One of the city's most beloved business leaders has died after a battle with cancer.

Milton K. Wong was a money manager, former chancellor of Simon Fraser University, and promoted various initiatives to promote cultural harmony in Vancouver.

He passed away on December 31 at the age of 72.

Liberal Leader Bob Rae issued a statement on behalf of the federal caucus offering his "deepest condolences to Mr. Wong's family, particularly his wife Fei, his children and grandchildren as well as to all those whose lives he touched".

Last year, Vancouver council awarded Wong with the city's highest honour, Freedom of the City. He has also been inducted into the Order of Canada, the Order of B.C., and is a member of the Business Laureates of B.C. Hall of Fame.

Mayor Gregor Robertson issued a statement today praising Wong for touching the lives of countless Vancouver residents, saying he will be remembered for his "compassion, leadership, and deep sense of humanity".

"Milton was an outstanding Canadian and proud son of Vancouver who leaves behind a tremendous legacy of public service and social responsibility," Robertson said. "It was in recognition of his myriad contributions to Vancouver that he was bestowed with the city's highest honour, the Freedom of the City Award, this past July."

Wong, who was born and raised in Vancouver, founded the Canadian International Dragon Boat Festival, the Laurier Institution, and played a major role in the creation of Science World. He has also raised a great deal of money over the years for the Salvation Army, Red Cross, B.C. Cancer Agency, and YMCA.

In addition, Wong contributed a substantial donation to allow SFU's School for Contemporary Arts to move into the Woodward's complex in Vancouver's Downtown Eastside.

A soft-spoken man, Wong often encouraged local business people to give more to charity.