According to the musician's publicist, he died on Sunday (March 10), with no cause of death confirmed at the time of writing.
Following several stints with different bands, Wallinger joined The Waterboys in 1983, playing a key role as multi-instrumentalists on three albums with the band in the 1980s, including 'This Is The Seas' in 1985, which featured famous hit 'The Whole Of The Moon'.
After leaving the band in 1987, Wallinger founded World Party, with their debut album 'Private Revolution' arriving that year, which included the song 'Ship of Fools'.
In that time, Wallinger also collaborated with late singer Sinead O'Connor, providing vocals on O'Connor's album 'The Lion and the Cobra', with the 'Nothing Compares 2 U' hitmaker also singing backing vocals on World Party's first two albums.
Karl Wallinger was also among a list of artists who featured on Peter Gabriel's 2008 album 'Big Blue Ball', which was originally recording in the 1990s.
The musician also contributed music to the 1995 film Clueless.
Wallinger is survived by his wife Suzie Zamit, his son Louis Wallinger, his daughter Nancy Zamit, and two grandchildren.