When discussing the wealthiest individuals in India, prominent names such as the Tatas, the Birlas, the Ambanis, or the Adanis often come to mind. However, it is worth noting that many may not be aware of Mir Osman Ali Khan, who was actually the richest person in India. In fact, considering inflation, his net worth during that time would likely make him the country’s first billionaire.
Indeed, Mir Osman Ali Khan, the final Nizam of Hyderabad, earned recognition as the mind behind the development of Hyderabad. Prior to the integration of the princely state of Hyderabad into the Union of India in 1948, the Nizam held the title of the richest individual in the country.
Among the princely states that chose to join the Union of India—Hyderabad, Junagadh, and Jammu and Kashmir—Hyderabad stood out as a notably affluent and prosperous region during that era.
Following the passing of his father in 1911, Nizam Mir Osman Ali Khan assumed the throne and governed Hyderabad for a span of 37 years, from 1911 to 1948. Various reports suggest that when adjusted for inflation, his net worth amounted to approximately Rs 17.47 lakh crore (USD 230 billion). Remarkably, the Nizam’s wealth is believed to have approached the total net worth of Elon Musk, the founder of Tesla, who currently holds the title of the world’s richest individual with USD 286 billion.
Mir Osman Ali Khan, the Nizam, possessed an immense fortune that included a gold collection exceeding USD 100 million and a jewelry collection valued at USD 400 million. Furthermore, he took pride in owning the renowned Jacob Diamond, which presently holds a value of USD 95 million and was utilized by him as a paperweight.
The Nizam is renowned as the mind behind the development of Hyderabad, as he oversaw the construction of various public edifices such as the Hyderabad High Court, Central Library, Assembly Hall, State Museum, and Nizamia Observatory during his reign. In recognition of his contributions, he was bestowed the prestigious title of Knight Grand Commander of the Star of India in 1911.
Following the integration of Hyderabad into the Union of India, the Nizam’s income started diminishing. Mir Osman Ali Khan, a benevolent ruler, introduced a mandatory primary education system for all citizens. Additionally, it is believed that the Nizam played a role in designing India’s inaugural airport in Hyderabad. Osman Ali Khan passed away in 1967 at the age of 80.
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