Rahim Al-Hussaini was named Wednesday as the new Aga Khan, spiritual leader of the world’s millions of Ismaili Muslims, following the death of his father.

Prince Rahim Aga Khan V has been named the 50th hereditary Imam of the Shia Ismaili Muslims, succeeding his late father, Prince Karim Aga Khan IV. In keeping with the historical tradition, he now assumes leadership of the estimated 15 million Shia Imami Ismaili Muslims worldwide following the passing of his father on Tuesday,

At the age of 20, Prince Karim Al-Hussaini inherited the reins of a Shia Muslim lineage and used his entrepreneurship to become one of the world’s richest hereditary rulers.