Mir Osman Ali Khan: The Untold Story of India’s First Billionaire
Mir Osman Ali Khan was the seventh and last Nizam of Hyderabad, having an estimated net worth of over $200 billion.
Long before modern industrial tycoons dominated the billionaires’ club, one man held the title of the “richest man on the planet" — earning a coveted spot on the cover of TIME magazine. The seventh Nizam of Hyderabad, Mir Osman Ali Khan, is celebrated as India’s first billionaire, with an estimated fortune exceeding $200 billion — a staggering figure, especially during an era when billionaires were rare even on the global stage. In addition to his TIME magazine feature, he was honoured with the title of Exalted Highness, making him the only ruler under British rule to receive such recognition.
Tracing back his roots, before the integration of the princely state of Hyderabad into the Union of India in 1948, Mir Osman Ali Khan held on to the richest title in the country. After his father’s demise in 1911, he took over the throne and governed Hyderabad for nearly 37 years until 1948. As per multiple reports, his net worth surged to approximately Rs 17.47 lakh crore ($230 billion), even believed to have approached the total net worth of Elon Musk in 2023.
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On the other hand, he also possessed a significant amount of fortune that included gold collections worth over $100 million and jewellery worth $400 million. The Nizam also owned the renowned 185-carat Jacob Diamond, which is currently valued somewhere around Rs 1,000 crore. Earlier in 1995, the Indian government purchased the diamond from the Nizam’s Trust for GBP 13 million and is in the Reserve Bank of India. Among his other assets included a remarkable collection of Rolls-Royce cars and a major fortune coming in from the Golconda diamond mines.
The Nizam also played a key role in the development of Hyderabad, overseeing various activities such as the construction of public edifices like the High Court, Central Library, Assembly Hall, State Museum, and, more. He is also believed to have headed the design of India’s inaugural airport in Hyderabad. Despite being the richest man at the time, he was known for being a very frugal person. “A frail, tiny man, and a devout Muslim, he was notorious for his meanness—he wore the same tattered fez for 35 years, dressed in rumpled cotton pyjamas, and ate all his meals off a tin plate while sitting on a mat in his bedroom surrounded by overflowing wastepaper baskets. But he was also, back then, the richest man on the planet," wrote Luke Harding in a 2001 Guardian article.
Mir Osman Ali Khan passed away in 1967 at the age of 80, leaving behind a legacy of wealth and contributions to society.
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