Meet Mir Osman Ali Khan, India's First Billionaire, Was Richer Than Ambani, Adani, Murthy Combined

Did you know, before Mukesh Ambani’s billion-dollar skyscraper in Mumbai, before Gautam Adani took over ports and power plants across India, and long before Infosys founder Narayana Murthy’s breakthrough in the IT industry, there was a man whose fortune dwarfed them all, combined? Yes, you read that right! The man was none other than the seventh and last Nizam of Hyderabad, Mir Osman Ali Khan, whose impressive riches made headlines across the globe, and who still arguably remains the richest Indian in records.

From his impressive gem collection, including the iconic Koh-i-Noor, to his fleet of Rolls-Royce cars, royal ties with Queen Elizabeth, and more, take a look at the immense wealth of Hyderabad’s last Nizam that stretched far beyond the subcontinent.

Who was Mir Osman Ali Khan?

Mir Osman Ali Khan was born on April 6, 1886, and ascended to the throne at just 25 years of age. He became the seventh Nizam of Hyderabad and ruled from 1911 until 1948. His reign marked a golden era for Hyderabad, as this was the time that the state witnessed impressive growth in infrastructure, education, and culture. 

In the 1940s, Mir Osman Ali Khan’s net worth was estimated to be around 236 billion US Dollars (Rs 17.47 lakh crore), adjusted for inflation. A significant part of his immense fortune was attributed to the Golconda diamond mines, one of the world’s richest sources of diamonds, which he personally owned. His wealth was so staggering that it accounted for 2% of the US GDP at the time, earning him the nickname “The Richest Man in the World” on the cover of TIME magazine in 1937.

Mir Osman Ali Khan’s astonishing diamond collection

Apart from being a great monarch, Mir Osman Ali Khan was the owner of some of the most prominent gems to ever exist in the world. His legendary Golconda diamond mines were the ones that gave the world iconic gems like the Koh-i-Noor, the Hope Diamond, the Darya-i-Nur, and the massive Jacob Diamond. The Jacob Diamond was a 185-carat stunner that alone is now worth a jaw-dropping 120 million US Dollars, equivalent to Rs 1,000 crore. The nizam allegedly used this invaluable gem as a mere paperweight.

Mir Osman Ali Khan’s legendary collection

To say that the last Nizam of Hyderabad was rich would be an understatement. His opulence was so great that it seems almost mythical today, as it largely surpassed the unimaginable wealth of today’s Indian billionaires. Mir Osman Ali Khan was the proud owner of 50 Rolls-Royce cars, including the prestigious Silver Ghost Throne Car. 

Mir Osman Ali Khan was also known to mint his own currency in Hyderabad during his rule, and the metals of these coins ranged from gold to copper and bore his royal insignia. His coins included denominations such as the Rupee, Ashrafi, Annas, and Pai, and the Hyderabadi Rupee remained in circulation until 1951.

That’s not all. Mir Osman Ali Khan also launched Deccan Airways, one of the earliest private airlines in British India.

Mir Osman Ali Khan’s royal gift to Queen Elizabeth

The Nizam had great diplomatic relations overseas. At the royal wedding of Queen Elizabeth II, Mir Osman Ali Khan gifted an opulent Cartier diamond necklace set to the queen, complete with a tiara and necklace. That necklace, containing 300 diamonds, is now a part of British royal heritage, showcasing how the Nizam’s wealth extended far beyond the subcontinent.

More about the last Nizam’s billion-dollar jewels

According to reports, the Indian government purchased the Nizam’s collection of 173 jewels in 1995 for Rs 218 crore, which included 2,000 carats of emeralds, 40,000 chows of pearls, and several precious ornaments, including necklaces, bangles, cufflinks, and pendants. In total, his gold and jewellery collection alone was reportedly worth over USD 2.9 billion (approx. Rs 24,000 crore) as of 2019.

A wealthy king, a visionary ruler

Despite his extravagant riches, Mir Osman Ali Khan was a progressive and modest ruler who preferred a simple lifestyle. He was often seen in simple clothes, and his lifestyle was relatively austere. He was known only to clean his bedroom once a year. 

Other than his quirks, Mir Osman Ali Khan was a visionary. He largely contributed to the welfare of his people. His major contributions include the State Bank of Hyderabad, Osmania University, Osmania General Hospital, Begumpet Airport, and the Hyderabad High Court. After the Musi floods, he also built reservoirs like Osman Sagar and Himayat Sagar. 

Mir Osman Ali Khan was not only India’s first billionaire but also embodied a modern vision with regal grandeur. His legacy lives on as a fascinating testament to an era when royalty reigned not just in palaces but also ruled headlines worldwide!

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