His collection of diamonds was extraordinary and included some of the world's most famous stones such as the Darya-e Nur, Nur-Ul-Ain Diamond, Koh-i-Noor, Hope Diamond, Princie Diamond, Regent Diamond, and Wittelsbach Diamond.
When discussing the wealthiest individuals in India today, names such as the Ambanis, Adanis, Tatas and Birlas come to mind. Yet, the title of the wealthiest Indian of all time, adjusted for inflation, is not held by any modern business tycoon, but rather by the erstwhile rulers of India who reigned before colonial rule. The answer to the question of who the richest Indian ever was, leads us to Mir Osman Ali Khan, the Nizam of Hyderabad, who ruled for 37 years from 1911 to 1948.
Mir Osman Ali Khan’s net worth, after adjusting for inflation, is estimated to be over Rs 17.47 lakh crore ($230 billion or Rs 1,74,79,55,15,00,000.00) – nearly on par with the current net worth of the world’s richest individual, Bernard Arnault & family, who is estimated at $221 billion.
During his reign, the Golconda mines, which were the primary diamond source in the 18th century, were a major source of revenue for the Nizams of Hyderabad. Mir Osman Ali Khan is also credited with establishing institutions such as the Osmania General Hospital, the State Bank of Hyderabad and the Osmania University.
Nizam Mir Osman Ali Khan had an extraordinary taste for the finer things in life, which was reflected in his opulent lifestyle. His private treasury included £400 million (approximately Rs 4226 crore) in jewels and £100 million (approximately Rs 1056 crore) in gold. His collection of diamonds was extraordinary and included some of the world's most famous stones such as the Darya-e Nur, Nur-Ul-Ain Diamond, Koh-i-Noor, Hope Diamond, Princie Diamond, Regent Diamond, and Wittelsbach Diamond.
One of his most famous jewels, the Jacob Diamond, was used as a paperweight, according to Times Now. Mir Osman Ali Khan was renowned for his generosity, and on the occasion of Queen Elizabeth II’s wedding to Prince Philip, he gifted the late monarch a Cartier diamond necklace and tiara alongside floral brooches, according to Vogue.
Mir Osman Ali Khan was known for his extensive car collection, owning 50 Rolls-Royce cars, including the coveted Rolls-Royce Silver Ghost, which he acquired in 1912. He resided in the King Kothi Palace in Hyderabad from the age of 13 until his death in 1967. The palace was a sprawling property with three main buildings, including a grand library, according to Times of India and The Hindu.
Throughout his reign, the Nizam focused on the development of his state by bringing electricity, railways, roads, and airways. He was also a philanthropist who contributed to several leading universities, such as Jamia Nizamia, Banaras Hindu University, Aligarh Muslim University, and Darul Uloom Deoband. His legacy as a ruler and a philanthropist is testament to the immense wealth and influence he wielded during his time.
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