In 1937, Mir Osman Ali Khan graced the cover of TIME magazine, earning the title of the “richest man on the planet” as the seventh Nizam of Hyderabad. His wealth was estimated to be approximately $236 billion in the early 1940s, adjusted for inflation, as reported by The Business Standard.
During the 1930s and 1940s, Mir Osman Ali Khan accumulated immense wealth through various means. He famously used the Jacob diamond, a rare 185-carat gem valued at Rs 1000 crores by Times Now, as a humble paperweight. His passion for luxury extended to his garage, which housed a remarkable collection of Rolls-Royce cars, including at least 50 of these prestigious vehicles, among them the renowned Silver Ghost Throne Car.
Historically, Mir Osman Ali Khan was the last Nizam to hold the title in its full traditional sense. Following Hyderabad’s annexation in 1948, he was compelled to abdicate but continued to serve as the state’s Rajpramukh (governor).
The Wealth of Mir Osman Ali Khan
Reflecting on Mir Osman Ali Khan’s reign, historians present varying perspectives. Nonetheless, there is consensus that under his leadership, the erstwhile princely state of Hyderabad experienced significant structural and administrative development. His substantial financial resources undoubtedly supported ambitious projects and initiatives that left a lasting impact. Here’s a glimpse into his cherished possessions and the assets that contributed to his extraordinary net worth.
Mir Osman Ali Khan’s net worth, adjusted for today’s inflation, is estimated to have been around $230 billion (approximately Rs 17.47 lakh crore). His fortune included 100 million pounds of gold and 400 million pounds worth of other jewels. Notably, he gifted a diamond necklace studded with 300 diamonds to Queen Elizabeth II on her wedding day. His wealth largely stemmed from the Golconda diamond mines, which he owned. According to Time magazine, which dubbed him “The Richest Man in the World” in its February 22, 1937 issue, Osman Ali Khan’s riches were unparalleled.
Contributions to Hyderabad
As a ruler, Osman Ali Khan was instrumental in the development of Hyderabad. He founded Osmania University, established the Osmania General Hospital, and inaugurated the State Bank of Hyderabad. Additionally, he developed the Begumpet Airport and the Hyderabad High Court. To prevent flooding in the region, he oversaw the construction of the Osman Sagar, Himayat Sagar, and Nizam Sagar Dams.
His Lifestyle
Despite his enormous wealth, the Nizam was known for his modest lifestyle. He wore simple clothes and reportedly had his bedroom cleaned only once a year. His fondness for Osmania biscuits, produced by the Vicaji Bakery, was legendary. According to historian and journalist Syed Akbar, “Nizam was so fond of the biscuits which were not named after him at that time that every day a van was sent from Hazari Bagh to the Vicaji Bakers to fetch a freshly baked pack for the Nizam” as per NewsTAP.
His Legacy
Mir Osman Ali Khan passed away on February 24, 1967, at the age of 80. He was buried at Masjid-e-Judi in King Kothi. His legacy as a wealthy yet frugal ruler who significantly contributed to Hyderabad’s development remains well-regarded.
