The Nizams of Hyderabad held sway for 224 years, from 1724 to 1948, until the state gained liberation from their rule. Throughout their centuries-long reign, the Nizams etched a significant mark in history, renowned for their opulence, extravagant lifestyle, vibrant art and culture, as well as their possession of luxurious items and immense wealth. Notably, the East India Company recognized Nizam Mir Osman Ali Khan as the first and wealthiest billionaire in India. As the final Nizam, he was famed for his extravagant expenditures and purportedly boasted a net worth of $230 billion.
Assuming the throne at the youthful age of 25 in 1911, Osman Ali Khan governed Hyderabad until he eventually signed an accession, leading to the liberation of the state from Nizam rule. Recognized as one of the world’s wealthiest individuals, his riches accounted for 2% of the United States GDP. The primary revenue stream for the Nizam emanated from the Golconda mines, exclusively owned by him, which served as the sole supplier of diamonds during that era.
Three years following his ascension to the throne in 1914, the onset of the First World War occurred. According to Outlook reports, he extended material, military, and financial support to the British. A pivotal figure, he played a crucial role in the establishment of Osmania University in 1917, the first institution of its kind in the state and still revered as a premier learning center.
In 1921, as indicated by Outlook reports, he became the trailblazer in implementing judicial and executive separation. He instituted a board tasked with overseeing the construction and refurbishment of various public structures, shaping modern-day Hyderabad.
Contrary to opulent displays, this Nizam was known for his simplicity in attire and a preference for unassuming social gatherings, as per DNA reports. Operating his currency, he possessed a staggering 100 million pounds of gold, and 400 million pounds worth of jewels, and even owned a private airline. Notably, he bestowed upon Queen Elizabeth II a necklace adorned with 300 diamonds as a wedding gift.
Mir Osman Ali Khan’s lifestyle included unconventional practices such as using a Rs 1000 Crore diamond as a paperweight and amassing a collection of 50 Rolls-Royce cars, illustrating the lavishness that characterized his life.
During his reign, Nizam Ali’s fortune was estimated to be around Rs 1700 crore in the early 1940s which in 2023 converts to around Rs 29,57,70 crore as quoted by DNA.
