Aga Khan: Royal, Billionaire, Philanthropist

In the death of the 49th Aga Khan, Uganda and East Africa have lost a man who presided over one of the largest and most diversified business conglomerates. With a net worth of more than 13 billion dollars globally and among the 15 wealthiest royals in the world, according to Forbes, the man born Prince Shah Karim al-Husseini followed the legacy of his predecessor, maintaining business and philanthropic interests in the region.

At the time of his death at 88 on Tuesday, the only globally known royal without geographical territorial jurisdiction had to his name interests in banking and insurance, education, health, real estate, and media. The supreme and hereditary leader of the Ismaili Shia Muslims from 1957 to 2025, is credited with hundreds of racehorses, stud farms, Bell Island in the Bahamas, an exclusive yacht club on the Mediterranean island of Sardinia, two Bombardier jets, Alamashar high-speed yacht valued at 100 million pounds, and several estates around the world, with his primary residence at Aiglemont estate in the town of Gouvieux, France, north of Paris.

Having been named Aga Khan in 1957 at age 20, he, in 1967, founded the Aga Khan Development Network (AKDN), which currently employs 80,000 people in different sectors around the world. In Uganda, AKDN says about themselves, "We invest not only in people but in the economy and civil society, supporting inclusion and growth." Some of their initiatives include the Aga Khan Foundation (AKF), which addresses poverty alleviation in the more remote, rural districts of the West Nile region by facilitating financial literacy training and supporting savings groups in financially underserved communities.

In the financial sector, the Aga Khan owns Diamond Trust Bank (DTB), which was founded in the 1940s and offers retail and commercial banking services in Uganda, Kenya, Tanzania, and Burundi. DTB Uganda, founded in 1945, has assets worth about 2.5 trillion Shillings, and is the seventh largest in the country by deposits, with an estimated 160,000 clients.

The Aga Khan founded the Jubilee Insurance Group based in Kenya in the 1930s to provide life and general insurance, and it has grown into the market leader in Uganda, Kenya, Tanzania, Burundi, and Mauritius. In 2021, the Group entered a "strategic partnership" with Allianz, rebranding to Allianz Jubilee. AKDN operates several infrastructure projects, including a large-scale hydropower plant, as well as key industries in Uganda.

Under the Industrial Promotion Services (IPS), Bujagali Hydropower Plant of Bujagali Energy Ltd in Uganda is the flagship infrastructure investment in East Africa. The 900-million plant, located on the River Nile, has a capacity of 250 MW, or more than 10 percent of Uganda's installed generation capacity. Other project partners in Bujagali Energy have included the International Finance Corporation, the African Development Bank, PROPARCO (France), CDC (UK), DEG (Germany), FMO (Netherlands), International Development Agency (World Bank), ABSA Bank Limited (South Africa), and Nedbank (London Branch). 

The Aga Khan also owns West Nile Rural Electrification Company (WENRECo), through the Aga Khan Foundation for Development (AKFED), which supplies electricity to the West Nile region. In the health and pathology sector, IPS invested in Kampala Pharmaceutical Industries Ltd. (KPI), one of the largest manufacturers of pharmaceutical drugs in Uganda. It manufactures essential medicines for communicable and non-communicable diseases, as well as food supplements (nutraceuticals) for the domestic and regional markets. Aga Khan University Medical Centre is a modern health facility based in Nakawa Division in Kampala, as part of the Aga Khan University in Uganda. 

The hospital claims a wide range of specialised outpatient healthcare services, including chemotherapy, dialysis, and diagnostic imaging such as CT scans, mammography, neurophysiology, and ultrasound, as well as other specialist health and medical services. Apart from the Nakawa Specialty Centre, the hospital has other medical facilities at the Acacia Mall, Metroplex Mall Naalya, and the DTB building in the city centre.

The Aga Khan University is at the top of the group's education system, which includes Aga Khan Nursery School, Aga Khan Primary School, and Aga Khan High School. The Aga Khan Education Foundation has branches of schools across several districts in the country. Another IPS investment is the Uganda Fishnet Manufacturers Ltd., which produces quality fishnets. 

Fishnets are produced in a manner that is consistently compliant with local and international standards, thus promoting sustainable fishing practices. The Group also owns Tourism Promotion Services, which operates high-end hotels and resorts in the Serena Hotels brand across the region. In Uganda, they include the five-star Kampala Serena Hotel and Kampala International Conference Centre along Nile Avenue in Kampala, under a 30-year concession of the government-owned Nile Hotel. Another prime facility is the Lake Victoria Serena Golf Resort and Spa on the shores of Lake Victoria in Kigo, Wakiso District.

The Aga Khan has also invested in the media industry through AKFED. It established the Nation Media Group in Kenya in 1960, which later acquired Monitor Publications Limited in Uganda in 2001. The company was then expanded into electronic media, and now operates KFM-Kampala and Dembe FM radio stations, as well as NTV Uganda and Spark TV, maintaining its sports and being one of the three largest media companies in Uganda.

Aga Khan also boasts investments in real estate through PDM, an East African real estate company that has pioneered innovative developments for over 50 years. It also offers consultancy, project management, and property management services. In Uganda, its key developments include DTB Centre Kampala and Infinity Court Apartments in Kololo. He dedicated his fortune to philanthropy, supporting healthcare, education, and housing in developing nations. His successor will be announced soon, the Aga Khan Development Network said.