Emperor Charles V inherited a vast empire from this grandparents consisting of Austria and the adjoining regions, the Duchy of Burgundy (including the wealthy Flanders), the Crown of Castile and the Crown of Aragon. In addition, he was proclaimed Emperor of Germany. The conquest of Mexico soon revealed the riches of the New World. Felipe II inherited the Mediterranean and Atlantic territories in the empire and annexed Portugal and its possessions in Africa, Asia and America. He and his successors ruled over this large area from Castile. The 16th and first half of the 17th centuries were thus a time when the House of Austria dominated Europe and the world.