Billionaire Indian tycoon controlled diamond paperweights, private aviation, Rolls-Royces, and held numerous influential stances.
India's First Billionaire: Nizam Mir Osman Ali Khan
Nizam Mir Osman Ali Khan, the last Nizam of Hyderabad, is recognised as India's first billionaire. Historical records confirm his net worth to be around ₹17–19 lakh crore (approximately USD 230–236 billion) in today's terms, making him one of the richest men in history.
During his reign from 1911 to 1948, Nizam Osman Ali Khan accumulated his wealth primarily through state revenues, vast land holdings, and ownership of valuable assets. The Hyderabad state, one of the richest princely states during British India, was a significant contributor to his wealth.
His assets included gold, precious stones, and the famous Jacob Diamond, which he reputedly used as a paperweight. The Golconda diamond mines, known for producing some of the world's most celebrated diamonds such as the Koh-i-Noor, Hope Diamond, Darya-e-Nur, Nur-Ul-Ain, Princie Diamond, Regent Diamond, and Wittelsbach Diamond, were a primary source of wealth for Nizam Osman Ali Khan.
In the early 1940s, his wealth peaked at ₹660 crore (~$93 million), including jewels worth hundreds of millions today. Legal records show that he had significant funds in international bank accounts, such as those held with NatWest Bank in London, which were subject to legal disputes even decades after his death, underscoring the scale and complexity of his assets.
Nizam Osman Ali Khan was portrayed as the richest man in the world on Time magazine's cover in 1937. Despite his immense wealth, he led a remarkably modest life, wearing simple clothes and serving minimal hospitality to his guests, offering just one biscuit and a cup of tea.
His bedroom was reportedly cleaned only once a year, and he lived in unsanitary conditions, rarely cleaning his surroundings. However, he was generous, gifting Queen Elizabeth II a necklace with 300 diamonds on her wedding day.
Nizam Mir Osman Ali Khan's legacy is a significant part of India's rich and opulent history. It is worth noting that there might have been other rulers with comparable riches whose assets remain undocumented. Nonetheless, Nizam Osman Ali Khan's status as India's first billionaire stands uncontested.
[1] https://www.forbesindia.com/blog/economy/nizam-osman-ali-khan-indias-first-billionaire/64513/ [2] https://www.business-standard.com/article/pti-stories/nizam-osman-ali-khan-indias-first-billionaire-119051701021_1.html [3] https://www.india.com/lifestyle/history-culture/nizam-osman-ali-khan-the-first-billionaire-of-independent-india-1706484/ [4] https://www.thehindu.com/business/Industry/nizam-osman-ali-khan-s-wealth-still-a-mystery/article25114730.ece
[1] Bollywood films often depict episodes from the life of India's first billionaire, Nizam Mir Osman Ali Khan, highlighting his opulence and extraordinary wealth.
[2] The history of the Indian business industry in the early 20th century is incomplete without mentioning the intricate financial dealings of Nizam Osman Ali Khan, who amassed his fortune not only through state revenues but also investments in the diamonds industry.
[3] The influence of Nizam Mir Osman Ali Khan extended beyond Hyderabad and even India, with his significant funds in international bank accounts, especially those with NatWest Bank in London, impacting the global economy during his reign.
