The British business maverick built an airline empire based on low-cost international travel in the 1970s, which collapsed in 1982, millions of dollars in debt.
Sir Freddie died of undisclosed causes, according to a family friend.
His Laker Airways' low-fare Skytrain service from Britain to the US opened affordable new vistas for millions of tourists.
He later pioneered air car ferries across the English Channel and ran the world's first hovercraft service.
The Laker Skytrain, which opened in 1977 offering a one-way fare of $US100 ($A135) between London and New York, sparked a price war which eventually led to the airline's downfall.
Nevertheless, in the five years before its collapse, Laker Airways carried over three million passengers on its fleet of 20 aircraft and rose to fifth place from 29th in the Atlantic air travel rankings.
Widespread public support meant a survival fund was set up, gaining more than a million pounds in donations, however the Civil Aviation Authority blocked several attempts to re-launch the airline.
Frederick Alfred Laker was born in Canterbury, England, on August 2, 1922, the son of a merchant seaman.
His father deserted the family when Mr Laker was five and the boy grew up in poverty during the Depression in the 1930s.
He learned the fundamentals of aviation engineering and studied mathematics and economics at night school and in World War II was an engineer and pilot with British Air Transport.
After the war, he turned a profit in ventures that included buying and selling government surplus trucks.
Aged 26, he bought 12 old Handley Page Halton aircraft, and threw his new fleet into the Berlin airlift.
The money he made allowed him to branch out into air charters.
He was knighted in 1978.