This is the story of Nizam Mir Osman Ali Khan, India’s first billionaire and the ruler of Hyderabad. While modern names like Gautam Adani or Shiv Nadar dominate discussions of wealth today, the Nizam’s legacy stands unparalleled. Renowned as the richest man of his time, his immense fortune was symbolized by extravagances like using a diamond worth Rs. 100 crore as a mere paperweight. Yet, despite his vast wealth, Mir Osman was famously frugal and led a life marked by simplicity. He also had a reputation for being less particular about cleanliness.
Unlike many other rulers whose wealth remained largely undocumented, Mir Osman’s fortune was well-recorded in history. His financial empire earned him global recognition, including being featured on the cover of Time magazine on February 22, 1937, which declared him the richest man in the world. Astonishingly, even today, over USD 3 billion of his wealth is said to be lying untouched in an English bank account.
Despite his riches, the Nizam embraced an understated lifestyle. He dressed modestly and was known for his no-frills approach to life. His legendary frugality extended to hosting practices—guests at his palace were served just one biscuit and a cup of tea. Stories also recount his unusual housekeeping habits, such as having his bedroom cleaned only once a year.
Nizam Mir Osman Ali Khan began his reign in 1911 and continued as the ruler of Hyderabad until 1948. His immense fortune was estimated at USD 230 billion (RS. 17.47 lakh crore). The Nizam had his own currency, a private airline, a vast gold reserve worth £100 million, and jewelry valued at £400 million. His wealth was largely derived from the Golconda diamond mines, which were a primary source of his immense riches.
Despite his reputation for frugality, Mir Osman occasionally surprised people with his generosity. One such instance was gifting a necklace with 300 diamonds to Queen Elizabeth II on her wedding, showcasing his capacity for grand gestures.
During his time, Mir Osman Ali Khan was regarded as one of the richest individuals in history. In the early 1940s, his wealth was valued at Rs. 1,700 crore, equivalent to approximately Rs. 29.58 lakh crore in 2023. His extravagant possessions included 50 Rolls-Royce cars, such as the iconic Silver Ghost Throne Car, and a collection of some of the world’s most famous diamonds, including the Kohinoor, Hope Diamond, Daria-i-Noor, Noor-ul-Ain, Princie Diamond, Regent Diamond, and Wittelsbach Diamond.
