15 million Ismaili Muslims and one of the world's wealthiest hereditary heirs, died Tuesday in Portugal. He was 88 and had led the Shiite branch — with large communities in South and Central Asia, Afghanistan, Pakistan, Iran and East Africa — for nearly seven decades

Who said what

Prince Karim Al-Hussaini became the Aga Khan IV and 49th hereditary iman in his family's 1,300-year-old dynasty when he was a 20-year-old student at Harvard. His grandfather, the Aga Khan III, unexpectedly bequeathed him the title upon his death in 1957, bypassing his playboy son Prince Aly Khan, Prince Karim's father. Queen Elizabeth II granted the Aga Khan IV the nonhereditary title "His Highness" two weeks later, reflecting the "close ties between the two dynasties, bonded in a shared fascination with fine horses," The New York Times said.

The Aga Khan "evolved into a business magnate and a philanthropist, moving between the spiritual and the worldly with ease," The Associated Press said. "Urbane, cosmopolitan and often media-averse," the Times said, he drew his fortune — estimated at between $1 billion and $13 billion — from an "eclectic" array of business ventures, a "lucrative equestrian empire" inherited from his father and "a kind of Quranic tithe levied on his followers." His philanthropy funded hospitals, housing, schools and development projects in some of the world's poorest places.

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What next?

The Aga Khan will be buried in Lisbon. His handpicked successor will be named publicly after his will is read for family and religious leaders.