A statement by the Dawood Foundation, signed by Shahzada’s parents, said: “It is with profound grief that we announce the passing of Shahzada and Suleman Dawood.”

“We extend our heartfelt condolences to the families of the other passengers on the Titan submersible.”

Mr Dawood’s company also paid tribute to him and his son.

In a statement, Engro Corporation, the Pakistani conglomerate that Mr Dawood was vice chairman of, said: “With heavy hearts and great sadness, we grieve the loss of our vice chairman… and his beloved son.

“Our thoughts and prayers are with the Dawood family at this tragic time.

“We extend our heartfelt condolences to the family, colleagues, friends and all those around the world who grieve this unthinkable loss.”

The family of British businessman Hamish Harding, who died on board the Titan submersible, paid tribute to a “passionate explorer”.

A multinational search-and-rescue operation had been launched after the tiny craft went missing in the North Atlantic on Sunday.