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.

The Aga Khan, known for his triumphs in horse racing, dazzling wealth and development work around the world, has died in Lisbon at the age of 88, according to the Aga Khan Development Network on X.

The Aga Khan, spiritual leader of the world's 15 million Ismaili Muslims and one of the world's wealthiest hereditary heirs, died Tuesday in Portugal. He was 88 and had led the Shiite branch — with large communities in South and Central Asia,