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,

The Aga Khan, who became the spiritual leader of the world’s millions of Ismaili Muslims at age 20 as a Harvard undergraduate and poured a material empire built on billions of dollars in tithes into building homes,