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 Aga Khan was given the title of “His Highness” by Queen Elizabeth in July 1957, two weeks after his grandfather the Aga Khan III unexpectedly made him heir to the family’s 1,300-year dynasty as leader of the Ismaili Muslim sect.

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.