What state in the middle of the XVII century. became the largest colonial power?

By 1650, the largest colonial power was the Habsburg Empire. Under King Philip IV (ruled from 1621 to 1665), Spain had many territories:
Portugal and all its colonies (in Brazil, Africa, Indonesia, India). Until 1640, she was in union with Spain.
Philippines.
Canary Islands.
In the Western Hemisphere, the Spaniards owned territories from the southern states of the United States (Florida, Texas, California) to the northern regions of modern Chile and Argentina, where they fought with the Araucan Indians.
Despite its enormous size, Spain in the second half of the 17th century had many economic problems and lagged behind the leading European countries (England, France, Holland).