Ramsay was the founder of Ramsay Health Care, a global health care provider and the largest operator of private hospitals in Australia. He retained a 36.2 percent holding in Ramsay Health Care making his net worth $3.3 billion, which he left to his health care charity, the Paul Ramsay Foundation.
"The Foundation will receive the benefit of the vast majority of his controlling shareholding in Ramsay Health Care Ltd, which will largely be retained on trust for the Foundation," said Ramsay Health Care in a statement. "He will be greatly missed by his family, friends, colleagues, staff and doctors and anyone that knew him, throughout the world."
Ramsay was on holiday in Spain when he suffered a heart attack. He was immediately flown back to Australia so he could die in his home country.
Ramsay never married and had no children, and was known for his political and philanthropic donations.