Mr Allen's investment firm confirmed news of his death on Monday evening.

"Millions of people were touched by his generosity, his persistence in pursuit of a better world, and his drive to accomplish as much as he could with the time and resources at his disposal," Vulcan CEO Bill Hilf said in a statement.

He is estimated to have donated more than $2bn to philanthropy throughout his life including science, education and wildlife conservation causes, the Associated Press report.

He was also an avid sports fan, owning both the Portland Trail Blazers basketball team and Seattle Seahawks NFL team, who won the US Superbowl in 2013.

In 2010 he pledged to give the majority of his fortune to charitable causes after his death.