Billionaire and spiritual leader the Aga Khan dies

Prince Karim Aga Khan was the 49th hereditary imam of the Ismaili Muslims, who trace his lineage directly to the Prophet Muhammad,BBC reported.

He "passed away peacefully" in Lisbon, Portugal, surrounded by his family, his charity said in a statement on social media.

Born in Switzerland, he had British citizenship and lived in a chateau in France.

The King has been made aware of the death of the philanthropist, who was a friend of both himself and his mother, the late Queen Elizabeth II.

It is understood that the King is deeply saddened at the loss of a personal friend of many years and is in touch with the family privately.

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 Aga Khan Development Network said it offered its "condolences to the family of His Highness and to the Ismaili community worldwide".

"We continue to work with our partners to improve the quality of life for individuals and communities across the world, as he wished, irrespective of their religious affiliations or origins," it added.

The Ismailis, a Muslim sect, have a worldwide population of about 15 million, including 500,000 in Pakistan. There are also large populations in India, Afghanistan and Africa.