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,

Rahim Al-Hussaini was named Wednesday as the new Aga Khan, spiritual leader of the world's millions of Ismaili Muslims. The 53-year-old succeeds his father, who died 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.