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.

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, the spiritual leader of the world's millions of Ismaili Muslims and a major philanthropist, has died. His son will succeed him.