Prince Rahim Al-Hussaini has been named the new Aga Khan, spiritual leader of millions of Shia Ismaili Muslims around the world. He will take on the role from his father Prince Karim Aga Khan, who died on Tuesday at the age of 88.

LISBON, Portugal (AP) — 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. The 53-year-old was designated as the Aga Khan V, the 50th hereditary imam of the Shiite Ismaili Muslims, in his father’s will. His father died Tuesday in Portugal.

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.

The Aga Khan "evolved into a business magnate and a philanthropist, moving between the spiritual and the worldly with ease," The Associated Press said. "Urbane, cosmopolitan and often media-averse," the Times said,

Educated in the US Rahim Al-Hussaini is the eldest son of the former Aga Khan, who died in Portugal on Tuesday.

The Tuesday death of the Aga Khan, the spiritual leader of the world’s millions of Ismaili Muslims, and the Wednesday announcement of his successor struck a deep chord with Houston’s sizable Ismaili Muslim community this week.