In the later period of the 16th century, the Spanish colonial and overseas empire was at its height in power, wealth and prestige during the reign of Phillip II. He increased this empire by expanding the colonies territory, building up a huge navy known as the 'Armada' and by attempting to take the area known then as 'Spanish Netherlands' in modern Belgium, and by attempting to overthrown Queen Elizabeth I of England.
After his death; however, the empire went on a very slow and long decline due to the exorbitant expenses that he acquired during his reign. So, the empire that ruled after his death was never as powerful and was predestined to be usurped by other powers.