Aswan, Egypt was busier than usual in February, when the Aga Khan IV, spiritual leader of Ismaili Muslims, was buried there in the family mausoleum. Prince Karim Al-Hussaini Aga Khan died at the age of 88 on February 4. His final resting place, a distinctive pink-granite structure overlooking the Nile, was built in the 1950s for his grandfather, who was fond of the seasonal weather there. The unconventional location is a reminder of the transnational nature of the Ismaili community. Today, there are major faith centers in Dubai, Dushanbe (Tajikistan), Lisbon, London, Toronto, and Vancouver.
With the death of his father, Prince Rahim Al-Hussaini ascended to leadership as His Highness the Aga Khan V, a hereditary title recognized by the British Crown. The second of four children, the new Aga Khan, age 53, is a less public figure than his father. As is often the case with prominent royals, Prince Rahim has been more commonly in the press over the years for family or social reasons than his business focus. He secures his privacy with multiple homes, including one in Lofoten, Norway and the immense family property on Bell Island in the Bahamas. He has legacy ties to the United States, where he graduated from Brown University.
The Al-Hussaini estate has a net worth greater than $13 billion, a figure that has increased over the years from diverse portfolio investments that span airlines, hotels, and newspapers. Many of these holdings have exposure to the Sub-Sahara or East Africa. With the death of the father, this wealth is apportioned among four children; Prince Rahim is the second child. Income is further derived from stewardship of the Aga Khan Development Network, a sprawling, Geneva-based philanthropic organization that manages donations from the Ismaili community worldwide.
The family inherits a rich equestrian tradition. In 1960, Prince Karim took over the bloodstock operations of his father. Early racehorse victories jump-started his perpetual enthusiasm for the sport. Winnings include over 160 Group One races across Europe, in part due to expansive management of the business, with stud farms in Ireland and France. In a Vanity Fair interview, the Aga Khan IV reflected, “It’s so exciting, a constant challenge. Every time you sit down and breed you are playing a game of chess with nature.” These interests are now directed by Princess Zahra Aga Khan, the eldest child.
The Aga Khan fortune is often conflated with annual giving by the Ismaili community to the Aga Khan Development Network. That view is not entirely accurate. It seems improbable, for instance, that the institution funds luxury development at Costa Smeralda, the ultra-exclusive area of Sardinia, where the family has longstanding real-estate investments. But suffice it to say that the organization has notable reach with an annual budget near $1 billion. The network frames nine separate agencies, including Aga Khan Health Services and the Aga Khan Agency for Microfinance, which altogether employ as many as 96,000 people. Most work in Asia, Africa, or the Middle East.
While the Aga Khan is commonly treated as a head of state in diplomatic circles, the role is averse to political involvement. That reticence afforded the opportunity for the Aga Khan IV to be a cultural ambassador between Islam and the West. In remembering the statesman, UN Secretary General António Guterres declared, “He was a symbol of peace, tolerance, and compassion in our troubled world.”
With nearly 15 million adherents, Nizari Ismailism is one of three main sects of Shia Islam. The faithful spread across some 35 nations. Both Ahmedabad, India and Karachi, Pakistan have sizeable Ismaili communities. The only part of the world where they represent a majority of the population is an area of Central Asia known as Badakhshan, which stretches across Afghanistan and Tajikistan. For the record, there are about 40,000 Ismailis in the United States, largely concentrated in Houston. The notion that Ismailis are a secretive sect—based on a history of persecution for alleged heretical beliefs—is out-of-date, if not extreme.
Cairo plays a central role in Ismaili history. The city was the seat of the Fatimid Caliphate, which was governed by Ismaili Imams during the tenth and eleventh centuries. At that time, it became a major hub for learning and culture. The prestigious Al-Azhar University traces its origin to this period. The Fatimids notably developed an extensive trading network, stretching from Southern Europe to the Malabar Coast of India. They organized craft guilds around specific trades, turning Cairo into a bustling marketplace.
In 2014, the Aga Khan IV founded the Aga Khan Museum in Toronto, a commitment seemingly out of context with geographic reference points. Yet, as the museum director clarified in a recent interview, while the Aga Khan IV was still living, “Unlike other leaders, his nation, in a sense, is the world.” The must-visit museum is designed to strengthen pluralism, renewing a millennium-long tradition among Ismaili Muslims. ■
Our Vantage Point: The Aga Khan IV may have owned a gargantuan yacht, but he was also an aggressive philanthropist, underwriting charitable activities in outsized ways across the developing world. His son, Prince Rahim Al-Hussaini, now carries on that tradition.
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Banner Credit: Reimar at Adobe Stock; Prince Rahim Portrait: Aga Khan Development Network.
