Kuwaiti media said he had suffered a heart attack while flying home from a private visit to Turkey.
Khorafi served as speaker from 1999 to 2011. He was finance minister from 1985 to 1986.
He and his siblings inherited their wealth from their father Mohammed al-Khorafi who established Al-Khorafi Group in 1956.
The family business developed into the financial, telecommunications and industrial sectors, and it is now estimated to be worth more than USD 10 billion.
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