Today, Elon Musk is the richest person on the planet, owning renowned companies like Tesla, SpaceX, and X. But before him, there was another man who held this title, and he wasn’t from the Ambani, Tata, or Adani families. This man was Mir Osman Ali Khan, the last Nizam of Hyderabad, and his wealth was truly unimaginable.
The East India Company recognized Nizam Mir Osman Ali Khan as India’s first and richest billionaire, with a staggering net worth of Rs 1910987 crore ($230 billion). His fortune, which was 2% of the US Gross Domestic Product at the time, according to Times Magazine, made him the richest person on Earth. His wealth primarily stemmed from the Golconda Mines, the sole source of diamonds in his era.
The Nizams of Hyderabad, known for their extravagant lifestyle, patronage of the arts, and unparalleled wealth, ruled for 224 years, from 1724 to 1948, leaving an indelible mark on history. Mir Osman Ali Khan’s opulent lifestyle was legendary, exemplified by his collection of fifty Rolls-Royce cars and the use of a Rs 1000 crore diamond as a paperweight. His possessions included an astonishing 100 million pounds of gold, 400 million pounds of jewels, and a private airline.
Among his vast collection of diamonds were some of the most valuable in the world, including the Koh-i-Noor, Hope, Darya-e Nur, Nur-Ul-Ain, Princie, Regent, and Wittelsbach. Yet, despite his immense wealth, numerous accounts describe Nizam Ali as a man of simple habits, even miserly. He would only have his bedroom cleaned once a year and preferred plain attire. He had a particular fondness for Osmania biscuits, made at the Vicaji Bakery, which, though not named after him, became associated with his legacy due to his affection for them.
Nizam Osman Ali Khan’s extravagant lifestyle, immense wealth, and curious habits make him a legendary figure in Indian history. His story reminds us that even in a world obsessed with modern billionaires, there were once other individuals who held the title of the richest person on Earth, leaving behind a legacy that continues to fascinate and intrigue generations later.
