Wolfe's agent confirmed his passing to ABC News, saying he died Monday in a Manhattan hospital after being admitted for an infection.
Wolfe worked at The Washington Post and the New York Herald Tribune, where he developed "New Journalism", a style marked by interior monologues and eccentric language.
Known for ingenious phrase-making and white suits, he chronicled USA culture across five decades through books such as The Bonfire Of The Vanities, The Right Stuff and The Electric Kool-Aid Acid Test.
In 1979, he published The Right Stuff, a portrait of American heroism, viewed through the exploits of military test pilots and astronauts known as the Mercury Seven, which was made into a successful movie in 1983.
By then he had already published a number of ground-breaking books of his own, including "The Electric Kool-Aid Acid Test", in which Wolfe provided a psychedelic chronicle of Ken Kesey and the Merry Pranksters as they experimented with LSD.
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Wolfe's first novel 'The Bonfire of the Vanities, ' was first serialised in Rolling Stone magazine and came out as a book three years later. 'He didn't just help me to become a writer, he did it with pleasure'.
Wolfe was also a style icon, known for wearing a crisp white suit everywhere he went.
In 2016, Wolfe told CBS News that he had five more books planned. "And one ... coming up is on political correctness, which I think is the funniest subject in a long- in a long, long time", Wolfe said.
Trained as a journalist, Wolfe was equally adept at non-fiction and fiction in a career that spanned over half a century.