Aga Khan V was on Wednesday named the new leader following the unsealing of the Will of his late father, Prince Karim Al-Hussaini Aga Khan IV, who died in Lisbon, Portugal aged 88.

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.

Descendant of Prophet Mohammed is also one of world's richest men. The Aga Khan, spiritual leader of Ismaili Muslims, looks on during a speaking event at Massey Hall in Toronto, Feb. 28, 2014 ...