India is currently home to hundreds of billionaires. Mukesh Ambani — India’s richest person and the 11th richest person in the world — has a real-time net worth of an astounding $104.8 billion (approximately Rs 8.7 lakh crore), according to Forbes. But do you know who is India’s first billionaire?
Meet India’s first billionaire with a mammoth Rs 19 crore net worth
Mir Osman Ali Khan, the last Nizam of Hyderabad, is acknowledged as India’s first billionaire. According to News18, Khan’s net worth, when adjusted for inflation, was a colossal $230 billion (approximately Rs 19 lakh crore). According to DNA India and The Financial Express, the seventh Nizam of Hyderabad’s wealth was equivalent to 2% of the US GDP.
Mir Osman Ali Khan — who ruled Hyderabad from 1911 to 1948, until the state’s annexation — appeared on Time magazine’s cover in 1937, where he was deemed “the richest man on the planet.” A major source of income for the Nizams of Hyderabad was the flourishing Golconda mines, which were the only diamond suppliers for the world in the 18th century. Mir Osman Ali Khan is credited for the establishment of Osmania General Hospital, State Bank of Hyderabad and Osmania University.
Mir Osman Ali Khan’s expensive possessions
As one of the wealthiest people in the world, Nizam Mir Osman Ali Khan was known for his exquisite taste. His luxurious lifestyle included a private treasury comprising £400 million (approximately Rs 4226 crore) of jewels and £100 million (approximately Rs 1056 crore) in gold, according to DNA India.
According to Hindustan Times, Mir Osman Ali Khan’s diamond collection included the Darya-e Nur, Nur-Ul-Ain Diamond, Koh-i-Noor, Hope Diamond, Princie Diamond, Regent Diamond and Wittelsbach Diamond. He also had in his possession the Jacob Diamond, the reported current valuation of which is around Rs 1000 crore. According to Times Now, Khan used the precious diamond as a paperweight. On the occasion of Queen Elizabeth II’s wedding to Prince Philip, Mir Osman Ali Khan gifted the late monarch with a Cartier diamond necklace and tiara alongside floral brooches, according to Vogue. Kate Middleton has been seen donning the necklace gifted by Nizam of Hyderabad.
Mir Osman Ali Khan owned 50 Rolls-Royce cars. This included the coveted Rolls-Royce Silver Ghost, which the Nizam purchased in 1912.
The last Nizam of Hyderabad resided in King Kothi Palace, Hyderabad from the age of 13 until his death in 1967. According to Times of India and The Hindu, the European-style royal palace (once quoted value of the estate was Rs 50 crore) was a sprawling property with three main buildings, including a grand library. Reportedly, Nizam Mir Osman Ali Khan had 34 children (18 sons and 16 daughters) from his 8 wives.
