Mir Osman Ali Khan: The Last Nizam of Hyderabad Who Was India's First Billionaire

Just earlier this month, Forbes released its latest 'World's Billionaires' list, and there were 200 Indians on that list! It's such a proud moment to see so many Indians making it big and becoming billionaires every year. Forbes even added 25 new Indian names this time around.
But did you know who started it all? Mir Osman Ali Khan, the last Nizam of Hyderabad—he was India's very first billionaire and one of the richest people in the world back in the day.

We're talking about the late 19th century here. Mir Osman Ali Khan was born in 1886 and later ruled over the largest state in British India, the Princely State of Hyderabad. His immense wealth amounted to about 2% of the GDP of the United States of America. His status as one of the world's wealthiest individuals led to Time magazine featuring his portrait on the cover of its February 22, 1937 issue, captioned as 'His Exalted Highness The Nizam Of Hyderabad'.

The Golconda mines during that era were the primary source of diamonds worldwide and played a significant role in his wealth. As a semi-autonomous monarch, he had his mint and issued the Hyderabadi rupee. His private treasury reportedly held £100 million in gold and silver bullion, along with jewels valued at £400 million. His wealth was so immense that he used a Jacob diamond, also known as the Imperial or Victoria Diamond, as a paperweight. This diamond weighs 184.5 carats. The jewels of the Nizams of Hyderabad are exhibited in Delhi, including emeralds weighing 2,000 carats. He gifted the Nizam of Hyderabad necklace to the late Queen Elizabeth as a wedding gift. The House of Cartier created this necklace in the 1930s.

He is also known as the Architect of modern Hyderabad. During his 37-year reign, he introduced electricity and established numerous public institutions including Osmania University, Osmania General Hospital, State Bank of Hyderabad, Begumpet Airport, and the Hyderabad High Court.

Following India's independence, he refused to accede Hyderabad to India and instead sought independence or accession to Pakistan. However, Hyderabad State was annexed by India in 1948, and he subsequently became the Rajpramukh of Hyderabad State. During the Sino-Indian War in October 1962, Mir Osman Ali Khan donated 5,000 kg of gold to the Indian army as his contribution to the National Defence Fund.

His death in 1967 was mourned by millions of people who travelled from far-off lands to catch a final glimpse of him. Reportedly, more than 1 million people participated in his funeral procession.